Key Insights:
- Pure miners have outperformed those incorporating high-performance computing (HPC) during the initial weeks of April as reported by JPMorgan.
- The bitcoin hashrate increased, coupled with a decline in bitcoin prices, impacting mining economics.
- Notably, only MARA Holdings and CleanSpark surpassed bitcoin performance in this timeframe.
The first two weeks of April revealed a mixed performance among bitcoin mining stocks. According to a report from JPMorgan, traditional miners outperformed those heavily using HPC resources. Only MARA Holdings and CleanSpark demonstrated better results than bitcoin during this period. In contrast, miners relying on HPC technologies, such as Bitdeer, TeraWulf, IREN, and Riot Platforms, lagged behind.
The bank indicated that March was a strong month for miners listed in the U.S., who added substantial hashing capacity. However, the following weeks reported a downturn. Analysts Reginald Smith and Charles Pearce noted the rapid growth in network hashrate and a concurrent drop in average bitcoin prices.
The estimated earnings for U.S.-listed miners currently hover around $41,500 daily per exahash per second, reflecting a notable 12% decrease since March. Additionally, the total market capitalization for 13 tracked U.S. bitcoin miners declined by 2% to $16.9 billion this month.
