%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment Analysts at %JPMorganChase (NYSE: $JPM ) say that %Bitcoin (CRYPTO: $BTC ) mining profitability is at a record low after a halving event lowered the available supply of the largest %Cryptocurrency by 50%. In a new report, the U.S. bank estimates that Bitcoin miners earned an average of $43,600 U.S. per digital token in reward revenue during August, the lowest level on record. At its peak in November 2021, Bitcoin miners were earning $342,000 U.S. in reward revenue. Bitcoin miners are not only struggling after the halving event that took place this April cut the rewards for mining the biggest crypto by 50%. They are also dealing with a prolonged slump in the price of Bitcoin and rising energy costs. At the same time, the difficulty in mining Bitcoin increased 9% last month, and is 4% higher than before the April halving event. The current situation has conspired to push the profitability of Bitcoin mining to an all-time low, noted JPMorgan in its report. Consequently, the share prices of Bitcoin mining firms are declining. The total market capitalization of the 14 U.S.-listed miners tracked by JPMorgan fell 15% month-over-month to $20 billion U.S. in August. The turmoil has led to a wave of consolidations and attempted takeovers among Bitcoin miners as they seek to achieve economies of scale. %RiotPlatforms (CRYPTO: $RIOT ), for example, is currently engaged in a hostile takeover bid for rival Bitcoin miner %Bitfarms (NASDAQ: $BITF ). The price of Bitcoin is currently up 28% this year and trading at $56,600 U.S.