Investing.com — The monthly average network hashrate for declined sequentially for the first time since December 2022, as mining economics remain pressured for inefficient and older ASICs post-halving, according to a report by JPMorgan (NYSE:).
Daily mining revenue is more than 50% below pre-halving levels, which is expected to temper hashrate growth in the near term.
Despite these challenges, May was a positive month for U.S.-listed mining stocks. JPMorgan’s report highlights that companies reported record first-quarter 2024 revenue and adjusted EBITDA, even excluding mark-to-market gains on HODL balances, and increased their share of the network hashrate. The aggregate market cap of the 14 U.S.-listed miners tracked by JPMorgan increased by 19% sequentially to $18.4 billion, led by a nearly 80% rally in shares of Iris Energy .
The…
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