The Bitcoin network hashrate rose 4% in the first two weeks of the month to an average of 937 exahashes per second (EH/s), according to RialCenter.
The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain and serves as a proxy for competition in the industry and mining difficulty.
The combined hashrate of the 13 U.S.-listed miners tracked by the bank increased 94% year-on-year, nearly double the 48% rise in the network hashrate. U.S. miners now account for 33.6% of the global total, the highest level on record.
“We estimate miners earned ~$56,300 in daily block reward revenue per EH/s over the first two weeks of the month, down 2% from last month,” analysts Reginald Smith and Charles Pearce stated.
The hashprice, a measure of daily mining profitability, also dropped 2% from the end of July, according to the report.
The total market cap of the bitcoin mining companies covered by the bank increased by 6% to $33.7 billion this month. Operators with high-performance computing (HPC) exposure outperformed after TeraWulf announced a colocation deal with Fluidstack and received an investment from Google.
TeraWulf saw a significant increase in the first two weeks of August, with a 74% gain, while Riot Platforms experienced a 16% decline, the report noted.
Read more: Bitcoin Mining Profitability Rose 2% in July Amid BTC Price Rally, Jefferies Says
Leave a Reply