(MENAFN- Yolo Wire) U.S. bank JPMorgan Chase (NYSE: $JPM) says that the Bitcoin (CRYPTO: $BTC) network hashrate hit a record high in October.

The monthly average network hashrate rose 5% to 1,082 exahashes per second (EH/s), according to JPMorgan's latest report.

Hashrate refers to the computational power used to mine and process BTC transactions on a proof-of-work blockchain and is used to assess mining difficulty.

At the end of October, Bitcoin mining difficulty was 3% higher than at the end of September, said JPMorgan Chase.

The economics involved in minting new Bitcoin remained under pressure in October for a third consecutive month, added the bank in its report.

JPMorgan estimates that Bitcoin miners earned an average of $48,000 U.S. in daily revenue during October, 3% less than in September.

The combined market cap of the 14 U.S.-listed Bitcoin mining companies that the bank tracks increased $14 billion, or 25%, to $70 billion U.S. in October.

Cipher Mining (NASDAQ: $CIFR) led the mining stocks with a 27% increase in its share price during October to $18.65 U.S.

Bitcoin is currently trading at $107,900 U.S., having declined 10% in the past month for its worst October performance since 2018.

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