Share this article
Bitcoin Network Hashrate Growth Was Muted in January: JPMorgan
Mining difficulty fell 2% from the previous month, which is relatively uncommon, the report said.
Feb 5, 2025, 7:49 a.m.
What to know:
- January was a quiet month for hashrate growth, the report said.
- The bank noted that mining difficulty fell 2% from the previous month.
- The total market cap of the 14 publicly-listed miners that JPMorgan follows rose 5% in January.
The Bitcoin network hashrate, a proxy for competition in the industry and mining difficulty, rose slightly in January, Wall Street bank JPMorgan (JPM) said in a research report on Monday.
The monthly average network hashrate rose 1% to 785 exahashes per second (EH/s), the bank noted, while mining difficulty fell 2% month-on-month.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The month-end, weekly moving average hashrate was 781 EH/s, a 2% decline from the end of December, the report said.
"This is relatively uncommon, and a modest tailwind for bitcoin mining economics," analysts Reginald Smith and Charles Pearce wrote, adding that network difficulty remains 25% higher than before the halving event last April.
According to a CoinDesk report from Tuesday, Bitcoin's 7-day moving average hashrate hit an all-time high of 833 exahashes per second (EH/s).
Mining profitability also inched higher in January. The bank estimated that miners earned an average of $57,200 per EH/s in daily block reward revenue, an increase of less than 1% from December.
The total market cap of the bitcoin miners that the bank tracks rose 5% from the month previous.
Cipher Mining (CIFR) and Riot Platforms (RIOT) outperformed, gaining 23% and 16% respectively, after announcing high performance computing (HPC) related news.
TeraWulf (WULF) underperformed in January, with the shares dropping 16%.
Read more: Bitcoin Miners Bitdeer, CleanSpark, Core Scientific Initiated at Outperform by KBW
More For You
What to know:
- 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.
More For You
KindlyMD faces Nasdaq delisting risk after failing to meet minimum share price levels
The health-care and bitcoin treasury firm has six months to lift its share price above $1 for 10 consecutive days.
What to know:
- The Nasdaq exchange told KindlyMD (NAKA) that it faces being delisted after its share price dropped below $1 for 30 consecutive business days.
- The health-care company that is building a bitcoin treasury has until June 8 to regain compliance, which requires the stock to close at or above $1 for at least 10 consecutive business days.
- The shares first fell below $1 in late October, and closed Monday at $0.38.
