"We estimate daily block reward gross profit declined 6% month on month (m/m) to $16,100 per EH/s (38.4% gross margin) in September, the lowest point on recent record," analysts Reginald Smith and Charles Pearce wrote.
"The hashrate rose for the third month in a row, adding 2% from August to 643 exahashes per second (EH/s). Hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain."
"Daily mining revenue and gross profit fell for a third consecutive month in September, the report said. The average bitcoin (BTC) price and the network hashrate rose slightly in September."
"Transaction fees were subdued and didn't reach more than 5% of the block reward, the authors noted. The total market cap of the 14 U.S.-listed miners tracked by the bank rose 4% to $21 billion."
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