Key Takeaways:

• Bitcoin miners have had a robust start to the year, outperforming the digital asset itself.
• The 14 miners monitored by JPMorgan now represent about 30% of the global network hashrate.
• The market capitalization of these companies has surged by 16% since the year commenced.

Bitcoin (BTC) mining companies observed by JPMorgan have kicked off 2025 positively, with 12 out of 14 of them surpassing the performance of the largest cryptocurrency within the first two weeks of January according to a Thursday report by the Wall Street bank.

The network hashrate has increased by 2% this month, averaging 793 exahashes per second (EH/s), which is also up by 51% compared to the previous year. The measure of mining profitability, known as hashprice, has slightly decreased since the previous month.

In a detailed analysis, analysts Reginald Smith and Charles Pearce expressed that the miners accrued approximately $54,900 in daily block reward revenue per EH/s in early January, indicating a modest 2% decline from December's figures. The combined hashrate of the 14 miners tracked by JPMorgan has more than doubled in the past year, now making up about 30% of the worldwide hashpower.

Additionally, the total market value of the monitored mining stocks has increased by $4.5 billion, equating to a 16% rise just in the initial weeks of this year. Noteworthy performances came from Riot Platforms (RIOT) with a 32% gain, while Bitdeer saw a 4% decline.

Bitcoin's price has appreciated by about 56% since the halving event in April 2024, reflecting a 134% increase year-over-year. Read more here.