JP Morgan Reports Third Consecutive Decline in Bitcoin Mining Profitability Amid Network Hashrate Increase

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JP Morgan Reports Third Consecutive Decline in Bitcoin Mining Profitability Amid Network Hashrate Increase Bitcoin mining profitability has taken a downturn for the third consecutive month in September, despite an uptick in the network’s hashrate, according to a recent report from JP Morgan.

Despite a 2% rise in the network hashrate, miners are facing diminishing returns, with daily block rewards dropping by 6% and average earnings per EH/s falling to $42,100.

As the industry braces for the upcoming Bitcoin halving in 2024, miners will need to adapt to the evolving landscape by improving efficiency, reducing costs, and finding new ways to remain profitable.

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Article Details

Author / Journalist: Sonam Aggarwal

Category: Crypto

Markets: India

Topics: Crypto News JP Morgan Reports

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-01 @ 12:55:38 (10 hours ago)

News Timezone: GMT +8:00

News Source URL: bitcoinworld.co.in

Language: English

Article Length: 1046 words

Reading Time: 6 minutes read

Sentences: 49 lines

Sentence Length: 22 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © BitcoinWorld

News ID: 22837972

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About BitcoinWorld

Main Topics: Crypto

Official Website: bitcoinworld.co.in

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News Last Updated: 10 hours ago

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