JPMorgan: Bitcoin Network Arithmetic Up Slightly in March, Mining Economics Down

Bitcoin network arithmetic grew by 2 EH/s in the first two weeks of March 2025, averaging 811 EH/s, according to a research report released by JPMorgan Chase (JPM) on Monday. 
U.S.-listed miners maintained a roughly 30 percent share of the network's arithmetic, the report noted. At the same time, the average bitcoin price fell by about 10 percent during the period, putting pressure on mining economics. The price of arithmetic, a measure of daily mining profitability, remained largely unchanged from the end of the previous month, with miners earning around $48,300 per EH/s of daily block rewards in the first two weeks of March, down 11% from February and 52% from April last year following the halving event.
The total market capitalisation of the 14 US-listed mining companies tracked by JPMorgan slipped 13% from the previous month to around $3 billion. Of these, Argo Blockchain (ARGO) was the best performer, up 1 per cent, while Cipher Mining was the worst performer, down 25 per cent. Only one of the miners covered by the bank outperformed Bitcoin during the same period, the report added.