Bitcoin falls to lowest level since August as US stocks fall

Bitcoin mining profitability is stuck at record lowsJPMorgan said in a new research report. “We estimate that bitcoin miners earned an average of $43,600 per EH/s in daily block reward revenue in August, the lowest point on record,” the analysts wrote. This compares to a peak of $342,000 in November 2021, when the price of BTC was $60,000 and the network hash rate was 161 EH/s. The network’s hashrate, an indicator of industry competition and mining difficulty, rose for the second consecutive month in August, JPMorgan noted. “The network’s hashrate averaged 631 EH/s in August, up 16 EH/s from last month and about 20 EH/s below pre-halving levels,” the authors wrote.