JPMorgan Chase: Bitcoin network hashrate drops in June as miners adjust operations due to recent heat wave

PANews July 1 news, according to CoinDesk, JPMorgan Chase reported on Tuesday that the average monthly computing power of the Bitcoin network fell by about 3% in June, mainly due to the recent heat wave that caused miners to reduce operations. However, the profitability of Bitcoin mining continues to improve. Last month, miners' daily block reward income averaged US$55,300 per EH/s, an increase of 7% from April, and the daily block reward gross profit increased by 13% month-on-month, reaching a new high since January. The report also stated that the total market value of the 13 US-listed Bitcoin mining companies tracked by the bank increased by 23% from the previous month, about US$5.3 billion. Affected by market speculation that Core Scientific and CoreWeave may trade, operators with high-performance computing businesses performed better than pure mining companies, among which IREN rose by 67%, the best performance, and Bitfarms fell by 19%, the worst performance.