US-Listed Bitcoin Miners Hit Record Total Market Cap of $22.8 Billion in June
The total market capitalization of the 14 US-listed bitcoin (BTC) miners, tracked by JPMorgan, hit a record $22.8 billion on June 15, the Wall Street bank said in a research report on Monday. .
The bank noted that almost all companies outperformed Bitcoin in the first two weeks of June, with Core Scientific (CORZ) being the best performer, adding 117%, and Argo Blockchain (ARBK) being the worst, falling 7%. The world's largest cryptocurrency fell 3% in the same period.
Bitcoin mining stocks gained in the first half of the month as investors reacted positively to news of Core Scientific's deal with artificial intelligence company CoreWeave, according to the report.
Mining difficulty also extended its decline since the reward halving in April.
âNetwork hashrate, an indicator of industry competition and mining difficulty, has decreased by ~7 EH/s (1%) since May,â wrote analysts Reginald Smith and Charles Pearce.
US-listed miners have increased their share of the network's hashrate, and combined, the 14 companies now "represent ~23.8% of the global network's hashrate," a nearly 1% gain with compared to the previous month.
This was the second month of network hash rate gains for US miners, the bank noted, and an encouraging sign that "inefficient private operators reduced their operations after the halving."
