Bitcoin Hash Rate Surges 2% in May, Boosting Miners’ Profitability and Growth

According to a recent report by JPMorgan Chase, the Bitcoin network’s hash rate experienced a notable increase of 2% during the initial weeks of May, reaching an average of 88.5 EH/s. This upward trend coincided with a rise in Bitcoin prices, leading to enhanced profitability for miners. As the mining economic environment improved, miners reported a significant increase in their gross margins. The hash price, a key indicator of daily mining profitability, surged by 13% compared to April.

During the first half of the month, miners generated approximately $50,100 daily in block rewards for each EH/s, marking a robust 13% month-over-month increase and a 3% year-over-year rise. Furthermore, U.S.-listed mining firms have maintained around 30.5% of the network’s hash power, reflecting a 1.1% bump from the previous month. The combined market capitalization of 13 tracked Bitcoin mining shares by JPMorgan rose by 24% this month, hitting $4.6 billion, with Bitdeer significantly increasing by 43%, while Greenidge dipped by 5%.