In a research note on Tuesday, JP Morgan said bitcoin mining profitability is at an all-time low. "We estimate that bitcoin miners' daily block reward revenue averaged $43,600 per EH/s in August, the lowest on record," the analyst wrote. This compares to a peak of $342,000 in November 2021, when BTC was trading at $60,000 and the network hash rate was 161 EH/s.