The largest bank in the United States, JPMorgan, has released a new report on Bitcoin (BTC) mining, highlighting the performance of U.S.-listed Bitcoin miners. According to the report, the total market value of these miners reached a record high of $22.8 billion on June 15.
In the first half of June, most of these companies outperformed Bitcoin itself, with Core Scientific (CORZ) leading the pack with a 117% increase in value, while Argo Blockchain (ARBK) saw a 7% decrease. Despite this, Bitcoin experienced a 3% decline during the same period.
Investor reactions to Core Scientific’s partnership with CoreWeave drove the increase in Bitcoin mining stocks during the first half of the month. The report also highlighted a decrease in mining difficulty since the rewards were halved in April, with a 1% decrease in network hashrate.
U.S.-listed miners are now responsible for approximately 23.8% of the global network hashrate, marking an increase of around 1% from the previous month. This trend indicates that inefficient private operators are scaling back their operations post-halving, according to analysts Reginald Smith and Charles Pearce.
Overall, the report provides insights into the evolving landscape of Bitcoin mining and the growing influence of U.S.-listed miners in the industry. Please note that this information is not investment advice.
