Bitcoin Rally Boosts Miner Profits But Cost Control Needed As Competition Rises
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Bitcoin (BTC-USD) rallied 9.3% in November, boosting bitcoin miners' profit prospects as they receive bitcoin as a reward for verifying transactions.
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However, miners must keep equipment and electricity costs low to ensure profitability as network competition increases.
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Drivers of bitcoin's rise include confidence in a future SEC-approved bitcoin ETF and hopes the Fed will cut interest rates.
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J.P. Morgan analyst sees CleanSpark and Iris Energy as top miner picks, but is underweight Marathon Digital and Riot Platforms.
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It will be interesting to see November production and hashrate growth stats from miners after bitcoin's 28.8% October surge.