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Bitcoin Mining Profitability Fell for Fourth Consecutive Month in November: JPMorgan
The average network hashrate fell 1% last month after hitting record highs in October.
Updated Dec 2, 2025, 2:12 p.m. Published Dec 1, 2025, 4:45 p.m.
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What to know:
- Bitcoin mining profitability fell in November, according to JPMorgan.
- The network hashrate declined 1% to an average of 1,074 EH/s last month.
- The combined market cap of the 14 U.S.-listed miners that the bank tracks fell 16% in Nov. to $59 billion.
Bitcoin mining profitability declined for the fourth month in a row in November, according to a Monday report by JPMorgan (JPM).
Daily block reward gross profit also slumped 26% from the month previous, analysts Reginald Smith and Charles Pearce wrote.
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The Bitcoin network hashrate dropped 1% to an average of 1,074 exahashes per second (EH/s) in November, the report said, after hitting a record high in October.
"Bitcoin miners earned an average of $41,400 per EH/s in daily block reward revenue in November, down 14% from October and 20% y/y," the analysts wrote.
The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining difficulty.
The combined market cap of the fourteen U.S.-led miners that the bank tracks fell 16% month-on-month to $59 billion.
Cipher Mining (CIFR) outperformed the group with a 9% gain, supported by its recent Fluidstack deal.
Bitdeer (BTDR) underperformed with a 40% decline, the report added.
Read more: Bitcoin Miners Cipher and CleanSpark Upgraded by JPMorgan as HPC Shift Accelerates
