JPMorgan: Bitcoin network hash rate declines for the second consecutive month in December 2025

According to a report by CoinDesk, JPMorgan released a report on Monday indicating that the Bitcoin network's hash rate has declined for the second consecutive month. The institution's analysts noted, "The monthly average network hash rate, as an industry competition indicator, decreased by 30 EH/s month-on-month, a drop of 3%, bringing the average down to 1045 EH/s." Mining profitability has also decreased. Analysts estimate that last month, miners' average daily block reward income was $38,700 per EH/s, "down 7% from November and down 32% year-on-year, marking the lowest level on record."

The report also stated that last month, the gross profit from daily block rewards also saw a decline, decreasing by 9% to $17,100 per EH/s. As of the end of 2025, the total market capitalization of 14 publicly listed Bitcoin mining companies and data center operators tracked by JPMorgan rose to $48 billion, with an annual increase of 73%. Among them, Hut 8 (HUT) performed the best last month, with a stock price increase of 2%; CleanSpark (CLSK) performed poorly, with a stock price decrease of 33%. The report further explained that although only two companies outperformed Bitcoin in December, over the entire year, 9 out of the 14 companies outperformed Bitcoin, with IREN (IREN) and Cipher Mining (CIFR) leading the performance.