Bitcoin Hashrate Slowed in First Half of October, JPMorgan Reports

Bitcoin Hashrate Dips Slightly as U.S. Miners Hit $79B Market Cap

The Bitcoin network hashrate eased in the first two weeks of October, declining by 5 exahashes per second (EH/s) to an average of 1,030 EH/s, according to a JPMorgan (JPM) report released Thursday. The modest pullback follows consecutive record highs in August and September.

The 14 U.S.-listed bitcoin miners tracked by JPMorgan now represent roughly 38% of the global network. Their combined market capitalization jumped 41% month-over-month, reaching a record $79 billion, highlighting continued investor enthusiasm for the sector.

Mining Revenue and Profitability

Miners earned around $52,500 per EH/s in daily block rewards, up 6% from late September. However, the hashprice, which measures daily mining profitability, fell 7%, indicating a slight decline in operational efficiency despite higher revenue per EH/s.

U.S. Miner Performance

All 14 tracked miners outperformed Bitcoin over the period. Bitfarms (BITF) led the group with a 129% gain, while Cango (CANG) posted the smallest increase at 3%, the report noted.

The hashrate reflects the total computational power securing the Bitcoin network, serving as a gauge for mining competition and difficulty. Despite the early October slowdown, U.S. miners continue to show strong growth and market resilience.

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