JPMorgan Notes a Small Uptick in Bitcoin Hashrate Over the Initial Two Weeks of May

JPMorgan Highlights Growth in Bitcoin Network Hashrate and Miner Profitability in Early May

According to a recent JPMorgan research report, the Bitcoin network hashrate increased by 2% during the first two weeks of May, reaching an average of 885 exahashes per second (EH/s).

Hashrate represents the total computational power securing Bitcoin’s proof-of-work blockchain, reflecting the level of mining competition and difficulty on the network.

The report noted an improvement in mining profitability, fueled by a rise in Bitcoin’s price to approximately $104,737.33. Gross margins for miners expanded sequentially this month, signaling healthier operating conditions.

JPMorgan’s analysts pointed out that the hashprice—a key indicator of daily mining revenue per unit of hashrate—rose 13% compared to April, a trend they described as encouraging.

“We estimate miners earned about $50,100 in daily block reward revenue per EH/s during the first half of May, up 13% month-over-month and 3% year-over-year,” wrote analysts Reginald Smith and Charles Pearce.

U.S.-listed miners maintained their foothold in the network, now representing roughly 30.5% of the total hashrate, an increase of 1.1% since April.

The combined market capitalization of the 13 U.S.-listed bitcoin mining stocks tracked by JPMorgan grew by 24%, adding $4.6 billion in value over the month.

Within the sector, Bitdeer (BTDR) led with a 43% increase, while Greenidge (GREE) lagged, falling 5%, the report stated.