The performance of Bitcoin (BTC) mining stocks was mixed in the first two weeks of April, with Pure Play operators exceeding them with exposure to high-performance computing (HPC), JPMorgan said (JPM) in a research report on Wednesday.

Only Mara Holdings (Mara) and Cleanspark (CLSK) surpassed the largest cryptocurrency in the period, while miners with exposure to HPC used in applications, including AI, such as Bitdeer (BTDR), Terawulf (Wulf), Iren (Iren) and Riot platforms (Riot) underpinned.

The bank noted that March was a good month for the US listed miners. They added 15 exahashes per day. Second of capacity and extracted several symbols. The first two weeks of April were not so positive.

“Network’s hashrate growth surpassed the US operator expansion, and the average Bitcoin award fell during the first half of April, which has squeezed mining economy,” wrote analysts Reginald Smith and Charles Pearce.

The bank estimated that US-listed miners are currently trading about 1.2 times their proportional proportion of the four-year block-paying option, which is the lowest level of more than 2 years.

Criminal workers earned about $ 41,500 in daily blocking income per day. EH/S in the first two weeks of the month, a 12% decrease from March, the report says.

The Hash Rate network has risen 85 EH/S month to date to an average of 900 EH/S, the bank noted. 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 capital for the 13 US Bitcoin miners that bank tracks fell 2% to $ 16.9 billion in April.

Read more: Bitcoin mining profitability down 7.4% in March as prices, transaction fees fell: Jefferies