Bitcoin mining profitability is currently at all-time lows, according to a recent report from JPMorgan. The analysts stated, “We estimate bitcoin miners earned an average of $43,600 per EH/s in daily block reward revenue in August, the lowest point on record.” This is a significant drop from the peak value of $342,000 in November 2021, when the BTC price was $60,000 and the network hashrate was 161 EH/s. The network hashrate, which is a measure of competition in the industry and mining difficulty, continued to increase for the second consecutive month in August, as noted by JPMorgan. “The network hashrate averaged 631 EH/s in August, up 16 EH/s from the previous month, and approximately 20 EH/s below levels before the halving,” the authors explained.
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