Since the beginning of September, the hashrate of the leading cryptocurrency has increased by 4%, returning to pre-halving peaks. However, miners’ revenues remain at historic lows. Analysts at JPMorgan highlighted this issue, as reported by CoinDesk.
Experts also noted that the hashprice fell by 2% this month and by 50% since the pre-halving period. In their view, this decline, combined with a seasonal downturn, could slow the growth of the hashrate in the short term.
“The share of U.S.-registered bitcoin miners in the network’s hashrate increased for the fifth consecutive month to 26.7%, the highest level ever recorded,” stated JPMorgan.
The bank also emphasized that the total market capitalization of 14 tracked American miners fell by 3% since the end of August, to just under $20 billion.
Hut 8 (HUT) shares outperformed others, showing an 11% increase, while CleanSpark (CLSK) had the worst performance, dropping by 12%.
Earlier in September, the difficulty of mining the leading cryptocurrency increased by 3.58% following the latest adjustment. The figure reached a record high of 92.67 T.