Report: Bitcoin Network Hash Rate Up 2% in First Two Weeks of May, Miner Revenue Expands with Bitcoin Price Rally

BlockBeats News, May 19, JPMorgan Chase pointed out in a research report released on Friday that the Bitcoin network's hash rate increased by 2% in the first two weeks of May, averaging 88.5 EH/s. As the price of Bitcoin rose, miners' gross margins expanded, mining economic conditions improved, and miners' profitability increased. The hash price that measures daily mining profitability rose by 13% compared to April.

The analyst stated that in the first two weeks of this month, miners received a daily block reward income of about $50,100 per EH/s, a 13% increase from the previous month and a 3% increase year-on-year. In addition, U.S.-listed mining companies maintained a share of the network's hash rate, currently accounting for about 30.5%, a 1.1% increase from April. The total market value of the 13 U.S. Bitcoin mining stocks tracked by the bank rose by 24% this month, totaling $4.6 billion, with Bitdeer soaring by 43% and Greenidge falling by 5%.