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Bitcoin Mining Profitability Improved in May, JPMorgan Says
The total market cap of the 13 U.S.-listed miners that the bank tracks rose 19% from the month previous, according to the report.
Jun 2, 2025, 1:05 p.m.
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What to know:
- Bitcoin mining profitability improved last month, said JPMorgan.
- The bank noted that the total market cap of the 13 mining companies it tracks rose around 19% from April.
- Daily block reward gross profit jumped 36% from April.
The total market cap of the 13 U.S.-listed miners that JPMorgan tracks rose almost 20% in May, as bitcoin rallied and mining profitability increased, the bank said in a research report Monday.
The Bitcoin network hashrate rose about 25 exahashes per second (EH/s) to an average of 897 EH/s last month, according to the report.
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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.
Mining profitability improved in May. The bank estimated that "bitcoin miners earned an average of $51,600 per EH/s in daily block reward revenue in May, up 16% from April," analysts Reginald Smith and Charles Pearce wrote.
Daily block reward gross profit also increased substantially, jumping 36% month-on-month to $27,900 per EH/s, the bank noted.
IREN (IREN) outperformed the group with a 37% rise, and Bitfarms (BITF) underperformed with an 8% decline, JPMorgan said.
Seven of the thirteen bitcoin mining companies that the bank tracks outperformed bitcoin last month, the report added.
Read more: Bitcoin Mining Profitability Fell in April as Network Hashrate Rose: Jefferies
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
知っておくべきこと:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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