U.S.-Listed Bitcoin Miners Reached Record Total Market Cap of $22.8B in June: JPMorgan

In the initial fortnight of June, nearly all the companies surpassed bitcoin’s performance according to the bank’s data. Among them, Core Scientific (CORZ) stood out with a remarkable increase of 117%. Conversely, Argo Blockchain (ARBK) experienced the steepest decline, dropping by 7%. Bitcoin itself lost approximately 3% during this timeframe.

In the initial portion of last month, shares of Bitcoin mining companies experienced growth. This development came about due to optimistic investor reactions following news of a deal struck between Core Scientific and the artificial intelligence company, CoreWeave.

Mining difficulty also extended its fall since April’s reward halving.

Analysts Reginald Smith and Charles Pearce noted that the hashrate of the cryptocurrency network, indicative of competition and mining complexity, decreased by approximately 7 exahashes per second (1%) since May.

As a crypto investor, I’ve noticed an interesting development in the mining scene. U.S.-listed miners have been making some significant strides recently. The combined hashpower of these 14 companies now represents approximately 23.8% of the entire global network hashrate. That’s around a 0.9 percentage point increase compared to last month.

US miners experienced a second consecutive month of network hashrate growth, according to the bank’s observation. This development is a positive indication that less efficient private mining operators may have reduced their activities following the cryptocurrency’s halving event.