US Bitcoin Miners Set New Record Market Cap of $22.8 Billion in June, According to JPMorgan

US-listed bitcoin miners achieve a record market cap of $22.8 billion in June, surpassing bitcoin's performance. Get insights from JPMorgan's latest report.

Jun 17, 2024 - 10:05
Jun 17, 2024 - 10:06
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US Bitcoin Miners Set New Record Market Cap of $22.8 Billion in June, According to JPMorgan
US Bitcoin Miners Set New Record Market Cap of $22.8 Billion in June, According to JPMorgan

In a recent report, JPMorgan disclosed that the collective market value of 14 US-listed bitcoin mining companies reached an unprecedented $22.8 billion by mid-June.

JPMorgan's analysis highlighted that these mining firms performed better than bitcoin itself in the first half of June. Notably, Core Scientific (CORZ) saw its stock surge by 117%, contrasting with Argo Blockchain (ARBK), which experienced a 7% decline. During the same period, bitcoin's value dropped by 3%.

Investor optimism was buoyed by positive developments, including Core Scientific's partnership with CoreWeave, which boosted confidence in the mining sector. The report also noted a decline in mining difficulty since April's reward halving.

Analysts Reginald Smith and Charles Pearce pointed out a slight decrease of about 1% in the network hashrate, indicating reduced competition among miners. They also observed that US-listed mining companies now control approximately 23.8% of the global network hashrate, marking the second consecutive month of gains in this metric.

This shift suggests a consolidation within the mining industry post-halving, with less efficient operations scaling back. This trend is viewed positively, signaling a more sustainable and competitive mining environment moving forward.

Also Read: Bitcoin: The Future of University Funding? University of Austin Explores Cryptocurrency Endowment

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