Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-mining-profitability-increases-significantly-in-november/" data-wpel-link="internal">Bitcoin Mining Profitability Increases Significantly in November</a> 
In the first half of November, Bitcoin (BTC) mining profitability saw a notable increase. According to JPMorgan’s report, the hashrate price rose by 29%. This increase in hashrate price occurred alongside a rally in Bitcoin’s price and a higher share of transaction fees in the block reward. The market value of mining companies surged by about 8 billion dollars, reflecting a 33% increase. Mining companies listed in the U.S. accounted for 28% of the global hashrate, maintaining their record-high share. 
<h2 style="text-align: justify" id="strong-increase-in-bitcoin-hashrate-strong">Increase in Bitcoin Hashrate</h2> 
The hashrate, which indicates the total processing power of the Bitcoin network, reached 718 EH/s in November, marking a 2% increase. JPMorgan analysts noted that the recent rally in Bitcoin has contributed to increased mining profitability and that transaction fees now constitute a larger portion of the block reward. 
<figure id="attachment_408087" aria-describedby="caption-attachment-408087" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-408087" src="https://coin-turk.com/wp-content/uploads/2024/11/Bitcoin-Hash-Rate.jpg" alt="" width="2330" height="1430">
 <figcaption id="caption-attachment-408087" class="wp-caption-text">
 Bitcoin Hash Rate
 </figcaption>
</figure> 
Analysts Reginald Smith and Charles Pearce emphasized that the increase in mining companies’ revenues is directly linked to the rising price of Bitcoin. Furthermore, the share of 14 U.S.-based mining companies in the global hashrate rose to 28%, maintaining record levels. 
The increase in hashrate is intensifying competition and mining difficulty in the sector. However, rising transaction fees play a crucial role in supporting miners’ incomes. The market optimism and price rally at the beginning of November created a more positive atmosphere across the industry. 
<h2 style="text-align: justify" id="strong-mining-revenues-decreased-in-october-strong">Mining Revenues Decreased in October</h2> 
In October, Bitcoin mining revenues had declined for the fourth consecutive month. JPMorgan reported that daily mining revenues decreased by 1%, dropping to $41,800 per EH/s, with gross profits declining by 2%. However, the rise in transaction fees to 60% of block rewards partially alleviated the pressure on miners regarding hashrate prices. The average monthly hashrate reached a record high of 702 EH/s in October, marking a 9% increase. 
The recovery that began in November has provided new momentum for the Bitcoin mining economy. JPMorgan continues to closely monitor the increasing influence of U.S.-based miners and changes in the global sector. 
The post <a href="https://en.coin-turk.com/bitcoin-mining-profitability-increases-significantly-in-november/" data-wpel-link="internal">Bitcoin Mining Profitability Increases Significantly in November</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Bitcoin Mining Profitability Increases Significantly in November

Table of Contents

COINTURK NEWS

Other articles published on Nov 19, 2024

Bitcoin Hits Record High as BlackRock's IBIT Sets New Trading Volume Milestone

Keanu Cult is Born: New Meme Coin Predicted To Take Market By Storm

Bitcoin Surpasses $93,000 as Price Momentum Continues

Is Hedera (HBAR) Set for a Massive Surge?

Bithumb Lists Raydium and Ponke Tokens with Significant Price Increases

BlackRock Secures Abu Dhabi License to Expand Middle Eastern Presence

Join our free newsletter for daily crypto updates!