Bitcoin’s network strength surged to record levels in August, with JPMorgan reporting an average hashrate of 949 EH/s — about 50 EH/s higher than July. The increase underscores intensifying competition among miners as network difficulty rises.
At the same time, the combined market value of 13 U.S.-listed miners tracked by the bank climbed 23% month-over-month, adding roughly $7.4 billion. TeraWulf led gains with an 83% jump after striking a colocation deal with Fluidstack, while IREN expanded its GPU fleet. Greenidge Generation was the sector’s biggest laggard, down 22%.
Despite the rally in valuations, margins slipped. JPMorgan analysts Reginald Smith and Charles Pearce estimate miners earned an average of $55,100 per EH/s in daily block rewards in August, down 4% from July, while gross profit declined 7% to $31,900 per EH/s.
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