JPMorgan Chase (JPM) says that Bitcoin (BTC) miners' revenue and gross profit rose for a second consecutive month in December.
According to the largest U.S. bank, Bitcoin mining profitability is now at its highest level since April 2024 when the latest halving event reduced the available supply of BTC by 50%.
Mining profitability is increasing as a prolonged rally in the world's largest cryptocurrency by market capitalization continues to outpace network hash rate growth, says JPMorgan Chase.
JPMorgan estimates that Bitcoin miners earned an average of $57,100 U.S. in reward revenue during December, 10% more than in November.
However, the gross profits of Bitcoin miners are still 43% to 52% below pre-halving levels, noted JPMorgan Chase in its latest report on the crypto mining sector.
The network hash rate grew by 6% in December. Hash rate refers to the total combined computational power used to mine and process Bitcoin transactions on a blockchain.
Mining difficulty rose 7% from the previous month and is now 27% higher than before the halving event last April.
Additionally, JPMorgan said that the market capitalization of the 14 publicly listed Bitcoin miners it tracks declined 23% to $28 billion U.S. in December.
Bitcoin has risen nearly 130% over the past 12 months and currently trades at $100,750 U.S. per digital token.
