US-Listed Bitcoin Miners Set Record Market Cap of $22.8 Billion, JPMorgan Report Reveals

Bitcoin Mining Crypto Mining JPMorgan
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Last updated:
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Author
Ruholamin Haqshanas
Author Categories
About Author

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Ad DisclosureWe believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more

The total market capitalization of the 14 U.S.-listed Bitcoin miners reached an all-time high of $22.8 billion on June 15.

In a recent research report, JPMorgan highlighted the outperformance of these companies compared to Bitcoin itself during the first half of June.

While the world’s largest cryptocurrency experienced a 3% decline, almost all of the U.S.-listed miners saw positive growth, with Core Scientific (CORZ) leading the pack with a remarkable 117% increase in value.

JPMorgan’s report attributed the positive market performance of Bitcoin mining stocks to investor enthusiasm surrounding Core Scientific’s recent partnership with artificial intelligence firm CoreWeave.

Argo Blockchain (ARBK), on the other hand, had a small drop of 7%.

Bitcoin Mining Difficulty Drop After Halving

The report also highlighted a decline in mining difficulty since the reward halving event in April.

The network hashrate, which serves as an indicator of industry competition and mining difficulty, saw a decrease of approximately 7 EH/s (1%) since May.

Additionally, U.S.-listed miners have been gaining a larger share of the network hashrate.

The combined hashrate of the 14 companies now represents around 23.8% of the global network hashrate, marking a gain of almost 1% compared to the previous month.

JPMorgan’s analysts, Reginald Smith and Charles Pearce, noted that this was the second consecutive month of network hashrate gains for U.S. miners.

They interpreted this as a positive sign, suggesting that inefficient private operators had scaled back operations after the halving event.

While CleanSpark and TeraWulf have been among the best-performing stocks in 2024, with year-to-date gains of 58.55% and 66.96% respectively, others such as Marathon Digital and Riot Platforms have experienced declines of 11.43% and nearly 31%, respectively.

Trump’s Support Pushes Bitcoin Mining Stocks Higher

Last week, Bitcoin mining stocks experienced significant gains following a promise by United States presidential candidate Donald Trump to boost mining operations within the country.

At the time, Trump expressed his desire for all remaining Bitcoin to be produced in the United States, emphasizing the potential for the country to become energy dominant.

This statement came shortly after a meeting between Trump and top executives from the Bitcoin industry.

During the meeting, Trump reportedly assured the industry leaders of his support if he were to be elected as president in November.

More Articles

Blockchain News
SEC Acknowledges Amendment for Grayscale Spot Solana ETF Application
Jimmy Aki
Jimmy Aki
2025-02-07 16:33:12
Bitcoin News
Russian Bitcoin Miners Fear Sanctions as Government Enforces Wallet Address Registration
Jimmy Aki
Jimmy Aki
2025-02-07 16:08:06
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors