October marked a bullish month for many crypto assets and their ecosystems but not for Bitcoin (BTC) miners. Earlier, JPMorgan released a report that provided insight into October’s Bitcoin mining revenue outlook and other metrics. Accordingly, daily Bitcoin mining revenue and gross profit dropped for the fourth consecutive time.
Bitcoin Miner Revenue Outlook
JPMorgan’s estimate shows miners received an average of $41,800 per exahash per second (EH/s) of hashrate in daily block reward revenue. This value is 1% less than that of the previous month. Notably, hashrate is the combined computational power required to mine and process transactions on a Proof-of-Work (PoW) blockchain like Bitcoin.
It is largely a proxy for industry competition and mining difficulty. In addition to the mining revenue dip, general profitability dropped significantly. The daily block reward gross profit dropped 2% in October to the lowest level “on recent record.” Despite the downturn trend,
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