Crypto News Today- The aggregated market capitalization of Bitcoin mining firms listed on U.S. exchanges peaked at $22.8 billion in June
Crypto News– On June 15, the total market capitalization of 14 U.S.-listed bitcoin (BTC) miners, as tracked by JPMorgan, surged to a record high of $22.8 billion, according to a research report released by the Wall Street bank on Monday.
JPMorgan highlighted that nearly all of these companies outperformed bitcoin itself during the first half of June. Core Scientific (CORZ) emerged as the top performer, with its stock soaring by 117%, while Argo Blockchain (ARBK) faced a decline of 7%. In contrast, the world’s largest cryptocurrency experienced a 3% decrease over the same period.
The report pointed out that the rise in bitcoin mining stocks during the first half of the month was driven by investor enthusiasm surrounding Core Scientific’s recent agreement with artificial intelligence firm CoreWeave.
Since April’s reward halving, mining difficulty has continued to decline. According to analysts Reginald Smith and Charles Pearce, the network hashrate, which serves as an indicator of industry competitiveness and mining difficulty, has dropped by approximately 7 EH/s (1%) since May.
In the realm of U.S.-listed miners, there has been a notable increase in their share of the global network hashrate. Currently, the combined efforts of these 14 companies now control around 23.8% of the total global network hashrate, marking an increase of nearly 1% compared to the previous month.
JPMorgan highlighted that this represents the second consecutive month of gains in network hashrate for U.S. miners. The bank interpreted this trend positively, suggesting that inefficient private operators scaled back operations post-halving, which is seen as a promising development for the industry’s efficiency and sustainability.
FAQs
What are U.S.-listed Bitcoin mining entities?
U.S.-listed Bitcoin mining entities refer to companies involved in Bitcoin mining that are publicly traded on exchanges in the United States. These companies allow investors to participate in the cryptocurrency industry through mining operations.
Why is the total market valuation of U.S.-based Bitcoin mining entities significant?
In June, U.S.-based Bitcoin mining entities reached an unprecedented total market valuation of $22.8 billion. This figure highlights the scale and influence of Bitcoin miners operating in the United States. The market valuation serves as an indicator of growth and investment opportunities within the Bitcoin mining sector.
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