Cryptocurrencies
Bitcoin Miner Profit Measure Fell to ‘Recent Record’ Low, JPMorgan Says
- Firm estimates gross profit declined 6% month over month
- Bitcoin miners continue to expand despite of thinning margins
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Bitcoin mining companies saw a key measure of profitability reach the lowest point in “recent record” during September, according to a JPMorgan Chase & Co. estimate.
Daily block reward gross profit declined 6% month-over-month in September, reaching “the lowest point on recent record”, JPMorgan analysts Reginald L. Smith and Charles Pearce wrote in a report on Tuesday. Daily mining revenue and gross profit declined for the third consecutive month even with the moderate increase in average Bitcoin prices, according to the report.