Bitcoin

Bitcoin mining profitability plunged to unprecedented lows in August, as reported by JPMorgan analysts. Despite this, U.S.-listed miners expanded their share of the Bitcoin network hashrate to an impressive 26%, setting a new record high, according to <a href="https://www.coindesk.com/markets/2024/08/16/bitcoin-mining-profitability-fell-to-all-time-lows-in-august-jpmorgan-analyst-says/">Coindesk</a>. 
 
The network hashrate increased by 1%, reaching 621 EH/s in the first two weeks of the month, while mining stocks saw an 18% decline, erasing previous AI-related gains. Although the Bitcoin price has decreased by 5% since the halving, it is still 35% higher year-to-date. This shift underscores the increasing dominance of U.S. miners, even as profitability diminishes sharply.

U.S. Bitcoin miners hit record hashrate

Ultramining_Eng

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