Bitcoin Drops to Lowest Since August as U.S. Stocks Slide

Bitcoin mining profitability is stuck at record lows, JPMorgan said in a new research report. “We estimate bitcoin miners earned an average of $43,600 per EH/s in daily block reward revenue in August, the lowest point on record,” the analysts wrote. That compares with a peak value of $342,000 in November 2021, when the BTC price was $60,000 and the network hashrate was 161 EH/s. The network hashrate, a proxy for competition in the industry and mining difficulty, increased for the second straight month in August, JPMorgan noted. “The network hashrate averaged 631 EH/s in August, up 16 EH/s from last month, and about 20 EH/s below prehalving levels,” the authors wrote.