Bitcoin’s Daring Dance: Hashrate Rises While Economics Take a Tumble! 💃💰

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What to know:

  • Oh, darling! The Bitcoin network hashrate has waltzed up by 2 exashashes per second (EH/s) in the first two weeks of March, according to the ever-so-reliable report.
  • Our charming U.S.-listed miners have managed to keep their dainty share of the network hashrate at a steady 30%. Bravo! 👏
  • However, a rather unfortunate 10% drop in the average bitcoin price has put a bit of a damper on mining economics. How tragic! 😢

In a delightful twist, the Bitcoin network hashrate has indeed risen by 2 exashashes per second (EH/s) in the first two weeks of March, reaching an average of 811 EH/s, as reported by the illustrious Wall Street bank, JPMorgan (JPM) on this fine Monday.

JPMorgan, ever the watchful guardian, noted that our U.S.-listed miners have maintained their charming 30% share of the network hashrate. How quaint!

Now, for those not in the know, the hashrate is simply the total combined computational power used to mine and process transactions on a proof-of-work blockchain. It’s a rather posh way of measuring competition in the industry and the difficulty of mining. Quite the mouthful, isn’t it?

As our dear analysts Reginald Smith and Charles Pearce so eloquently put it, “the average bitcoin price has declined by a rather disheartening ~10%, putting pressure on mining economics during this period.” Oh, the drama!

Meanwhile, the hashprice, which is a rather glamorous measure of daily mining profitability, has remained broadly unchanged since the end of last month. How thrilling!

Miners, bless their hearts, earned approximately $48,300 in daily block reward revenue per EH/s in the first two weeks of March. This is an 11% drop from February and a staggering 52% decline since last April’s halving event. One must wonder, is it time for a cocktail? 🍸

Alas, the total market cap of the 14 U.S.-listed miners tracked by the bank has slipped by 13%, or about $3 billion, from the previous month. How positively scandalous!

In a surprising turn of events, Argo Blockchain (ARGO) has outperformed with a modest 1% gain, while Cipher Mining has taken a rather unfortunate 25% tumble. Only one of the miners in the bank’s coverage managed to outshine bitcoin during this period. What a curious little world we live in!

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2025-03-17 17:24