The Bitcoin network hashrate fell for a second month in a row in December, according to a Monday report by Wall Street giant JPMorgan (JPM).

“The monthly average network hashrate, a proxy for industry competition, declined 30 EH/s (-3%) m/m to an average of 1,045 EH/s in December,” analysts Reginald Smith and Charles Pearce wrote.

The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is measured in exahashes per second.

Mining profitability also fell. The analysts estimated that miners earned an average of $38,700 per EH/s in daily block reward revenue last month, “down 7% from November and 32% y/y, representing the lowest level on record.”

Daily block reward gross profit also declined last month, dropping 9% to $17,100 per EH/s, the report said.

The combined market cap of the 14 U.S.-listed bitcoin miners and data center operators that the bank tracks rose to $48 billion by end-2025, up 73% for the year.

Hut 8 (HUT) was the best performer of the group last month with a 2% gain, while CleanSpark (CLSK) underperformed with a 33% decline.

While only two of the companies outperformed bitcoin in December, 9 of the 14 beat the largest cryptocurrency over the course of the year, led by IREN (IREN) and Cipher Mining (CIFR), the report added.

Read more: Bitcoin Mining Profitability Fell for Fourth Consecutive Month in November: JPMorgan