In January, Bitcoin (BTC) network hashrate growth experienced a slowdown, according to a report by JPMorgan. The bank noted that mining difficulty decreased by 2% from the previous month, which is an unusual occurrence. The average network hashrate rose slightly by 1% to 785 exahashes per second (EH/s). By the end of the month, the weekly moving average hashrate was 781 EH/s, representing a 2% decline from December. Analysts from JPMorgan highlighted this decline as a modest benefit for Bitcoin mining economics, noting that network difficulty remains 25% higher than levels recorded last April. Despite this, mining profitability increased slightly, with an average daily block reward revenue of $57,200 per EH/s, marking an increase of less than 1% from December. The market capitalization of the 14 publicly-listed miners tracked by JPMorgan grew by 5% during January, with some like CIFR and RIOT showing substantial gains after significant announcements. Conversely, TeraWulf’s shares fell by 16% during the month.

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