Bitcoin mining profitability fell for a fourth straight month in November, according to a Monday report from JPMorgan (JPM).
Daily block reward gross profit also fell 26% from the previous month, analysts Reginald Smith and Charles Pearce wrote.
The Bitcoin network’s hash rate fell 1% to an average of 1,074 exahashes per second (EH/s) in November, the report said, after hitting a record high in October.
“Bitcoin miners earned an average of $41,400 per EH/si daily block reward revenue in November, down 14% from October and down 20% y/y,” the analysts wrote.
The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for industry competition and mining difficulty.
The combined market capitalization of the fourteen US-led miners the bank tracks fell 16% month-on-month to $59 billion.
Cipher Mining (CIFR) outperformed the group with a gain of 9%, supported by its recent Fluidstack deal.
Bitdeer ( BTDR ) underperformed, falling 40%, the report added.
Read more: Bitcoin Miners Cipher and CleanSpark Upgraded by JPMorgan as HPC Shift Accelerates
