Bitcoin Miners Have Started 2025 on a Strong Footing, JPMorgan Says

Key Points

  • 12 of the 14 Bitcoin mining companies tracked by JPMorgan outperformed Bitcoin in the first two weeks of the year.
  • The network hashrate has increased by 2% month-to-date and is 51% higher than last year.
  • Hashprice has remained stable, dropping less than 1% since December, despite hashrate growth outpacing Bitcoin's price movement.
  • Miners' daily block reward revenue per EH/s was about $54,900 in early January, a slight decrease from the previous month.
  • The market cap of tracked mining stocks has risen by 16%, or $4.5 billion, in the first two weeks of the year.

Summary

JPMorgan's research report highlights a robust start to the year for Bitcoin mining stocks, with 12 out of 14 companies outperforming Bitcoin itself in the first two weeks. The network's hashrate, which indicates the total computational power used for mining, has seen a 2% increase month-to-date and is significantly higher than last year. Despite this growth, the hashprice, a measure of mining profitability, has only slightly decreased, suggesting that the increase in hashrate has not significantly impacted profitability. Miners have been earning approximately $54,900 per EH/s in daily block rewards, slightly less than the previous month. The market capitalization of these mining stocks has also seen a notable rise. Riot Platforms led with a 32% gain, while Bitdeer experienced a minor decline. This performance comes amidst Bitcoin's own substantial yearly increase, highlighting the sector's resilience and growth potential.

coindesk
January 17, 2025
Crypto
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