JPMorgan, the largest bank in the US, has released a new report on Bitcoin (BTC) mining, revealing some interesting trends in the industry.
According to the report, the total market value of 14 US-listed Bitcoin miners reached a record high of $22.8 billion on June 15. These companies have been outperforming Bitcoin itself in the first half of June, with Core Scientific (CORZ) leading the pack with a 117% increase, while Argo Blockchain (ARBK) saw a decrease of 7%. Meanwhile, Bitcoin experienced a 3% decline during the same period.
One of the factors driving the increase in Bitcoin mining stocks was the positive investor reaction to Core Scientific’s partnership with the artificial intelligence company CoreWeave. The report also highlighted a decrease in mining difficulty since the rewards were halved in April, with a 7 EH/s (1%) drop in network hashrate.
US-listed miners are now holding a larger share of the global network hashrate, accounting for approximately 23.8%. This marks a 1% increase from the previous month, indicating a trend of inefficient private operators scaling back their operations post-halving.
It is important to note that this information is not investment advice. For those interested in investing in cryptocurrencies, Binance exchange offers a 20% commission discount. Stay updated on the latest news, analytics, and on-chain data by following our Telegram and Twitter accounts.
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