Bitcoin Network Hashrate Hit Record High in October, JPMorgan Says

Why It Matters

The record hashrate highlights intensifying competition and energy use in Bitcoin mining, while shrinking margins and rising equity valuations indicate a strategic pivot toward AI‑related computing assets, reshaping capital flows in the crypto‑mining sector.

Summary

Bitcoin’s network hashrate hit a record 1,082 exahashes per second in October, up 5% from September and pushing mining difficulty 3% higher and 80% above pre‑halving levels. Even as hashpower surged, miners’ economics weakened, with daily block‑reward revenue per EH/s falling 3% and gross profit down 4% for the third month in a row. The market value of the 14 U.S.-listed mining companies JPMorgan tracks jumped 25% to $70 billion, driven by high‑performance computing and AI‑related demand, while Cipher Mining surged 48% versus a 3.9% decline in Bitcoin itself.