Bitcoin Mining Profitability Fell for Third Straight Month in September: JPMorgan
Summary
In September, the average bitcoin price and network hashrate increased slightly, with the hashrate rising 2% to 643 EH/s. Despite this, daily mining revenue and gross profit decreased for the third consecutive month. Miners earned an average of $42,100 per EH/s in daily block reward revenue, a 6% decline from August. Gross profit also fell 6% to $16,100 per EH/s, marking the lowest recent record. Transaction fees remained low, not exceeding 5% of the block reward. The market cap of 14 U.S.-listed miners increased by 4% to $21 billion, with Hut 8 gaining 21% and CleanSpark declining 13%. Bitcoin's annualized volatility dropped to 44% from 62% in August.
