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U.S.-listed Bitcoin BTC/USD miners have increased their share of the global network hashrate to approximately 29%, up by 7.8% since the Bitcoin halving earlier this year, according to a JP Morgan report.
Despite this notable growth in network power, the combined market cap of the 14 largest U.S.-listed mining companies declined 4% month-to-date, falling to $34.7 billion as of mid-December.
What Happened: The report highlights that U.S.-listed miners added 23 EH/s (exahashes per second) of capacity since October, an 11% increase, while the broader Bitcoin network hashrate grew by 6% during the same period.
Marathon Digital Holdings MARA led this expansion, contributing +9.9 EH/s, followed by IREN with +7 EH/s, underscoring their aggressive growth strategies.
JP Morgan analysts observed an improvement in mining profitability alongside these capacity increases, driven by Bitcoin’s rising price.
“The average Bitcoin price increased 14% month-to-date, reaching approximately $102,000, while hashprice rose by 5%,” the report stated.
Hashprice, which measures daily earnings for miners, reached $57,300 per EH/s, marking its highest level in the past seven months.
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Why It Matters: Despite these gains, the performance of mining stocks was mixed.
The report notes that “the aggregate market cap of U.S.-listed miners declined by 4% since November 30th, erasing a small portion of the $11 billion rally seen after the post-election surge.”
Bitdeer BTDR was the standout performer in early December, with shares rising 47%, while Argo Blockchain (ARBK) saw the steepest decline, dropping 35%.
JP Morgan also examined valuation metrics, revealing that U.S.-listed Bitcoin miners currently trade at approximately 2.0x their proportional share of the four-year block reward.
This marks a decline from 2.7x recorded in July, reflecting more cautious investor sentiment amid volatile macroeconomic conditions.
The report indicates that while mining economics have improved due to higher Bitcoin prices and lower volatility—currently at 40%, down from 62% in November—stock valuations remain sensitive to price fluctuations.
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