Key Points
- JPMorgan analysts reveal that US-listed Bitcoin miners reached a $22.8 billion market cap.
- US mining shares rise amidst surging hashrate and AI alternatives.
According to the most recent stories coming from JPMorgan analysts, the US-listed Bitcoin miners reached a report market cap of $22.8 billion as of June 15.
The 14 US-listed shares have rallied within the first two weeks of this month, being led by Core Scientific, TeraWulf, and IREN with 117%, 80%, and 70% respectively.
JPMorgan analysts Reginald Smith and Charles Pearce wrote in a report back to shoppers revealed at this time that Argo Blockchain is the one miner that fell in value this month. It dropped by 7% and underperformed a 3% drop within the value of Bitcoin.
Marathon Digital is now the most important US-listed BTC miner with a market cap of $5.3 billion, adopted by CleanSpark and Riot Platforms at $4 billion and $3 billion respectively.
Recently, we reported that the previous US President Donald Trump, met with Bitcoin miners throughout a go to to Mar-a-Lago the place he welcomed executives from CleanSpark and Riot Platforms.
According to official stories, the combination market cap for the sector has gained 24% which means about $4.4 billion because the finish of final month, as traders reacted following a deal between Core Scientific and CoreWeave.
CoreWeave AI cloud supplier supplied to purchase BTC miner Core Scientific for $1.6 billion, however the bid was rejected. This got here after a 12-year $3.5 billion partnership deal between the 2 corporations which allowed CoreWeave to host its AI-related providers in Core Scientific’s knowledge facilities.
US-listed BTC miners share of community hashrate surges
According to JPMorgan’s report, one other set off for the market cap rise is a surge within the share of community hashrate for US BTC miners.
The community’s hashrate declined round 5% following the halving and after an preliminary surge triggered by Runes hype.
The seven-day transferring common of every day hashrate fell from 629.44 EH/s to 598.08 EH/s, in line with data from The Block.
The relative hashrate for the US-listed BTC miners elevated reaching a 23.8% market share.
The analysts additionally stated that they estimate that US-listed BTC miners which account for about 24% of the community hashrate, at present buying and selling at 2.25 occasions their proportional share of the four-year block reward alternative versus a median of 1.5x since again in January 2022. This is the very best level since February 2024 which was 2.4x.
Analysts estimated that about 650,000 BTC can be mined over the subsequent 4 years.
