Bitcoin (BTC) Mining companies with high performance computing (HPC) exposure underpinned the world’s largest cryptocurrency for the third consecutive month in April, Wall Street Bank JPMorgan said in a research report on Thursday.
Some Bitcoin mine workers have turned into new business areas, such as offering HPC services to the fast -growing artificial intelligence market (AI) to reduce their dependence on crypto.
“We notice miners with HPC exposure (Iren, Riot, Wulf, Hut) underpointed BTC performance for the third month in a row,” wrote analysts Reginald Smith and Charles Pearce.
Mining’s profitability fell in April as the Hash Rate network increased.
The daily revenue of block winning decreased 6% from March, the bank said, while the monthly average hashrat rose about 56 exahashes per second (EH/S) or 6% month to month to 872 EH/S in April.
“This was the second largest sequential increase in the monthly average network hash rate on the record,” the authors wrote.
Hashrate refers to the overall combined calculation strength used to mine and treat transactions on a proof-of-work blockchain, and is a power of attorney for competition in the industry and mining difficulties.
The total market cap on the 13 US -listed mining stocks that the bank is tracking rose 12% from March.
Greenidge (GREE) was a remarkably better than in April with a win of 46%.
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