Bitcoin Miner Profit Fell to ‘Recent Record’ Low, JPMorgan Says

Bitcoin mining companies saw a key measure of profitability reach the lowest point in “recent record” during September, according to a JPMorgan Chase & Co. estimate.

Daily block reward gross profit declined 6% month-over-month in September, reaching “the lowest point on recent record”, JPMorgan analysts Reginald L. Smith and Charles Pearce wrote in a report on Tuesday. Daily mining revenue and gross profit declined for the third consecutive month even with the moderate increase in average Bitcoin prices, according to the report.

Revenue for Bitcoin miners has plummeted since a Bitcoin software update in April. Called the halving, the ...