According to a fresh report by analysts of the major investment bank JPMorgan, the market capitalization of 14 leading U.S. mining companies reached a record level of $22.8 billion.
The growth in shareholder value of almost all companies from the list of the largest players in the U.S. mining market exceeded investors' expectations. The most impressive growth was demonstrated by Core Scientific (CORZ), which increased its market capitalization by 117%.
According to the conclusions of JPMorgan experts, the overall growth of shareholder value of mining companies can be attributed to the positive market reaction to the news about the deal between Core Scientific and CoreWeave, a company specializing in the development of artificial intelligence technologies. CoreWeave intends to invest more than $300 million in Core Scientific's mining infrastructure, as well as place mining equipment in its own data centers.
All 14 mining companies listed on the U.S. stock market are gradually increasing their share of the Bitcoin network hashreit. As a result, these companies now account for nearly 24% of the hashrate of the first cryptocurrency's global network, up nearly 1% from May. JPMorgan analysts see this as an encouraging sign that inefficient and low-margin mining companies are winding down their operations post-halving.