In a surprise that could shake investor confidence, JPMorgan Chase revealed in its latest report that Bitcoin mining companies betting on high-performance computing (HPC) have not yet succeeded in surpassing Bitcoin itself, as they recorded weaker performance for the third consecutive month until the end of April.
Although these companies took a bold step into the future by entering the field of artificial intelligence to reduce their dependence on the volatile crypto market, the challenges have not spared them. April witnessed a 6% decline in mining profitability compared to March, due to the significant increase in the hash rate.
The striking number? 872 EH/s is the average hash rate in April – a 6% increase from the previous month – and it represents the second highest monthly jump in Bitcoin network history, putting immense pressure on miners' profits.
But amidst this fog, a glimmer of hope emerged: the total market value of 13 mining companies listed in the United States rose by 12%, with Greenidge (GREE) being the star of this rise, as its stock surged by an astonishing 46% in just one month!
Is it a temporary shift or the beginning of a new explosion in the mining market? Only the coming days can provide an answer, but what is certain is that the race between Bitcoin and emerging technologies has become more exciting than ever.
