According to recent analysis by JPMorgan, this growth was driven by an increase in the network’s hash rate share and diversification into artificial intelligence (AI) data center businesses.
On June 15, the share prices of U.S.-listed Bitcoin mining companies soared, with the total market value reaching $22.8 billion at one point.
According to recent analysis by JPMorgan, this growth was driven by an increase in the network’s hash rate share and diversification into artificial intelligence (AI) data center businesses.
As of June 15, Marathon Digital is the largest publicly traded U.S. bitcoin miner with a market cap of $5.3 billion. CleanSpark is a close second with a market cap of $4 billion, and Riot Platforms is third with a market cap of $3 billion.
Listed mining companies' share prices surge, and diversification strategies help market value leap
In the first half of June, the share prices of 14 listed mining companies in the United States rose significantly. Among them, Core Scientific (CORZ), TeraWulf (WULF) and Iris Energy (IREN) performed particularly well, with their share prices achieving gains of 117%, 80% and 80% respectively. A substantial increase of 70%. However, Argo Blockchain (ARBK) shares bucked the trend and fell 7%.
The acquisition negotiations and strategic partnership between Core Scientific and artificial intelligence cloud service provider CoreWeave have provided significant impetus to the growth of the miners’ collective market value. CoreWeave once proposed to acquire Core Scientific for a 55% premium of US$1.6 billion. Although this proposal was ultimately not accepted, the two parties have signed a 12-year cooperation agreement worth US$3.5 billion. CoreWeave will use Core Scientific's data center resources to expand its AI services.
In addition, other Bitcoin miners are also actively exploring business diversification, seeking new growth points and sources of income by providing computing power for artificial intelligence networks. This strategic transformation not only enhances the company's market competitiveness, but also opens up a new path for the sustainable development of the entire cryptocurrency mining industry.
As miners’ hash rate share increases, market valuations grow accordingly
Analysts at JPMorgan Chase pointed to a significant increase in the network hash rate share of U.S. Bitcoin miners as a key factor driving its market capitalization growth. Since the Bitcoin halving event in April, U.S. miners’ share of the Bitcoin network’s hash rate has continued to rise. While the overall network hashrate has dropped 5% since the halving, the more efficient US-listed miners have benefited from the exit of less efficient operations, with their market share rising from 21% in April to 22.9% in May rose to 23.8%.
Analysts further compared the transaction value of mining companies with their share of block reward opportunities and found that these companies are currently trading at 2.25 times their share of block rewards, which is lower than the high of 2.4 times in February, but higher than the average of 1.5 times after January 2022. This data shows that despite fluctuations in market valuations, it remains at a high level overall.
The report also predicts that U.S. miners will produce about 650,000 bitcoins over the next four-year halving cycle, a forecast based on current market share and production efficiency. In addition, analysts observe that Bitcoin's hash price is relatively low, 15% below the bear market low in December 2022 and 45% below pre-halving levels. Analysts emphasize that this low level is unsustainable and expect hash prices to rise in the coming weeks as the network hash rate declines further. #比特币矿企 #哈希率 #AI转型 #股价
Conclusion:
U.S.-listed bitcoin mining companies are experiencing unprecedented market value growth, thanks to an increase in network hash rate share and the implementation of a business diversification strategy.
As the Bitcoin mining industry expands into artificial intelligence and data center services, these miners not only enhance their market competitiveness, but also provide a new growth path for the sustainable development of the cryptocurrency mining industry. JPMorgan’s analysis further confirms the growing influence of U.S. miners in the global Bitcoin network and their significant contribution to market valuation.
Looking ahead, with the expected rise in hash price and steady growth in Bitcoin production, these miners are expected to continue to play a key role in the cryptocurrency space.
