JPMorgan: Bitcoin Network Hashrate Drops 3% in June Mainly Due to Miners Responding to Power Restrictions from High Temperatures

According to ChainCatcher, citing a report from CoinDesk, JPMorgan's latest report shows that the average monthly Bitcoin network hashrate in June 2024 fell by about 3% compared to the previous month, mainly because mining farms in places like Texas, USA, proactively reduced operational loads due to high temperatures. The bank's monitoring data indicates that mining companies such as Cipher, IREN, and Riot have a combined hashrate of over 80 EH/s in Texas.

The report notes that despite the decline in hashrate, miners' average daily block reward income increased by 7% month-on-month to $55,300 per EH/s, reaching a new high since January. The total market capitalization of 13 publicly listed mining companies rose by 23% month-on-month to $5.3 billion, with IREN, which has expanded into high-performance computing, seeing its share price surge by 67%.