Bitcoin Mining Profitability Grew for the Second Consecutive Month in December, JPMorgan States.

Bitcoin miners saw continued growth in daily revenue and gross profit for the second month in a row in December, reaching their highest levels since April, according to a report from JPMorgan released on Monday.

This increase in profitability came as the price rally of Bitcoin (BTC) outpaced the growth in network hashrate. JPMorgan estimated that 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 these gains, analysts Reginald Smith and Charles Pearce noted that daily revenue and gross profit per EH/s still remain well below pre-halving levels, down by 43% and 52%, respectively.

The network’s hashrate grew by 6% in December, reaching an average of 779 EH/s, reflecting the increased computational power required to mine and process Bitcoin transactions. Additionally, mining difficulty rose by 7%, now sitting 27% higher than before the reward halving event in April.

Over the course of 2024, the hashrate increased by 54%, though this was slower than the 103% gain seen in 2023.

The total market cap of the 14 publicly listed Bitcoin miners tracked by JPMorgan fell by 23% to $28 billion in December, following a 52% rise in November.

TeraWulf (WULF) was the top performer among the listed miners, with a 136% gain in 2024, outperforming Bitcoin’s 120% increase over the same period.