🌋 Record-High Profits for U.S. Miners
posted 16 Dec 2024
Bitcoin mining remains highly lucrative, with profitability on the rise, as noted in JPMorgan’s latest report. The network’s hash rate, an indicator of overall computational power for BTC mining, has grown by 5% since November 2024, pointing to increasing interest and competition in the sector.
Bitcoin’s price is currently increasing at a rate that exceeds the growth of its network hash rate. Historically, the hash rate has been a reliable leading indicator for BTC price movements, reflecting miners’ trust in the blockchain’s integrity.
When the price outpaces the hash rate, it creates a financial incentive for new miners to enter the network, contributing to its stability and processing power. At $110,000, mining profitability rises by 10% compared to $100,000.
Related: Why hash rate matters
As per the report, the average hash rate of the Bitcoin network has grown by 6% since early December, reaching 773 EH/s per block. Miners operating at this scale are earning an average of $57,300 daily. While this marks the highest earnings in seven months, they remain 40% lower than levels seen before the most recent halving.
Market cap trends in U.S. mining firms. Source: JPMorgan
MARA Holdings (MARA), CleanSpark (CLSK), Riot Platforms (RIOT) Major U.S. mining companies—MARA Holdings (MARA), CleanSpark (CLSK), Riot Platforms (RIOT), and IREN (IREN)—have recorded notable growth. Their combined hash rate has surged 94% in 2024, now accounting for 29% of global mining capacity. The U.S. is fast becoming a cornerstone of the international mining ecosystem.
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