--- title: "It Has Never Been Less Profitable to Mine Bitcoin, JPMorgan Finds" description: "When it comes to the profitability of mining Bitcoin, JPMorgan analysis suggests that it has never been more over." date: "2024-08-18" modified: "2024-08-18" authors: - name: "Noor Al-Sibai" job_title: "Senior Staff Writer" link: "https://futurism.com/authors/nooralsibai" url: "https://futurism.com/the-byte/bitcoin-profitability-down-jpmorgan-analysis" categories: - "Bitcoin" - "Blockchain" - "Cryptocurrency" - "Future Society" tags: - "bitcoin" - "bitcoin mining" - "crypto" - "the digest" --- # It Has Never Been Less Profitable to Mine Bitcoin, JPMorgan Finds ![When it comes to the profitability of mining Bitcoin, JPMorgan analysis suggests that it has never been more over.]() *\Image: Getty / Futurism\* ## Mine Time It's not a great time to mine Bitcoin. As [*Coindesk* reports](), an analysis from JPMorgan found that the computational power required to mine the elite cryptocurrency has outpaced its value thanks to investors chasing artificial intelligence gains and abandoning crypto in the process. The result: Bitcoin mining profitability is at an all-time low, and it remains to be seen whether or not it will keep going lower. The crux of these findings centers on what is known as the "[hashrate,]()" which in the crypto world is the computing power required to mine a given currency. In [proof-of-work]() currencies like Bitcoin and Ethereum, miners must use increasingly huge amounts of computing power to rapidly guess the lengthy hash codes associated with each coin, and once they do, they're rewarded with a newly minted coin. After the [value of Bitcoin fell]() this summer, the hashrate rose enough that by August the more than 18 million listed miners in the United States recorded an 18 percent market cap loss. Essentially, just as miners were feeling the burn, the price of the elite cryptocurrency fell, making the situation all the worse. ## Not Worth It As *Coindesk* notes, Bitcoin's mining profitability has steadily fallen since this year's [halving event](), which cut the value of each coin in half per its four-year schedule to [maintain scarcity and fight inflation](). In fact, [Bitcoin's hashprice](), which measures mining profitability, was 30 percent lower than it was in December 2022, and 40 percent lower than it was pre-halving. With reports that the International Monetary Fund is looking into [raising the cost of crypto mining]() electricity by up to 85 percent to deter people from engaging in the massively [energy-intensive and polluting endeavor](), it seems like it's never been a worse time to be a Bitcoin miner. Whether [Bitcoin bros]() will take this state of affairs as anything but a [sign of a future surge](), however, remains anyone's guess. **More on Bitcoin:** *[Tucker Carlson Says the CIA Created Bitcoin]()* ## Author At Futurism, I've often been drawn to unpacking the narratives that underlie technological, scientific and medical progress, with a special interest in areas of conflict and ambiguity that end up setting agendas and steering the fates of both elites and the hoi polloi. I'm a committed generalist, but I often find myself returning to work involving NASA and the private space sector, the effects of AI on media and society, and the mechanics of the pharmaceutical industry, with a specific focus on the spread of GLP-1 drugs like Ozempic and Wegovy. Prior to Futurism, I worked for publications ranging from Media Matters and Truthdig to Raw Story and Bustle. I'm also the author of "Myspace Scene Queens," a 2024 title in Instar Books' acclaimed "Remember the Internet" series. My work at Futurism has been cited by outlets including the New Yorker, Slate, Nieman Lab, the Verge, the MIT Technology Review, the Sunday Times, and the Daily Beast. I grew up in North Carolina, attended the University of North Carolina at Asheville, and now live in Brooklyn, New York. In my free time, I'm an avid reader and music fan; you can probably find me at a local poetry reading, concert, underground rave, or DJ set. I'm the proud parent of an ineffable orange cat named Mee-Mow. ### Author social links [Bluesky]()