Core

Argo

Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>JPMorgan analysts reveal that US-listed Bitcoin miners reached a $22.8 billion market cap.</li> 
 <li>US mining stocks rise amidst surging hashrate and AI opportunities.</li> 
</ul> 
According to the latest reports coming from JPMorgan analysts, the US-listed Bitcoin miners reached a record market cap of $22.8 billion as of June 15. 
The 14 US-listed stocks have rallied in the first two weeks of this month, being led by Core Scientific, TeraWulf, and IREN with 117%, 80%, and 70% respectively. 
JPMorgan analysts Reginald Smith and Charles Pearce wrote in a report to clients published today that Argo Blockchain is the only miner that fell in price this month. It dropped by 7% and underperformed a 3% drop in the price of Bitcoin. 
Marathon Digital is now the largest US-listed BTC miner with a market cap of $5.3 billion, followed by CleanSpark and Riot Platforms at $4 billion and $3 billion respectively. 
Recently, we reported that the former US President Donald Trump, met with <a href="https://crypto.ro/en/news/trump-meets-bitcoin-miner-execs-from-cleanspark-and-riot/">Bitcoin miners</a> during a visit to Mar-a-Lago where he welcomed executives from CleanSpark and Riot Platforms. 
According to official reports, the aggregate market cap for the sector has gained 24% meaning about $4.4 billion since the end of last month, as investors reacted following a deal between Core Scientific and CoreWeave. 
<a href="https://www.theblock.co/post/300422/us-listed-bitcoin-miners-record-market-cap-jpmorgan" rel="nofollow noopener" target="_blank"><img loading="lazy" decoding="async" class="alignnone" src="https://www.tbstat.com/wp/uploads/2024/06/Screenshot-2024-06-17-at-12.29.48.png" alt="Screenshot 2024 06 17 at 12.29.48" width="633" height="414" title="US-Listed Bitcoin Miners Reach $22.8B Market Cap 18"></a> 
CoreWeave AI cloud provider offered to buy BTC miner Core Scientific for $1.6 billion, but the bid was rejected. This came after a 12-year $3.5 billion partnership deal between the two companies which allowed CoreWeave to host its AI-related services in Core Scientific’s data centers. 
<h2 id="us-listed-btc-miners-share-of-network-hashrate-surges">US-listed BTC miners share of network hashrate surges</h2> 
According to JPMorgan’s report, another trigger for the market cap rise is a surge in the share of network hashrate for US BTC miners. 
The network’s hashrate declined around 5% following the halving and after an initial surge triggered by Runes hype. 
The seven-day moving average of daily hashrate fell from 629.44 EH/s to 598.08 EH/s, according to <a href="https://www.theblock.co/data/on-chain-metrics/bitcoin/bitcoins-hash-rate-daily" rel="nofollow noopener" target="_blank">data</a> from The Block.&nbsp; 
The relative hashrate for the US-listed BTC miners increased reaching a 23.8% market share. 
The analysts also said that they estimate that US-listed BTC miners which account for about 24% of the network hashrate, currently trading at 2.25 times their proportional share of the four-year block reward opportunity versus an average of 1.5x since back in January 2022. This is the highest point since February 2024 which was 2.4x. 
<a href="https://www.theblock.co/post/300422/us-listed-bitcoin-miners-record-market-cap-jpmorgan" rel="nofollow noopener" target="_blank"><img loading="lazy" decoding="async" class="alignnone" src="https://www.tbstat.com/wp/uploads/2024/06/Screenshot-2024-06-17-at-12.54.41.png" alt="Screenshot 2024 06 17 at 12.54.41" width="857" height="410" title="US-Listed Bitcoin Miners Reach $22.8B Market Cap 19"></a> 
Analysts estimated that about 650,000 BTC will be mined over the next 4 years.

US-Listed Bitcoin Miners Reach $22.8B Market Cap

Table of Contents

crypto.ro global

Other articles published on Jun 17, 2024

Shiba Inu Gains Support From British Red Cross, Ethereum ETFs May Be Approved by July 2, Top Expe...

Jupiter Co-Founder Lauds Memecoin Relevance Amid Criticisms, Here’s All

Shiba Inu Team Shares Shibarium Blockchain Progress and Shytoshi Kusama Message

Unlock Staking Rewards with MoonBag as it Surges to $1, Leaving BitBot and Render Behind

Bitcoin (BTC) Gets $100,000 Prediction, But Ethereum (ETH) And ETFSwap (ETFS) Are Set To Lead Alt...

XLink Partners Fireblocks, Ancilia After $10M Hack

Join our free newsletter for daily crypto updates!