JP Morgan: US Unlisted BTC Miners' Hashrate Market Share Soars to All-Time High, Boosting Stock Prices

IconCryptoNewsTerminal Staff16 Jul, 2024

cryptonews.jpg

JP Morgan: US Unlisted BTC Miners' Hashrate Market Share Soars to All-Time High, Boosting Stock Prices

JP Morgan analysts published a report indicating that the combined global hashrate share of publicly traded Bitcoin (BTC) miners based in the United States has reached a record high of 26.6%, contributing to a significant two-week rally in their stock prices. Since the end of June, the aggregate market capitalization of 14 publicly traded mining companies has climbed by an impressive 29%. Notably, all but one of these miners have outperformed Bitcoin's price, with Cipher Mining leading the pack with a 44% surge in its shares. This report underscores the growing importance of publicly traded miners in the Bitcoin ecosystem. As these companies continue to expand their operations and contribute to the network's hashrate, it is likely that they will play an increasingly influential role in shaping the future of Bitcoin mining.

Related News