PANews reported on October 1 that according to a report released by JPMorgan on Wednesday, CoinDesk quoted that the total market value of the 14 US-listed Bitcoin mining companies it tracked exceeded US$50 billion for the first time last month (September), reaching US$56 billion, a month-on-month increase of 43%.

The report noted that 12 of the 14 mining companies outperformed Bitcoin itself in September. Meanwhile, the average hash rate of the Bitcoin network increased by 9% month-over-month in September, reaching 1,031 EH/s.

However, despite the rise in market capitalization and computing power, miners' profitability has been squeezed by intensified competition for computing power. The report estimates that miners' daily block reward revenue fell by 10% month-on-month in September, while gross profit fell by 17% month-on-month.