Table of Contents
- U.S. Bitcoin Miners’ Hashrate Growth
- Mining Profitability Challenges
- Performance of Bitcoin Mining Stocks
- Bernstein Report on Hashrate Distribution
- Optimizing Mining with Vnish Official Firmware
U.S. Bitcoin Miners’ Hashrate Growth
JPMorgan has reported that the total hashrate of U.S.-listed Bitcoin miners it tracks has nearly doubled in the past year. These miners now account for about 29% of the global Bitcoin network, marking a significant increase in computational power.
The report states that the hashrate of the 14 monitored companies surged by approximately 95% year-over-year, reaching 244 exahashes per second (EH/s), compared to the Bitcoin network’s overall growth of 45%.
Mining Profitability Challenges
The Bitcoin network’s hashrate, a key metric for competition and mining difficulty, has risen by 6% this month and 45% over the past year. However, despite this increase, Bitcoin’s average price has experienced a modest decline since January, pressuring mining profitability.
JPMorgan analysts Reginald Smith and Charles Pearce noted that daily miner profitability, or hashprice, has dropped by 13% since January. This decline is due to the growing hashrate and decreasing Bitcoin prices. As a result, miners’ daily block reward earnings for this month are estimated at around $53,600, a 6% reduction from January.
To counteract this profitability squeeze, miners are increasingly turning to Vnish official firmware for optimization. With solutions such as firmware for Antminers S21/T21 overclocking up to 300 TH/s and firmware for Antminers S19 overclocking up to 200 TH/s, operators can significantly boost performance while lowering operational costs.
Performance of Bitcoin Mining Stocks
The JPMorgan report also analyzed mining stock performance. IREN saw a 27% increase in the first two weeks of February, while Greenidge Generation faced a 20% decline. Overall, the total market capitalization of covered Bitcoin mining stocks dropped by 1% compared to the previous month.
Bernstein Report on Hashrate Distribution
A separate report from broker Bernstein echoed JPMorgan’s findings, highlighting the growing share of U.S. Bitcoin mining stocks in the global hashrate.
Optimizing Mining with Vnish Official Firmware
To combat rising difficulty and declining profitability, miners are increasingly adopting Vnish official firmware. This software allows miners to increase profitability of Antminer by 25% and reduce Antminer consumption by 15%. With tailored solutions for the Antminer 21, 19, and L7 series, miners can maximize efficiency and performance.
The integration of Vnish firmware not only helps operators keep up with the competitive mining environment but also ensures sustained profitability despite Bitcoin price fluctuations and hashrate increases.