January was a month of ups and downs for Bitcoin. At this point, BTC ($97,817.44) broke a new record by exceeding $ 108,000 in January, but on the contrary, it fell to the level of $ 89,000, last seen in November 2024.
While BTC paints a mixed picture, the Bitcoin network hash rate, which represents the competition and difficulty in the mining sector, increased in January.
JPMorgan analysts, discussing the change in Bitcoin hashrate, stated that January was a quiet month in terms of hashrate growth.
JPMorgan analysts said the Bitcoin network hash rate increased slightly in January, Coindesk reported.
At this point, analysts stated that the monthly average hash rate increased by 1% to 785 exahashes per second (EH/s), while mining difficulty decreased by 2% on a monthly basis.
Analysts Reginald Smith and Charles Pearce said:
“A drop in Bitcoin mining difficulty is relatively rare.
“Although there was a decrease in network difficulty in January, the current network difficulty is 25% higher than before the halving event last April.”
The bank recently reported that mining profitability also increased slightly in January, with miners earning an average of $57,200 per EH/s in daily block rewards. This figure represents a less than 1% increase compared to December.
*This is not investment advice.
Continue Reading: Bitcoin (BTC) Report from JPMorgan! “A Rare Situation!”
