Share this article
Bitcoin Mining Profitability Fell for Third Straight Month in September: JPMorgan
Daily block reward gross profit fell to the lowest "on recent record" last month, the report said.
Updated Oct 1, 2024, 6:38 p.m. Published Oct 1, 2024, 11:25 a.m.
- Daily mining revenue and gross profit fell for a third consecutive month in September, the report said.
- The bank noted that the network hashrate rose 2% from August.
- Daily block reward gross profit fell to the lowest "on recent record" in September, the bank said.
The average bitcoin price and the network hashrate rose slightly in September, while daily mining revenue and gross profit fell for a third straight month, JPMorgan (JPM) said in a research report Tuesday.
The hashrate rose for the third month in a row, adding 2% from August to 643 exahashes per second (EH/s). Hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
JPMorgan estimated that miners earned an average of $42,100 per EH/s in daily block reward revenue last month, 6% less than the month before.
"We estimate daily block reward gross profit declined 6% month on month (m/m) to $16,100 per EH/s (38.4% gross margin) in September, the lowest point on recent record," analysts Reginald Smith and Charles Pearce wrote.
Transaction fees were subdued and didn't reach more than 5% of the block reward, the authors noted.
The total market cap of the 14 U.S.-listed miners tracked buy the bank rose 4% to $21 billion. Hut 8 (HUT) outperformed with a 21% gain last month, and CleanSpark (CLSK) was bottom of the pile with a 13% decline.
Bitcoin's annualized volatility was 44% last month, a drop from the 62% seen in August, the report added.
Read more: Bitcoin Mining Profitability Remains at All-Time Lows as Prices Fall, Hashrate Rises, JPMorgan Says
Más para ti
Lo que debes saber:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Más para ti
Proposed ‘AfterDark’ Bitcoin ETF Would Skip U.S. Trading Hours
The fund would hold bitcoin only overnight, betting on data showing bitcon gains mostly occur outside regular market hours.
Lo que debes saber:
- Nicholas Financial has filed with the SEC to launch a bitcoin ETF that holds BTC only during overnight hours.
- The “AfterDark” ETF buys bitcoin after U.S. stocks close for the day and then sells bitcoin and shifts into Treasuries during the American session.
- Data shows bitcoin tending to perform better when traditional U.S. markets are closed.
Top Stories
