As of June 15, publicly traded Bitcoin miners in the United States have reached a new milestone, hitting an all-time high in market capitalization. A recent report by JPMorgan reveals that the combined market cap of 14 U.S.-listed Bitcoin mining companies has soared to $22.8 billion. This significant achievement reflects the growing influence of mining companies within the cryptocurrency sector and their ability to surpass Bitcoin’s performance.
Read CRYPTONEWSLAND onThe aggregate market capitalization of the 14 U.S.-listed Bitcoin mining stocks monitored by JPMorgan reached an unprecedented $22.8 billion. This surge shows the increasing prominence of U.S.-listed miners in the global Bitcoin mining industry. The report indicates the combined strength and competitive edge of these companies in the mining sector.
In the first half of June, almost all U.S.-listed miners outperformed Bitcoin. Core Scientific (CORZ) stood out with a remarkable 117% increase, while Argo Blockchain (ARBK) experienced a minor setback, dropping 7%. In the same period, Bitcoin saw a modest decline of 3%, highlighting the superior performance of these mining companies.
Investor sentiment was notably buoyed by Core Scientific’s recent partnership with artificial intelligence firm CoreWeave. This strategic collaboration has sparked optimism and contributed to the bullish trend in Bitcoin mining stocks. The alliance with CoreWeave is seen as a positive move, enhancing Core Scientific’s capabilities and market position.
U.S.-listed miners have steadily increased their share of the global Bitcoin network hashrate. These 14 companies now account for approximately 23.8% of the total network hashrate, marking a nearly 1% increase from the previous month. This growth indicates their expanding role in securing the Bitcoin network.
The second consecutive month of hashrate gains for U.S. miners suggests that inefficient private operators have scaled back their operations following the Bitcoin halving event. This trend points to improved efficiency and resilience within the industry.
Mining difficulty, an indicator of competition within the industry, has continued to decline since April’s reward halving. This reduction in difficulty has allowed miners to maintain profitability despite fluctuations in the network hashrate. The adjustment in mining difficulty is seen as a favorable development for the sustainability and profitability of mining operations.
#Covalent raises $5M to expand its blockchain data services in Asia, driven by support from…
#Conduit raises $37M for #blockchaininnovation, aiming to develop custom rollups to streamline transactions and expand…
Assange's release funded by over 8 #Bitcoin ($500,000). #Cryptocurrency saves the day in a landmark…
London, UK, 26th June 2024, Chainwire
Following a #mainnet DDoS attack, Cardano is upgrading a key node to strengthen its network.…
#JasmyCoin enthusiast explores possibilities for #JASMY price to hit a trend high of $0.62 after…