JPMorgan Chase: The Bitcoin mining economy improved in the first half of November

JPMorgan Chase (JPM) said in a research report on Monday that the economics of Bitcoin (BTC) mining improved in the first half of November as hash prices rose. "Since the end of October, due to BTC's rise exceeding the growth of network hash rate and an increase in transaction fees as a percentage of block rewards, hash price has risen by 29%."

The report stated that so far this month, the network hash rate has increased by 2%, averaging 718 exahashes per second (EH/s). The hash rate refers to the total computing power used for mining and processing transactions on proof-of-work blockchains, representing industry competition and mining difficulty. The 14 U.S.-listed miners covered by this bank currently account for about 28% of global networks, with their share of network hash rates still at historical highs.