Recent analysis from JPMorgan confirms that the Bitcoin network’s hashrate has been operating at record levels, showcasing immense strength while also highlighting significant shifts in the mining landscape that carry implications for network security and market stability.
A Network at Peak Power
The Bitcoin network has demonstrated extraordinary resilience and growth. According to JPMorgan, the average monthly network hashrate climbed to a record 1,082 exahashes per second (EH/s) in October 2025, reflecting a 5% increase. This peak is part of a broader trend of robust expansion, with the hashrate having grown 47% year-over-year by August.
This record-setting computational power fundamentally strengthens the network’s security. A higher hashrate makes the network exponentially more resilient and secure against potential attacks, underlining growing miner confidence in Bitcoin’s long-term value. This security comes at a cost, however. The rising hashrate has pushed the mining difficulty to unprecedented heights. Following the achievement of these hashrate records, the network’s difficulty was adjusted to a historic high of over 150 trillion.
The Rising Dominance of Listed Miners
A key development within this strong network is the growing concentration of mining power. JPMorgan’s research points to a notable trend: U.S.-listed miners have significantly increased their share of the global hashrate. By mid-October, these publicly traded companies accounted for a substantial 38% of the global network hashrate, with their combined market capitalization soaring to a record $79 billion.
This concentration is largely driven by the superior access to capital that listed companies enjoy, allowing them to invest in the most advanced and efficient mining hardware and secure scalable infrastructure. This trend also indicates a broader geographical shift and institutionalization of mining power following historical bans in regions like China.
Economic Pressures and Market Implications
The record hashrate and associated difficulty create a complex economic environment for miners. On one hand, the intensified competition squeezes profit margins. Data indicates that while the network power grows, the “hashprice” – a measure of daily mining profitability – can decline. JPMorgan noted that in October, estimated daily block reward revenue per EH/s fell, putting pressure on miners’ economics.
This high-cost environment effectively creates a dynamic price floor for Bitcoin. Industry analysis suggests the average cost of production for the entire network has risen to a range of $78,000-$85,000. This means that if the market price were to fall significantly below this level for an extended period, many miners would become unprofitable and be forced to shut down their machines. This reduction in hashrate would then lead the network to automatically lower its difficulty, searching for a new equilibrium. This mechanism provides a fundamental, though dynamic, support level for Bitcoin’s price.
Looking ahead, the market is watching for the next catalyst. The high production cost provides a solid foundation, but breaking into a new bullish phase likely requires a stronger demand-side narrative, such as continued institutional adoption through ETFs or groundbreaking developments in Bitcoin’s Layer 2 ecosystem. Major financial institutions like VanEck maintain a bullish outlook, holding a year-end price target of $180,000 for Bitcoin.
