JPMorgan: Bitcoin mining companies with HPC business have underperformed BTC for the third consecutive month
ChainCatcher news, according to CoinDesk, on Thursday, Wall Street bank JPMorgan pointed out in a research report that in April, Bitcoin mining companies with high-performance computing (HPC) businesses underperformed BTC for three consecutive months. To reduce reliance on cryptocurrencies, some Bitcoin mining companies have shifted to new fields, such as providing HPC services to the rapidly growing artificial intelligence (AI) market.As the network hash rate rises, mining profitability declined in April, with daily block reward income decreasing by 6% compared to March. At the same time, the average hash rate in April increased by approximately 56 EH/s, a month-on-month growth of 6%, reaching 872 EH/s, marking the second highest historical monthly average network hash rate increase. The total market capitalization of the 13 U.S.-listed mining stocks tracked by the bank grew by 12% compared to March, with Greenidge (GREE) performing particularly well in April, with an increase of 46%.