JPMorgan: Bitcoin network hash rate slightly increased in March, mining economics declined

ChainCatcher news, according to CoinDesk, a research report released by JPMorgan Chase (JPM) on Monday shows that in the two weeks leading up to March 2025, the Bitcoin network's hash rate increased by 2 EH/s, averaging 811 EH/s.

The report noted that U.S. publicly listed mining companies maintained about 30% of the network's hash rate share. Meanwhile, the average price of Bitcoin fell by about 10% during the period, putting pressure on mining economics. The hash rate price (an indicator of daily mining profitability) remained largely unchanged compared to the end of last month. In the two weeks leading up to March, miners earned approximately $48,300 in daily block rewards per EH/s, an 11% decrease from February and a 52% drop since the halving event in April last year.

The total market capitalization of the 14 U.S. publicly listed mining companies tracked by JPMorgan fell by 13% compared to last month, approximately $3 billion. Among them, Argo Blockchain (ARGO) performed the best, rising by 1%, while Cipher Mining performed the worst, falling by 25%. The report added that during the same period, only one of the mining companies covered by the bank outperformed Bitcoin.