The hashrate of fourteen US-listed mining companies reached 28.9% of the total in October, according to data from JPMorgan, as reported by CoinDesk.
Since the beginning of the year, firms tracked by the bank have increased this metric by approximately 70% annually, from 114 EH/s to 194 EH/s, while the overall computational power grew by around 33%.
Since the halving, the companies’ share has risen by 8%, reflecting their “efficiency and financial advantages.”
Experts estimate that since the start of October, the hashrate has increased by 4%, while the hashprice has risen by less than 1%.
The market capitalization of the tracked miners increased by 7% during this period, exceeding their share of block rewards by 1.9 times (the lowest since May). This suggests an “attractive entry point ahead of the elections,” according to analysts.
JPMorgan has previously suggested a potential slowdown in the growth of Bitcoin’s hashrate.
Earlier, Matrixport highlighted the potential of miners’ stocks due to the stabilization of their revenue decline and lagging behind the performance of the leading cryptocurrency.
