Bitcoin's Hash Rate Surges 2% in May, Boosting Miner Profits 13%

The Bitcoin network's hash rate experienced a 2% increase in the first two weeks of May, reaching an average of 88.5 EH/s. This rise in hash rate indicates a growing level of security and computational power within the network. The increase in hash rate is a positive sign for the network's overall health and resilience, as it suggests that more miners are participating and contributing to the network's security.

As the price of Bitcoin surged, miners' gross margins expanded, leading to improved economic conditions for mining operations. The hash price, which measures daily mining profitability, saw a 13% increase compared to April. This rise in profitability is a direct result of the increased Bitcoin price, which makes mining more lucrative for participants. Miners received a daily block reward income of about $50,100 per EH/s, marking a 13% increase from the previous month and a 3% increase year-on-year. This financial boost is a significant indicator of the mining industry's health and its ability to adapt to market conditions.

U.S.-listed mining companies maintained their share of the network's hash rate, currently accounting for about 30.5%, a 1.1% increase from April. This stability in market share suggests that these companies are effectively managing their operations and maintaining their competitive edge in the mining industry. The total market value of the 13 U.S. Bitcoin mining stocks tracked by the bank rose by 24% this month, totaling $4.6 billion. This increase in market value reflects the growing confidence in the mining sector and its potential for future growth. Bitdeer, one of the leading mining companies, saw a significant increase of 43%, while Greenidge experienced a decline of 5%. This disparity in performance highlights the varying strategies and efficiencies of different mining companies in the market.