The total market capital of the 14 US Bitcoin (BTC) miners who were traced by JPMorgan (JPM) fell 25% in March, the third worst monthly performance on the record, Wall Street Bank said Tuesday.
Only one share, fortress digital mining (SDD), surpassed Bitcoin (BTC) last month, noted the report. BitFarms (Bitf) completed its acquisition of the company on March 17. My High Performance Computing (HPC) workers exposure underpinned Pure-Play miners for the second month in a row.
“We note that valuations today are at the lowest levels in relation to the block reiling since the collapse of FTX in the fall of 2023,” wrote analysts Reginald Smith and Charles Pearce.
The average network of Hashrat was higher during the month to 816 Exahashes per year. Second (EH/S), the report says. 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.
Mining and profitability both fell.
“We estimate Bitcoin my workers earned an average of $ 47,300 per EH/SI Daily Block Evening Income in March, which has been reduced 13% from February,” the bank said. Daily blocked gross gross profit dropped 22% month to month to $ 23,000 per year. EH/S.
Stronghold Digital surpassed the sector last month with a decrease of 2%. Cipher Mining (CIFR) Underprested with a 45% decline.
Read more: Bitcoin Network Hash Rate that was higher in March when mining economy weakened: JPMorgan
Update (April 1, 14:25 UTC): Adds BitFarms’ purchase of Højborg Digital in the second paragraph.
