JPMorgan: Bitcoin network hash rate declines for the second consecutive month in December 2025

CoinVoice · 2026-01-05T15:38:38+00:00

JPMorgan report shows that Bitcoin network hash rate has declined for the second consecutive month, down 3% month-over-month. Miners' daily block reward income and gross profit have both decreased, reaching all-time lows. Meanwhile, the market capitalization of 14 US Bitcoin mining companies has risen to $48 billion, a 73% increase for the year. Hut 8 performed the best, while CleanSpark underperformed.

CoinVoice

2026-01-05 15:38:38

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CoinVoice has learned that, according to a report released by JPMorgan on Monday, the Bitcoin network hash rate has declined for the second consecutive month. The institution’s analysts pointed out: “The monthly average network hash rate, an industry competitiveness indicator, decreased by 30 EH/s month-over-month, a 3% drop, bringing the average down to 1045 EH/s.” Mining profitability has also decreased.

Analysts estimate that last month, miners’ average daily block reward income was $38,700 per EH/s, “a 7% decrease from November and a 32% year-over-year decline, the lowest level on record.”

The report also states that last month’s daily gross profit from block rewards declined by 9% month-over-month, down to $17,100 per EH/s. As of the end of 2025, the total market value of 14 JPMorgan-tracked Bitcoin mining companies and data center operators listed in the US rose to $48 billion, a 73% increase for the year.

Among them, Hut 8 (HUT) performed the best last month, with its stock price rising 2%; CleanSpark (CLSK) performed poorly, with its stock price dropping 33%. The report further notes that although only two companies outperformed Bitcoin in December, over the entire year, 9 out of 14 companies outperformed Bitcoin, with IREN (IREN) and Cipher Mining (CIFR) leading the way.

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