November saw prices $BTC exceed $99,500, leading to a strong increase in revenues for Bitcoin mining companies and stock prices of many listed companies reaching unprecedented highs. According to a report from JP Morgan, the market capitalization of 14 major Bitcoin mining companies increased by 52% compared to the previous month, reaching $36.2 billion.
Prominent names in the race
• Bitdeer, a Singapore-based company, is one of the leaders with a stock price increase of 83%, reaching $14.27.
• TeraWulf excelled with a 229% increase in stock price, despite reporting losses in Q3.
• MARA Holdings, the largest Bitcoin mining company with a market cap of $8.8 billion, has ramped up its Bitcoin accumulation, purchasing an additional 6,484 BTC worth $618 million, bringing its total Bitcoin holdings to $3.3 billion.
Challenges and opportunities after Halving
The Halving event in April 2024 reduced mining rewards from 6.25 BTC to 3.125 BTC per block, causing mining revenue to drop by 50%. However, thanks to the price #bitcoin☀️ rebounding, daily revenue from each exahash of mining power increased by 24% in November, reaching $52,000 compared to $42,000 the previous month.
Expectations for the future
Although only a few companies surpassed Bitcoin's 39% increase in November, the report highlights that the recovery in Bitcoin prices and new capital flows into mining companies are positive signs for the sustainable development of the industry. Companies like Hut 8, Iris Energy, and #Bitdeer are expected to continue being key drivers in the cryptocurrency mining sector.
November was not only a golden time for Bitcoin but also a leverage for mining companies and investors to significantly increase asset value.
