The total market cap of bitcoin miners tracked by the bank jumped 52% from the month previous, the report said.

Dec 2, 2024, 3:29 p.m.

Bitcoin (BTC) daily mining revenue and gross profit rose in November as the world's largest cryptocurrency hit record highs, but it is still about 50% below pre-halving levels, JPMorgan (JPM) said in a research report Monday.

"We estimate that bitcoin miners earned an average of $52,000 per EH/s in daily block reward revenue in November, up 24% from October," analysts Reginald Smith and Charles Pearce wrote.

The bank noted that transaction fees on the network spiked following the U.S. Nov. 5 presidential election and this provided some "hashprice relief." The hashprice is a measure of mining profitability.

The total market cap of the 14 publicly listed bitcoin miners in the bank's coverage surged 52% in November to $36.2 billion, the report said.

The average network hashrate rose 4% month-on-month to 731 exahash per second (EH/s), the bank noted, while mining difficulty increased 7% from October.

Hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain and is a proxy for competition in the industry and mining difficulty.

Bitcoin's annualized volatility rose to 62% in November, up from 42% the month before, the report added.

Read more: Bitcoin Mining Revenue, Profit Fell in October for a Fourth Consecutive Month: JPMorgan