Bitcoin Hashrate Fall 3% Amid Heatwave, Profits Dey Burst
JPMorgan report talk say Bitcoin hashrate drop about 3% for June as US miners slow down because serious heatwave. Big players like Cipher, IREN plus Riot stop over 80 EH/s for Texas due to seasonal shutdown. Even with Bitcoin hashrate down, Bitcoin mining profit get better. Daily block reward revenue average $55,300 per EH/s—up 7% from April—plus gross profits rise 13% month to month make am highest since January. Together 13 US-listed Bitcoin miners market cap climb 23%, add about $5.3 billion for June. Specialized high-performance computing (HPC) miners do better pass pure-play peers. Rumor about Core Scientific–CoreWeave deal make IREN shares rise 67%, but Bitfarms drop 19%.
Bullish
Even though Bitcoin hashrate drop by 3% because US heatwave, di surge for mining profit plus 23% rally for market caps of US-listed miners show say miners still dey strong. Higher block rewards per EH/s and rising gross profits dey reduce pressure for miner liquidity, fit limit the BTC wey dem fit sell. Speculation wey dey push HPC miner stocks higher further show say institutional interest dey grow. For short term, lower hashrate fit tighten supply and support prices, while consistent profitability fit encourage network participation, wey mean say Bitcoin get better outlook.