- Bitcoin miners rallied strongly in the first two weeks of the month.
- JPMorgan notes that U.S.-listed bitcoin miners’ share of the global hashrate hit a record 26.6%.
- Every miner except Stronghold Digital outperformed bitcoin over this period, the bank said.
Analysts Reginald Smith and Charles Pearce reported that the share of the global Bitcoin hashrate controlled by U.S.-listed mining companies hit a new high of 26.6%. This marked a noteworthy increase of 2.4% since late June and 5.6% since the Bitcoin halving event.
As a researcher studying the realm of blockchain technology, I would describe hashrate as follows: The collective processing power employed in mining new blocks and verifying transactions on a proof-of-work blockchain serves as a key indicator of industry competition and mining complexity.
The combined market capitalization of the 14 Bitcoin mining companies based in the U.S. monitored by the bank has surged by 29% since late June. Presently, their stock prices are valued at approximately “two and a half times” the expected yield they would receive from the four-year block reward – a historic high.
The market appears to believe that the potential uses of artificial intelligence and high-performance computing (HPC) in bitcoin mining may provide more profitable and diverse applications, according to the report.
The network’s hashrate grew by 1% since June, yet it remains approximately 60 exahashes per second (EH/s) less than its previous levels, according to the bank’s observation.
As an analyst, I’ve analyzed the latest data from the banking sector regarding the addition of mining capacity by U.S.-based miners in June. The record-breaking figure stands at 17 EH/s, a significant increase from previous levels. Among the leading contributors to this growth were Riot Platforms (RIOT), Bitfarms (BITF), and CleanSpark (CLSK).
In this timeframe, the value of most miners’ banknotes rose, with the exception of Stronghold Digital, which experienced a 8% decrease. Cipher Mining stood out as the top performer, registering a noteworthy increase of 44%.
Last week, broker Bernstein shared optimistic views on the potential of AI and High Performance Computing (AI/HPC) in a report. Notably, they highlighted recent significant deals such as Core Scientific’s 12-year partnership with CoreWeave and Coatue Management’s $150 million investment in HUT 8 as pivotal developments for this sector.
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2024-07-16 15:42