Bitcoin miners closed out the year with notable revenue growth in December, marking the second consecutive month of positive performance. According to a JPMorgan report, the uptick is attributed to Bitcoin’s price increase outpacing the rise in network computational power.

Revenue Growth and Profitability

In December, miners’ daily revenue averaged $57,100 per exahash per second (EH/s), a 10% increase compared to November. However, despite this growth, revenue and gross profit remain 43% and 52% below pre-halving levels recorded in April.

Bitcoin’s hashrate, which reflects the computational power securing the network, grew by 6% to an average of 779 EH/s in December. Mining difficulty—a measure of how challenging it is to add new blocks—increased by 7% during the same period, reaching a level 27% higher than pre-halving figures.

Over 2024, the total hashrate rose 54%, a slower pace compared to the 103% growth recorded in 2023.

Market Capitalization and Industry Leaders

The market value of 14 publicly traded mining companies tracked by JPMorgan dropped by 23% in December, totaling $28 billion. This decline followed a 52% surge in November.

Among major players, TeraWulf (WULF) stood out, with its stock price surging 2.3 times over the year, outperforming Bitcoin’s approximately 120% growth.

Challenges and Opportunities

Despite the decline in mining company valuations and rising network complexity, December proved profitable for miners. Bitcoin’s ongoing price rally offset the impact of increased hashrate and other operational challenges.

Looking ahead, miners remain optimistic, leveraging Bitcoin’s upward momentum while navigating the network’s growing complexity.

This information is for informational purposes only and does not constitute financial or investment advice.