Bitcoin's network hashrate fell for the second consecutive month in December 2025, according to a JPMorgan report. The monthly average hashrate decreased by 30 EH/s, a 3% drop, bringing it to 1045 EH/s. This decline in hashrate, a key industry competitiveness indicator, coincided with a decrease in mining profitability. Miners earned an average of $38,700 per EH/s per day in block rewards, marking a 7% drop from November and a 32% year-over-year decrease, the lowest on record. Despite these challenges, the total market capitalization of 14 U.S.-listed Bitcoin mining and data center operators tracked by JPMorgan rose to $48 billion by the end of 2025, a 73% increase for the year. Among these, Hut 8 saw a 2% stock price increase in December, while CleanSpark's stock fell by 33%. For the entire year, nine out of the 14 companies outperformed Bitcoin, with IREN and Cipher Mining leading the gains.