According to "The Block", analysts at JPMorgan Chase said that as of June 15, the market value of U.S.-listed Bitcoin mining companies has reached a record $22.8 billion. U.S. mining stocks rebounded in the first half of June, driven by rising shares of network computing power and opportunities to diversify artificial intelligence data centers.
JPMorgan analysts Reginald Smith and Charles Pearce wrote in a report to clients on Monday (17th) that 14 U.S.-listed mining stocks rebounded in the first half of the month, led by Core Scientific, TeraWulf and IREN, with gains of 117% each. , 80% and 70%. Argo Blockchain was the only miner to see its share price fall in June, down 7%, while Bitcoin fell 3% during the same period.
Marathon Digital is currently the largest U.S.-listed miner, with a market capitalization of $5.3 billion, followed by CleanSpark and Riot Platforms, with market capitalizations of $4 billion and $3 billion respectively.
The total market capitalization of Bitcoin mining companies listed in the United States (Source: JP Morgan)
Earlier this month, AI cloud service provider CoreWeave offered to acquire Core Scientific for $1.6 billion, a price that was 55% higher than the market price, but the acquisition was still rejected. This follows a 12-year, $3.5 billion agreement between the two companies that will allow CoreWeave to host its AI-related services at Core Scientific's data centers.
JPMorgan analysts said the industry's total market capitalization has increased 24% since the end of May, to about $4.4 billion, as investors reacted to the agreement between Core Scientific and CoreWeave. Other mining companies like Hut 8 and IREN have made similar AI diversification moves in recent months as they seek to expand revenue following the Bitcoin reward halving in April.
U.S. listed mining companies account for an increased share of the computing power of the entire network
Analysts believe that another factor in the growth of Bitcoin miners' market value is the increase in the share of network computing power of US Bitcoin miners.
According to The Block, in addition to the initial increase in transaction fee rewards due to Runes-related hype, Bitcoin’s network hashrate has dropped by approximately 5% since the halving event, with the seven-day moving average hash rate falling from 629.44 EH /s dropped to 598.08 EH/s. However, the relative hash rate of US-listed miners continues to rise, reaching 23.8% market share, up from 22.9% in May and 21% in April, as more inefficient operations exit the network after the halving. road.
The analyst added:
“We estimate that U.S.-listed miners, which account for approximately 24% of the network’s hashrate, are currently trading at approximately 2.25x their share of the four-year block reward opportunity, compared with an average of 1.5x since January 2022 , the highest since February 2024 (2.4 times).”
Hash rate of U.S.-listed Bitcoin mining companies as a share of total network computing power
Analysts believe that despite the general decline in computing power, Bitcoin's hash price - a measure of how much miners can expect to earn from a specific amount of hash rate - is still about 15% below the bear market low in December 2022 , 45% lower than the pre-halving level, which is "unsustainable." They stated:
"All else being equal, we expect hash prices to increase in the coming weeks as the network hash rate declines."
Bitcoin Hash Price Index, Source: The Block
This article JP Morgan: Market capitalization of U.S.-listed Bitcoin miners reaches record $22.8 billion in June appeared first on Zombit.