JPMorgan Report Reveals USListed Bitcoin Miners Reach Record Market Cap of 228 Billion

US-Listed Bitcoin Miners Achieve Record Market Cap of $22.8 Billion, According to JPMorgan Report


By Ruholamin Haqshanas
Updated: June 17, 2024 14:28 EDT
| 1 min read


A recent report by JPMorgan has revealed that the total market capitalization of 14 U.S.-listed Bitcoin miners soared to an unprecedented $22.8 billion on June 15.
The report highlighted the exceptional performance of these companies in comparison to Bitcoin itself during the first half of June. While Bitcoin faced a 3% decline, almost all U.S.-listed miners experienced positive growth, with Core Scientific (CORZ) leading the way with an impressive 117% increase in value.
JPMorgan attributed the strong market performance of Bitcoin mining stocks to investor excitement surrounding Core Scientific’s recent collaboration with artificial intelligence firm CoreWeave. On the other hand, Argo Blockchain (ARBK) saw a slight decrease of 7%.
Decline in Bitcoin Mining Difficulty Post Halving
The report also noted a decrease in mining difficulty following the reward halving event in April. The network hashrate, a key indicator of industry competition and mining difficulty, dropped by approximately 7 EH/s (1%) since May. Furthermore, U.S.-listed miners have been gaining a larger share of the network hashrate.
The combined hashrate of the 14 companies now represents about 23.8% of the global network hashrate, marking an increase of nearly 1% compared to the previous month. JPMorgan analysts, Reginald Smith and Charles Pearce, viewed this as a positive development, suggesting that inefficient private operators had scaled back operations post-halving.
While CleanSpark and TeraWulf have been standout performers in 2024, with year-to-date gains of 58.55% and 66.96% respectively, Marathon Digital and Riot Platforms have seen declines of 11.43% and close to 31%, respectively.
Boost in Bitcoin Mining Stocks Supported by Trump
Recently, Bitcoin mining stocks experienced significant gains after a commitment by United States presidential candidate Donald Trump to enhance mining activities within the country. Trump expressed his desire for all remaining Bitcoin to be mined in the U.S., emphasizing the potential for energy dominance.
This announcement came following a meeting between Trump and top executives from the Bitcoin industry, during which he assured them of his support if elected as president in November.
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