Bitcoin Mining Stocks Up
In early November, Bitcoin mining profitability experienced a notable uptick, with the hash price—a key indicator of miner earnings—rising by 29% since the end of October.
This surge was driven by Bitcoin’s price rally outpacing the growth in network hashrate and an increase in transaction fees as a proportion of block rewards.
Hash Rate Surging, Source: Blockchain
The market capitalization of mining stocks tracked by JPMorgan increased by approximately $8 billion, or 33%, between October 31 and November 15. This growth reflects gains in Bitcoin’s value and a broader optimism in the cryptocurrency market following the U.S. presidential election.
New Bitcoin All-time High
Bitcoin’s price surged by about 30% to reach all-time highs after Donald Trump’s victory in the U.S. presidential election earlier this month. Concurrently, the network hashrate—a measure of the total computational power used for mining and processing transactions—rose by 2% month-to-date, averaging 718 exahashes per second (EH/s). This metric serves as a proxy for competition and mining difficulty within the industry.
Source: Brave New Coin Bitcoin Liquid Index
Notably, the 14 U.S.-listed miners covered in JPMorgan’s report now contribute approximately 28% to the global network hashrate, maintaining their share at record levels.
Brave New Coin reaches 500,000+ engaged crypto enthusiasts a month through our website, podcast, newsletters, and YouTube. Get your brand in front of key decision-makers and early adopters. Don’t wait – Secure your spot and drive real impact in Q4. Find out more today!
