The Bitcoin community hashrate rose 2% within the first two weeks of Could to a mean of 885 exahashes per second (EH/s), Wall Avenue financial institution JPMorgan (JPM) mentioned in a analysis report Friday.

The hashrate refers back to the complete mixed computational energy used to mine and course of transactions on a proof-of-work blockchain, and is a proxy for competitors within the business and mining problem.

Miner profitability improved in Could, as the worth of bitcoin

rose, and gross margins expanded, the financial institution mentioned.

The hashprice, a measure of each day mining profitability, rose 13% from April, which the financial institution mentioned was “encouraging.”

“We estimate miners earned ~$50,100 in daily block reward revenue per EH/s over the first two weeks of the month, up 13% from last month and 3% y/y,” analysts Reginald Smith and Charles Pearce wrote.

U.S.-listed miners maintained their share of the community hashrate, and at the moment account for about 30.5% of the community, a 1.1% improve from April, the financial institution mentioned.

The whole market cap of the 13 U.S.-listed bitcoin mining shares that the financial institution tracks rose 24%, or $4.6 billion, this month.

Bitdeer (BTDR) outperformed with a 43% achieve, whereas Greenidge (GREE) underperformed the sector with a 5% decline, the report mentioned.

Learn extra: Bitcoin Miners With HPC Publicity Underperformed BTC for Third Straight Month: JPMorgan