As the world’s foremost cryptocurrency scaled unprecedented price peaks, Bitcoin (BTC) miners experienced a boost in their daily revenue and gross profits throughout November. Still, JPMorgan highlighted in a recent research note that these returns remain roughly half of what they were prior to the most recent halving event.
Analysts Reginald Smith and Charles Pearce detailed, “In November, the estimated daily block reward income for bitcoin miners averaged around $52,000 per exahash per second (EH/s), marking a 24% increase compared to October.”
Transaction Fees and Market Capitalization Dynamics
Following the U.S. presidential election on November 5, the network’s transaction fees experienced a sharp uptick, offering notable relief to the so-called hashprice—a metric that gauges the profitability of mining operations. This spike helped cushion miners’ earnings amid volatile market conditions.
The aggregate market capitalization across 14 publicly traded bitcoin mining firms under JPMorgan’s coverage expanded substantially, climbing 52% month-over-month to reach a hefty $36.2 billion by November’s end.
Network Performance Metrics: Hashrate and Difficulty
The average hashrate of the Bitcoin network edged upward by 4% from the previous month, touching 731 EH/s. Concurrently, mining difficulty—the algorithmic measure that adjusts the complexity of solving blocks—rose by 7%, reflecting intensified competition within the mining ecosystem.
For clarity, hashrate denotes the total computational horsepower exerted across the proof-of-work blockchain to validate and process transactions, serving as a barometer of network security and operational rivalry.
Volatility Trends
November also saw a notable increase in Bitcoin’s annualized price volatility, which jumped to 62%, up significantly from 42% recorded in October, underscoring the market’s growing unpredictability.
Key Data Snapshot:
| Daily Block Reward Revenue (per EH/s) | $42,000 | $52,000 | +24% |
| Network Hashrate (EH/s) | 703 | 731 | +4% |
| Mining Difficulty | Baseline | +7% | Increased |
| Market Cap of Public Miners (billion $) | ~23.8 | 36.2 | +52% |
| Annualized Volatility | 42% | 62% | +20 pp |
