JPMorgan reports Bitcoin monthly average hashrate declined 3% month‑on‑month to 1,045 EH/s in December. Estimated daily block reward revenue fell to $38,700 per EH/s (down 7% m/m and 32% y/y, the lowest on record) and daily block reward gross profit dropped 9% to $17,100 per EH/s. The combined market cap of 14 U.S.-listed bitcoin miners and data center operators tracked by JPMorgan rose to $48 billion by end‑2025 (up 73% for the year). December best/worst performers among the 14: Hut 8 +2%, CleanSpark -33%; nine of 14 outperformed bitcoin for the year, led by IREN and Cipher Mining.

Hashrate fell 3% m/m to 1,045 EH/s and mining revenue per EH/s declined 7% m/m and 32% y/y to $38,700 (lowest on record); gross profit per EH/s dropped 9% to $17,100 — these are concrete negative metrics for miner economics. JPMorgan also notes the tracked miners' combined market cap rose to $48B (up 73% y/y), which tempers but does not negate the profitability decline.