US-Listed Bitcoin Miners Set Record Market Cap of $22.8 Billion, JPMorgan Report Reveals
The total market capitalization of the 14 U.S.-listed Bitcoin miners reached an all-time high of $22.8 billion on June 15.
In a recent research report, JPMorgan highlighted the outperformance of these companies compared to Bitcoin itself during the first half of June.
While the world’s largest cryptocurrency experienced a 3% decline, almost all of the U.S.-listed miners saw positive growth, with Core Scientific (CORZ) leading the pack with a remarkable 117% increase in value.
JPMorgan’s report attributed the positive market performance of Bitcoin mining stocks to investor enthusiasm surrounding Core Scientific’s recent partnership with artificial intelligence firm CoreWeave.
Argo Blockchain (ARBK), on the other hand, had a small drop of 7%.
The report also highlighted a decline in mining difficulty since the reward halving event in April.
The network hashrate, which serves as an indicator of industry competition and mining difficulty, saw a decrease of approximately 7 EH/s (1%) since May.
Additionally, U.S.-listed miners have been gaining a larger share of the network hashrate.
The combined hashrate of the 14 companies now represents around 23.8% of the global network hashrate, marking a gain of almost 1% compared to the previous month.
JPMorgan’s analysts, Reginald Smith and Charles Pearce, noted that this was the second consecutive month of network hashrate gains for U.S. miners.
They interpreted this as a positive sign, suggesting that inefficient private operators had scaled back operations after the halving event.
While CleanSpark and TeraWulf have been among the best-performing stocks in 2024, with year-to-date gains of 58.55% and 66.96% respectively, others such as Marathon Digital and Riot Platforms have experienced
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