The Bitcoin network’s hash rate fell modestly in the first two weeks of October, dropping 5 exahashes per second (EH/s) to an average of 1,030 EH/s, Wall Street bank JPMorgan ( JPM ) said in a report Thursday.
The pullback in the hash rate follows the successive record highs seen in August and September.
American miners, which the bank tracks, now account for about 38% of the global network.
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.
“HPC enthusiasm continued during the first two weeks of October, as the 14 bitcoin miners and data center operators we track reached a combined market cap of $79 billion,” analysts Reginald Smith and Charles Pearce wrote.
Miners earned about $52,500 in daily block reward revenue per EH/s, up 6% from late September, the report said, but the hash price, a measure of daily mining profitability, fell 7%.
The combined market capitalization of the 14 US-listed bitcoin miners the bank covers rose 41% from the end of last month to a record $79 billion. All of these companies outperformed BTC during the period.
Bitfarms (BITF) outperformed, up 129%, and Cango (CANG) underperformed the group, up 3%, the report added.
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