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Bitcoin Mining Profits Slide for Fourth Straight Month, JPMorgan Warns
Bitcoin mining profitability continued to weaken in November, marking the fourth consecutive monthly decline as block rewards, miner revenues, and sector valuations fell sharply, according to a new report from JPMorgan. Analysts Reginald Smith and Charles Pearce found that daily block reward gross profit dropped 26% from October while the Bitcoin network hashrate eased 1% after reaching a record high the previous month.
Miners earned an average of $41,400 per EH/s in daily block reward revenue—down 14% month-over-month and 20% year-over-year—highlighting intensifying competition and softer on-chain activity following the post-halving adjustment period. The downturn extended to public mining stocks as well, with the combined market capitalization of fourteen U.S.-listed miners sliding 16% to $59 billion.
Cipher Mining was the rare outperformer, gaining 9% thanks to momentum from its Fluidstack deal, while Bitdeer suffered a steep 40% decline, making it the worst performer in the group. The data suggests the sector is undergoing a recalibration after rapid hashrate expansion in 2024, with profitability tightening ahead of 2025 unless Bitcoin’s price or fee markets strengthen.
#Bitcoin #MiningIndustry #CryptoMarkets $BTC
Bitcoin mining profitability continued to weaken in November, marking the fourth consecutive monthly decline as block rewards, miner revenues, and sector valuations fell sharply, according to a new report from JPMorgan. Analysts Reginald Smith and Charles Pearce found that daily block reward gross profit dropped 26% from October while the Bitcoin network hashrate eased 1% after reaching a record high the previous month.
Miners earned an average of $41,400 per EH/s in daily block reward revenue—down 14% month-over-month and 20% year-over-year—highlighting intensifying competition and softer on-chain activity following the post-halving adjustment period. The downturn extended to public mining stocks as well, with the combined market capitalization of fourteen U.S.-listed miners sliding 16% to $59 billion.
Cipher Mining was the rare outperformer, gaining 9% thanks to momentum from its Fluidstack deal, while Bitdeer suffered a steep 40% decline, making it the worst performer in the group. The data suggests the sector is undergoing a recalibration after rapid hashrate expansion in 2024, with profitability tightening ahead of 2025 unless Bitcoin’s price or fee markets strengthen.
#Bitcoin #MiningIndustry #CryptoMarkets $BTC
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Cango Appoints Antalpha Founder as Chairman, Completes Full Transition to Bitcoin Mining
Cango has officially completed its transformation from an automotive trading platform into a full-fledged Bitcoin mining company, along with a major restructuring of its board and executive team. Xin Jin, Founder and CEO of Antalpha, has been appointed Chairman of the Board, further strengthening the company’s ties with Bitmain. Antalpha, a financial services platform backed by Bitmain, also sees its former Chief Strategy Officer, Peng Yu, step in as Cango's new CEO. Several other board members with Antalpha backgrounds have joined as well. Cango currently holds over 4,000 BTC.
#Bitmain #CryptoTransformation #BlockchainNews #DigitalAssets #MiningIndustry
Cango has officially completed its transformation from an automotive trading platform into a full-fledged Bitcoin mining company, along with a major restructuring of its board and executive team. Xin Jin, Founder and CEO of Antalpha, has been appointed Chairman of the Board, further strengthening the company’s ties with Bitmain. Antalpha, a financial services platform backed by Bitmain, also sees its former Chief Strategy Officer, Peng Yu, step in as Cango's new CEO. Several other board members with Antalpha backgrounds have joined as well. Cango currently holds over 4,000 BTC.
#Bitmain #CryptoTransformation #BlockchainNews #DigitalAssets #MiningIndustry
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