As a researcher with a background in the cryptocurrency market, I find this JPMorgan report on the U.S.-listed Bitcoin miners quite intriguing. The recent surge in mining company stocks, particularly Core Scientific (CORZ), is noteworthy, especially when compared to the slight decline of Bitcoin’s price during the same period.
A recent study by JPMorgan revealed that the total market value of the 14 US-based Bitcoin (BTC) mining companies listed on the stock exchange hit a new record of $22.8 billion on June 15th.
During the initial half of June, nearly every company under review on Wall Street outshone bitcoin in terms of growth. Notably, Core Scientific (CORZ) led the pack with a remarkable rise of 117%. Conversely, Argo Blockchain (ARBK) experienced a setback, declining by 7%. In contrast, the value of bitcoin dipped by 3% over this time frame.
As a financial analyst, I’ve noticed that the surge in returns for Bitcoin mining stocks can be attributed to two main factors from my perspective. Firstly, there’s been a wave of optimistic investor sentiment following Core Scientific’s strategic partnership with CoreWeave, an artificial intelligence company. Secondly, the mining difficulty has seen a decrease since the Bitcoin reward was halved in April.
Experts Reginald Smith and Charles Pearce observed a decrease of around 7 exahashes per second (EH/s) or 1% in the network hash rate – a measure reflecting mining competition intensity and difficulty – since May.
As a crypto investor, I’ve noticed an uptick in the percentage of the global Bitcoin network hashrate controlled by U.S.-listed mining companies. Specifically, the 14 companies under analysis now represent approximately 23.8% of the total hashrate, up from around 22.9% last month. This marks the second consecutive monthly increase in network hashrate for U.S. miners, which I view as a promising development.
As a researcher examining the mining industry, I’ve discovered that less productive private mining operators have scaled down their activities following the halving event. Consequently, more effective publicly-traded mining companies have capitalized on this situation by expanding their market presence.
The overall improvement in the performance of publicly-traded Bitcoin miners in the United States, along with an expansion of their collective hashrate, suggests a significant transformation in the Bitcoin mining sector. Public companies are increasingly becoming major players in this industry.
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2024-06-17 23:19