Bitcoin network hashrate fell for second consecutive month in December: JPMorgan
Analysis
Price Impact
MedThe bitcoin network hashrate falling for a second consecutive month and record low mining profitability indicates easing competition and potential financial stress for some miners. this could lead to less profitable miners selling off btc holdings to cover operational costs.
Trustworthiness
HighThe information is based on a report from jpmorgan, a highly reputable financial institution, providing specific data points on hashrate and profitability declines.
Price Direction
BearishA consistent decline in network hashrate can be interpreted as a weakening of network security and reduced miner confidence. coupled with decreasing profitability, it might create sell pressure from miners needing to cover expenses, pushing the price downwards in the short term.
Time Effect
ShortWhile declining hashrate and profitability are negative signals, bitcoin's long-term price is influenced by broader market adoption, macroeconomic factors, and halvings. this news is more likely to create short-term sentiment shifts and impact miner behavior rather than significantly altering the long-term trend.
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Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin network hashrate fell for second consecutive month in December: JPMorgan Mining profitability also declined last month, with daily block reward revenue down 7%, and 32% year-on-year. By Will Canny | Edited by Sheldon Reback Jan 5, 2026, 3:01 p.m. Bitcoin network hashrate fell for second consecutive month in December: JPMorgan. (Shutterstock, modified by CoinDesk) What to know : JPMorgan said the Bitcoin network hashrate fell for a second straight month in December, signaling easing competition among miners. Mining profitability continued to slide, with block reward revenue per exahash hitting a record low, down 32% year over year, alongside weaker gross profits. Despite weakness last month, U.S.-listed bitcoin miners and data center operators posted strong gains in 2025, with the group’s market cap up 73% for the year. The Bitcoin network hashrate fell for a second month in a row in December, according to a Monday report by Wall Street giant JPMorgan (JPM). "The monthly average network hashrate, a proxy for industry competition, declined 30 EH/s (-3%) m/m to an average of 1,045 EH/s in December," 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 hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is measured in exahashes per second. Mining profitability also fell. The analysts estimated that miners earned an average of $38,700 per EH/s in daily block reward revenue last month, "down 7% from November and 32% y/y, representing the lowest level on record." Daily block reward gross profit also declined last month, dropping 9% to $17,100 per EH/s, the report said. The combined market cap of the 14 U.S.-listed bitcoin miners and data center operators that the bank tracks rose to $48 billion by end-2025, up 73% for the year. Hut 8 (HUT) was the best performer of the group last month with a 2% gain, while CleanSpark (CLSK) underperformed with a 33% decline. While only two of the companies outperformed bitcoin in December, 9 of the 14 beat the largest cryptocurrency over the course of the year, led by IREN (IREN) and Cipher Mining (CIFR), the report added. Read more: Bitcoin Mining Profitability Fell for Fourth Consecutive Month in November: JPMorgan Bitcoin News Bitcoin Mining Hashrate Hut 8 More For You KuCoin Hits Record Market Share as 2025 Volumes Outpace Crypto Market By CoinDesk Research Dec 22, 2025 Commissioned by KuCoin KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market. What to know : KuCoin recorded over $1.25 trillion in total trading volume in 2025 , equivalent to an average of roughly $114 billion per month , marking its strongest year on record. This performance translated into an all-time high share of centralised exchange volume , as KuCoin’s activity expanded faster than aggregate CEX volumes , which slowed during periods of lower market volatility. Spot and derivatives volumes were evenly split , each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line. 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