Bitcoin Miners Revenues Suffer Third Consecutive Monthly Decline in September

In September, publicly traded crypto miners suffered their third consecutive month of declining overall revenue, while at the same time the network's increased difficulty made things even tougher, The Block reports.

According to a report from JPMorgan Chase, the bitcoin network's hash rate increased every month in the second quarter, reaching 643 EH per second in September, up 2 percent from August. At the same time, miners' revenue per EH/s fell 6 percent sequentially to an average of $42,100.

Although Bitcoin's value by market capitalization rose about 7 percent in September, recovering most of August's losses. Nonetheless, the total market capitalization of the 14 U.S.-listed bitcoin miners tracked by JPMorgan Chase rose 4 percent in September to $21 billion.