Bitcoin Mining Profitability Fell Last Month: Report

According to a report from JPMorgan, the average price of Bitcoin and the hashrate of the network saw a slight increase in September.

However, daily mining revenue and gross profit both decreased for the third consecutive month. The hashrate, which measures the total computational power used for mining and processing transactions on a proof-of-work blockchain, grew by 2% from August to 643 exahashes per second (EH/s).

Despite this increase in hashrate, JPMorgan estimates that miners earned an average of $42,100 per EH/s in daily block reward revenue in September, 6% less than the previous month.

The report also states that daily block reward gross profit declined by 6% month-on-month to $16,100 per EH/s (with a 38.4% gross margin), the lowest point in recent times.