According to a report by CoinDesk on May 1, Deep Tide TechFlow news indicates that Bitcoin mining companies involved in high-performance computing (HPC) underperformed Bitcoin itself for the third consecutive month in April.
The report pointed out that mining profitability decreased in April, primarily due to a 6% increase in network computing power. The average monthly computing power of the Bitcoin network rose to approximately 56 EH/s, reaching 872 EH/s, marking the second largest monthly increase in history. At the same time, daily block reward income decreased by 6% compared to March.
Analysts Reginald Smith and Charles Pearce specifically mentioned: “We have noticed that mining companies with HPC businesses (IREN, RIOT, WULF, HUT) have underperformed compared to BTC for the third consecutive month.” These companies have turned to providing high-performance computing services for the rapidly growing artificial intelligence market to reduce their dependence on cryptocurrency.
Nevertheless, the total market capitalization of the 13 US-listed mining companies tracked by JPMorgan still rose by 12% in April, with Greenidge(GREE) standing out particularly, achieving a monthly increase of 46%.
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