With President Trump being pro-Bitcoin, and his expected return to the White House this next year, the entire crypto market can see incredible appreciation. That is if Biden doesn’t continue to hurt the budding industry.
The aggregate market cap of 14 tracked bitcoin miners listed in the U.S. has surged 29% since the end of June, according to a recent report. Bitcoin miners showed strong performance in the first two weeks of the month. JPMorgan highlighted that U.S.-listed bitcoin miners’ share of the global hashrate reached a record 26.6%.
U.S.-listed bitcoin miners hit a record 26.6% share of global hashrate in July, up 2.4% from June and 5.6% since the bitcoin halving. Total market cap of 14 U.S. miners rose 29%, with all except Stronghold Digital outperforming #bitcoin
#Mining #Hashrate #JPMorgan #CryptoNews pic.twitter.com/nMd2INPHp2
— VNISH (@Vnishfirmware) July 16, 2024
Every miner, except Stronghold Digital, outperformed bitcoin during this period, the bank noted. Bitcoin (BTC) mining stocks hit record highs in the first two weeks of this month as both pure-play and high-performance computing (HPC) miners saw gains. According to a research report by JPMorgan, analysts Reginald Smith and Charles Pearce wrote that U.S.-listed miners’ share of the global hashrate reached a record 26.6%, marking an encouraging increase of 2.4% since the end of June and 5.6% since the bitcoin halving.
Hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain. It serves as a proxy for competition in the industry and mining difficulty. The total market cap of the 14 bitcoin miners listed in the U.S. tracked by the bank has risen 29% since the end of June and now trades at “2.6 times their proportional share of the four-year block reward, the highest level on record,” the analysts noted. This suggests that the market perceives the artificial intelligence and HPC opportunity as potentially offering alternative and more lucrative use cases for bitcoin mining sites.
U.S.-LISTED MINERS HIT RECORD HASHRATE
Bitcoin mining stocks surged in the first half of this month, with U.S.-listed miners hitting a record 26.6% of the global hashrate, according to JPMorgan.
All miners except Stronghold Digital outperformed Bitcoin, with Cipher Mining… pic.twitter.com/D1Z02sAkJE
— IBC Group Official (@ibcgroupio) July 16, 2024
The network hashrate increased by 1% since June but remains about 60 exahashes per second (EH/s) below pre-halving levels. U.S.-listed miners added a total of 17 EH/s of capacity in June, reaching the highest level on record. Riot Platforms (RIOT), Bitfarms (BITF), and CleanSpark (CLSK) led the gains. Notably, every miner except Stronghold Digital (SDIG), which dropped 8%, outperformed bitcoin during this period. Cipher Mining (CIFR) led the advances with a 44% gain.
Broker Bernstein echoed this positive sentiment about the AI/HPC opportunity in a report last week, noting that recent AI deals, including Core Scientific’s (CORZ) 12-year agreement with CoreWeave and Coatue Management’s $150 million investment in HUT 8 (HUT), have become key catalysts for the sector.
Key Points:
- The market cap of 14 U.S.-listed bitcoin miners surged 29% since June, with strong performance in early July.
- U.S.-listed bitcoin miners now hold a record 26.6% share of the global hashrate, according to JPMorgan.
- All tracked miners except Stronghold Digital outperformed bitcoin, with Cipher Mining leading gains at 44%.
- The network hashrate increased by 1% since June but remains below pre-halving levels.
- Recent AI and HPC deals, like Core Scientific’s agreement with CoreWeave, are seen as significant catalysts for the sector.
Charles William III – Reprinted with permission of Whatfinger News
