Bitcoin Mining Profitability Surges in May Amid Rising Hashrate

Bitcoin miners experienced a notable uptick in profitability during May 2025, according to a recent report by JPMorgan. The average daily block reward revenue per exahash per second (EH/s) increased by 16% from April, reaching approximately $51,600. This boost in earnings coincided with a 25 EH/s rise in the Bitcoin network’s average hashrate, which climbed to 897 EH/s.

The improved profitability translated into a significant market response, with the combined market capitalization of the 13 U.S.-listed mining companies tracked by JPMorgan rising nearly 20% over the month. Daily block reward gross profit also saw a substantial increase, jumping 36% month-on-month to $27,900 per EH/s.

Among individual mining firms, IREN (Iris Energy) stood out with a 37% rise in its stock value, outperforming its peers. In contrast, Bitfarms experienced an 8% decline, marking it as the underperformer in the group. Overall, seven of the thirteen mining companies monitored by JPMorgan outpaced Bitcoin’s performance in May.

The surge in mining profitability reflects broader positive trends in the cryptocurrency market, including increased institutional investment and favorable regulatory developments. Analysts suggest that these factors, combined with the rising hashrate and improved miner economics, could sustain the momentum in the mining sector in the coming months.