The daily earnings and gross profits of Bitcoin (BTC) miners reached their highest levels since April, showing a second consecutive increase in December.

According to a report published by JPMorgan, this rise was made possible by Bitcoin's price rally outpacing the network's hash rate growth.

Miners earned $57,100 per day

JPMorgan announced that Bitcoin miners earned an average of $57,100 per exahash (EH/s) per day in December. This indicates a 10% increase from the previous month. However, analysts Reginald Smith and Charles Pearce note that these earnings are still 43% below pre-halving levels.

Due to the increase in mining difficulty after the halving period, miners' profit margins continue to remain at lower levels compared to the past.

Hash rate and mining difficulty are increasing

The total hash rate of the Bitcoin network increased by 6 percent to 779 EH/s in December. However, mining difficulty also increased by 7 percent, rising more than 27 percent above pre-halving levels.

In 2024, the total hash rate of Bitcoin grew by 54 percent. However, this increase was well behind the 103 percent growth rate in 2023.

JPMorgan noted that the total market value of the 14 publicly traded Bitcoin mining companies it tracks fell to $28 billion in December, down 23 percent, following a notable 52 percent increase seen in the previous month.