Bitcoin Mining Profitability Fell for Fourth Consecutive Month in November: JPMorgan
Analysis
Price Impact
MedBitcoin mining profitability fell for the fourth consecutive month in november, as reported by jpmorgan. this sustained unprofitability could lead to increased selling pressure from miners needing to cover operational costs or reduce expansion plans, incrementally impacting supply.
Trustworthiness
HighThe report comes from jpmorgan, a major financial institution, and is published by coindesk, a reputable crypto news source, citing specific data points regarding hashrate and miner market caps.
Price Direction
BearishA prolonged period of declining profitability may force less efficient miners to reduce their btc holdings to cover expenses, or scale back operations, which could add a consistent, albeit gradual, selling pressure to the market.
Time Effect
LongThe fact that profitability has fallen for four consecutive months indicates a sustained trend. the behavioral changes of miners (selling btc, reducing operations) will likely unfold gradually over an extended period rather than causing an immediate, sharp price drop.
Original Article:
Article Content:
Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin Mining Profitability Fell for Fourth Consecutive Month in November: JPMorgan The average network hashrate fell 1% last month after hitting record highs in October. By Will Canny | Edited by Jamie Crawley Dec 1, 2025, 4:45 p.m. Bitcoin mining profitability fell for fourth consecutive month in November: JPMorgan. (Shutterstock, modified by CoinDesk) What to know : Bitcoin mining profitability fell in November, according to JPMorgan. The network hashrate declined 1% to an average of 1,074 EH/s last month. The combined market cap of the 14 U.S.-listed miners that the bank tracks fell 16% in Nov. to $59 billion. In this article BTC BTC $ 85,364.23 ◢ 7.06 % Bitcoin BTC $ 85,204.78 mining profitability declined for the fourth month in a row in November, according to a Monday report by JPMorgan (JPM). Daily block reward gross profit also slumped 26% from the month previous, analysts Reginald Smith and Charles Pearce wrote. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . The Bitcoin network hashrate dropped 1% to an average of 1,074 exahashes per second (EH/s) in November, the report said, after hitting a record high in October. "Bitcoin miners earned an average of $41,400 per EH/s in daily block reward revenue in November, down 14% from October and 20% y/y," the analysts wrote. The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining difficulty. The combined market cap of the fourteen U.S.-led miners that the bank tracks fell 16% month-on-month to $59 billion. Cipher Mining (CIFR) outperformed the group with a 9% gain, supported by its recent Fluidstack deal . Bitdeer (BTDR) underperformed with a 40% decline, the report added. Read more: Bitcoin Miners Cipher and CleanSpark Upgraded by JPMorgan as HPC Shift Accelerates Bitcoin Mining Cipher Mining JPMorgan More For You Protocol Research: GoPlus Security By CoinDesk Research Nov 14, 2025 Commissioned by GoPlus What to know : As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M. GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month. Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B. View Full Report More For You ICP Slides as Breakdown Below $4.00 Triggers Elevated Volatility By Jamie Crawley , CD Analytics | Edited by Cheyenne Ligon 16 minutes ago Sharp 24-hour decline sends Internet Computer into fresh multi-day lows, with a high-volume support breach defining the session What to know : ICP fell from $3.98 to $3.69, extending a multi-day decline. Volume spikes reached nearly 3x the 24-hour average during the breakdown. Price stabilized between $3.55–$3.65 before a modest late-session rebound. Read full story Latest Crypto News ICP Slides as Breakdown Below $4.00 Triggers Elevated Volatility 16 minutes ago BONK Slides 9% as Technical Breakdown Overshadows Swiss ETP Debut 19 minutes ago Digital Asset Treasuries Lead Crypto Stock Sell-Off as Bitcoin Falls to $84K 46 minutes ago European Authorities Seize $1.51B Bitcoin-Mixing Service Cryptomixer 1 hour ago Canada Eyes Stablecoin Rules as Scotiabank Flags Limited Market Impact 1 hour ago Tom Lee's BitMine Acquires 97K ETH, Eyeing Fusaka Upgrade, Fed Policy as Positive Catalysts 2 hours ago Top Stories Digital Asset Treasuries Lead Crypto Stock Sell-Off as Bitcoin Falls to $84K 46 minutes ago Strategy Establishes $1.44B Cash Reserve, Slashes 2025 Profit, BTC Yield Targets 3 hours ago European Authorities Seize $1.51B Bitcoin-Mixing Service Cryptomixer 1 hour ago Tom Lee's BitMine Acquires 97K ETH, Eyeing Fusaka Upgrade, Fed Policy as Positive Catalysts 2 hours ago Crypto Markets Today: Hawkish BOJ Comments Spur Sharp BTC Downturn 4 hours ago HashKey Leads Hong Kong’s Crypto Market as Losses Deepen Ahead of IPO 9 hours ago In this article BTC BTC $ 85,364.23 ◢ 7.06 %