TechFlow News, September 4 — According to a recent report by CoinDesk, a new research report from JPMorgan Chase reveals that Bitcoin mining profit margins have dropped to historic lows. The report, published on September 4, 2024, indicates that in August 2024, the average daily block reward revenue for Bitcoin miners was only $43,600 per EH/s (exahash per second), marking a record low. This contrasts sharply with the peak seen in November 2021, when Bitcoin’s price reached $60,000, network hashrate stood at 161 EH/s, and the daily block reward revenue per EH/s hit as high as $342,000.
The report also shows that the combined market capitalization of the 14 U.S.-listed mining companies tracked by JPMorgan has declined 15% month-on-month to $20 billion. Only three of these mining firms outperformed Bitcoin during this period. Meanwhile, Bitcoin’s network hashrate rose for the second consecutive month, averaging 631 EH/s in August—an increase of 16 EH/s from the prior month—though still approximately 20 EH/s below pre-halving levels.
