Publicly Traded Bitcoin Miners Achieve 29% Network Hashrate, Reports JPMorgan
JPMorgan's report highlights a significant increase in the hashrate of U.S.-listed Bitcoin mining companies as they account for a record share of the network hashrate in October.
U.S.-listed Bitcoin Miners Reach Ranked 29% of Network Hashrate
JPMorgan revealed that the collective hashrate of the publicly traded Bitcoin mining companies it observes has reached a historic high of 28.9% of the overall network hashrate this month. The institution noted that the hashrate across the network has improved by 4% thus far this month, while mining profitability has shown a nominal increase.
Analysts Reginald Smith and Charles Pearce noted, "The combined hashrate of the 14 U.S.-listed miners we track has increased approximately 70% year-to-date to 194 EH/s, contrasting with a 33% rise in the overall network hashrate, now comprising nearly 28.9% of the total global hashrate."
This marks an increase of nearly 8% since the last Bitcoin halving event earlier this year, underscoring the operational advantages of the publicly traded mining firms.
Furthermore, the bank highlighted that the total market cap of these miners has surged 7% since the end of September and suggests a favorable entry point as the U.S. elections approach. Mining stocks have shown resilience in the early weeks of the month, with notable performance from companies engaged in high-performance computing.
