JPMorgan: Bitcoin mining economics improved in first half of November

JPMorgan (JPM) stated in a research report on Monday that the Bitcoin (BTC) mining economy improved in the first half of November as the hash price rose. "Since the end of October, due to the rise in BTC's price exceeding the growth of network hash rate, and the percentage of transaction fees in block rewards has increased, the hash price has risen by 29%".

The report stated that the network hash rate has risen by 2% so far this month, averaging 718 EH/s per second. Hash rate refers to the total computing power used to mine and process transactions on a proof-of-work blockchain, and is a representative of industry competition and mining difficulty. The 14 US-listed miners covered by the bank currently account for about 28% of the global network, and their network hash rate share is still at a historical high.