Bitcoin Miners See Revenue Surge Amid Cryptocurrency Rally: JPMorgan

{spot}(BTCUSDT) According to CoinDesk, Bitcoin miners experienced a notable increase in daily revenue and gross profit for the second month in a row in December, reaching the highest levels since April. This rise in profitability is attributed to the ongoing rally of Bitcoin, which has outpaced the growth in network hashrate, as highlighted in a research report by JPMorgan. The report estimates that Bitcoin miners earned an average of $57,100 per exahash per second (EH/s) in daily block reward revenue in December, marking a 10% increase from November. Despite this growth, analysts Reginald Smith and Charles Pearce noted that daily revenue and gross profit per EH/s remain 43% and 52% below pre-halving levels, respectively. In December, the network hashrate, which measures the total computational power used for mining and processing transactions on a proof-of-work blockchain, grew by 6% to an average of 779 EH/s. Additionally, mining difficulty rose by 7% from the previous month and is now 27% higher than before the reward halving event in April. The hashrate's increase of 54% in 2024 is slower compared to the 103% gain observed in 2023. The total market capitalization of the 14 publicly listed Bitcoin miners tracked by JPMorgan fell by 23% to $28 billion in December, following a 52% rise in November. Among these miners, TeraWulf (WULF) was the only one to outperform Bitcoin last year, achieving a 136% gain, while Bitcoin itself climbed approximately 120%.