Bitcoin Miners Face Revenue Decline Amid Rising Hash Rate and Market Challenges in September

According to recent data from COINOTAG, the overall revenue of publicly listed crypto mining companies faced a consistent decline for the third consecutive month in September. This downturn coincided with a rise in network difficulty, which has intensified operational challenges for miners. A report issued by JPMorgan Chase highlighted that the hash rate of the Bitcoin network has shown consistent growth, reaching 643 EH/s in September—a 2% increase from August. Nevertheless, miners’ revenue per EH/s experienced a decline of 6% month-over-month, averaging $42,100. Despite these challenges, the market value of Bitcoin itself saw a recovery of approximately 7% in September, regaining much of the losses incurred in August. Furthermore, the total market capitalization of 14 publicly traded Bitcoin miners tracked by JPMorgan Chase increased by 4%, reaching $21 billion, indicating a complex but evolving landscape for the cryptocurrency industry.