Daily mining revenue and gross profit fell for a third consecutive month in September, the report said.

The bank noted that the network hashrate rose 2% from August.

Daily block reward gross profit fell to the lowest “on recent record” in September, the bank said.

The average bitcoin (BTC) price and the network hashrate rose slightly in September, while daily mining revenue and gross profit fell for a third straight month, JPMorgan (JPM) said in a research report Tuesday.

The hashrate rose for the third month in a row, adding 2% from August to 643 exahashes per second (EH/s). Hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain.

JPMorgan estimated that miners earned an average of $42,100 per EH/s in daily block reward revenue last month, 6% less than the month before.

“We estimate daily block reward gross profit declined 6% month on month (m/m) to $16,100 per EH/s (38.4% gross margin) in September, the lowest point on recent record,” analysts Reginald Smith and Charles Pearce wrote.

Transaction fees were subdued and didn’t reach more than 5% of the block reward, the authors noted.

The total market cap of the 14 U.S.-listed miners tracked buy the bank rose 4% to $21 billion. Hut 8 (HUT) outperformed with a 21% gain last month, and CleanSpark (CLSK) was bottom of the pile with a 13% decline.

Bitcoin’s annualized volatility was 44% last month, a drop from the 62% seen in August, the report added.

Read more: Bitcoin Mining Profitability Remains at All-Time Lows as Prices Fall, Hashrate Rises, JPMorgan Says