Bitcoin BTC$85,131.70 mining profitability declined for the fourth month in a row in November, according to a Monday report by JPMorgan (JPM).

Daily block reward gross profit also slumped 26% from the month previous, analysts Reginald Smith and Charles Pearce wrote.

The Bitcoin network hashrate dropped 1% to an average of 1,074 exahashes per second (EH/s) in November, the report said, after hitting a record high in October.

“Bitcoin miners earned an average of $41,400 per EH/s in daily block reward revenue in November, down 14% from October and 20% y/y,” the analysts wrote.

The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining difficulty.

The combined market cap of the fourteen U.S.-led miners that the bank tracks fell 16% month-on-month to $59 billion.

Cipher Mining (CIFR) outperformed the group with a 9% gain, supported by its recent Fluidstack deal.

Bitdeer (BTDR) underperformed with a 40% decline, the report added.

Read more: Bitcoin Miners Cipher and CleanSpark Upgraded by JPMorgan as HPC Shift Accelerates