Bitcoin mining companies have seen a big growth, with the market of securities, followed by JP Morgan reaching a record $22.8 billion in June. Core Scientific’s papers doubled the price.
Mine craft
The total market value of US-listed Bitcoin mining companies, tracked by JP Morgan, hit a new high of $22.8 billion last month.
This figure represents a huge milestone for the market capitalization of the 14 tracked Bitcoin miners’ stocks.
Investors love these companies, particularly after news of an agreement between Core Scientific and the artificial intelligence firm CoreWeave, and pumping them with fresh capital.
Thanks to this, in the first half of June, Core Scientific saw its stock rise by 117%, marking the best performance among its peers. On the other hand, Argo Blockchain (ARBK) experienced a 7% decline, the worst in the group.
Hashrate is hectic, but it’s growing
During this period, the price of Bitcoin fell by 3%, but the stocks of Bitcoin mining companies managed to outperform the cryptocurrency itself, as the $22.8 billion market value is a historic high.
These publicly traded miners have also increased their share of the global network hashrate, as of now, together, these companies represent about 23.8% of the total hashrate, which is a gain of almost 1% from the previous month.
JP Morgan’s report highlights that June marked the second consecutive month of increased network hashrate for US miners.
Upgrade or left behind
Riot Platforms, a major Bitcoin mining company based in Castle Rock, Colorado, shared the challenges faced by miners post-halving.
The company has seen a 43% drop in earnings compared to the previous month due to the halving, which reduced the Bitcoin reward.
To counter this, Riot is updating its infrastructure to boost efficiency in Bitcoin production, with new, better devices.
Next to this, the company is exploring new acquisition options and implementing energy-saving strategies to grow profitability.
