Bitcoin Miners Underperform: JPMorgan Report Highlights Challenges and Economic Slowdown

JPMorgan recently released a report highlighting the ongoing struggles of Bitcoin miners, particularly those heavily reliant on high-performance computing (HPC). For the third consecutive month, these miners have underperformed Bitcoin in performance. This is due to weakened mining economics stemming from rising operational costs and volatile Bitcoin prices. Despite a slight increase in Bitcoin network hashrate in March, overall profitability for miners remains precarious. 2023’s continued economic instability underscores the challenges for the industry as miners face significant adjustments to ensure long-term viability.