Overview

The total market cap of the 14 publicly-listed U.S. miners tracked by JPMorgan experienced a notable 22% drop in February due to a decline in Bitcoin (BTC) prices and mounting pressures on mining economics.

Key Findings:

• Market Cap Decline: The aggregate market cap diminished significantly last month, with specific concerns surrounding those miners exposed to high-performance computing (HPC).
• Mining Revenue: The report indicated a drop in daily mining revenues and profits throughout February.

Detailed Insights:

• Miners connected to HPC faced additional challenges following the DeepSeek AI announcement.
• An estimation showed daily block reward gross profits plummeted 9% month over month resulting in an average of $29,500 per EH/s.
• The network hashrate saw a 3% increase, reaching 810 EH/s while mining difficulty surged 2% since January.

Conclusion: Economic pressures in the mining landscape have become increasingly evident, as reflected by the significant changes reported by JPMorgan.