Bitcoin Miners in Tears: Fourth Month of Misery as Profits Plunge! 🚨

by

Markets

What to know:

  • Bitcoin mining profitability fell in November, according to JPMorgan. 📉
  • The network hashrate declined 1% to an average of 1,074 EH/s last month. 🧱
  • The combined market cap of the 14 U.S.-listed miners that the bank tracks fell 16% in Nov. to $59 billion. 💸

Bitcoin mining profitability has been on a diet for the fourth month running, as per JPMorgan’s latest missive. One might say the miners are now auditioning for roles in a tragic opera titled “The Ballad of the Broke and Exhausted.” 🎭

Daily block reward gross profit took a 26% nosedive from October’s figures-analysts Reginald Smith and Charles Pearce might’ve included a sad trombone emoji 🎺 if their corporate email allowed it.

The Bitcoin network hashrate, that noble measure of computational oomph, slumped 1% to 1,074 exahashes per second in November. October’s record high was a brief flirtation with glory, now a distant memory. 🌫️

“Miners earned a paltry $41,400 per EH/s in November,” the analysts lamented, as if describing a butler forced to serve instant coffee at a society brunch. Down 14% from October and 20% year-on-year? Positively scandalous! 🚭

Hashrate, that barometer of blockchain brawn, now whispers tales of dwindling competition and mining difficulty. It’s like watching a garden party where the guests keep sneaking off to join a more exciting (and profitable) shindig. 🎉

The 14 U.S.-listed miners? Their combined market cap shrank 16% to $59 billion. One imagines their shareholders clutching pearls and fainting into fainting couches. 💼

Cipher Mining (CIFR) bucked the trend with a 9% gain, thanks to its Fluidstack deal-a silver lining brighter than a freshly polished monocle. 😎

Bitdeer (BTDR), however, plummeted 40%, proving that even the mightiest can trip over their own hubris. 🐢

Read More

2025-12-01 19:59