U.S.-Listed Bitcoin Miners\' Share of Global Hashrate Reached Record in July: JPMorgan

The aggregate market cap of 14 tracked bitcoin miners listed in the U.S. rose 29% since the end of June, the report noted.

U.S.-listed bitcoin miners hit record highs in the first two weeks of August with both pure-play and high performance computing (HPC) miners posting gains, JPMorgan said in a research report on Tuesday.

“U.S.-listed miners’ share of the global hashrate reached a record 26.6%,” analysts Reginald Smith and Charles Pearce wrote, adding that this was a gain of 2.4% since the end of June and 5.6% since the bitcoin halving.

CoinDesk market data shows that the total hashrate on the Bitcoin network rose 1% since June but is still around 60 exahashes per second (EH/s) below pre-halving levels.

The bank said that its measure of aggregate market cap for the 14 bitcoin miners listed in the U.S. that it tracks rose 29% since the end of June and now trade at “2.6 times their proportional share of the four-year block reward, the highest level on record.”

This seems to suggest that the market thinks the artificial intelligence and HPC opportunity could offer alternative and more accretive use cases for bitcoin mining sites, the report said.

The bank also noted that every miner except Stronghold Digital (SDIG), which dropped 8%, outperformed bitcoin in this period. Cipher Mining (CIFR) led advancers with a 44% gain.

Broker Bernstein expressed similar positive sentiment about the AI/HPC opportunity in a report last week. It said recent AI deals including Core Scientific's (CORZ) 12-year agreement with CoreWeave and Coatue Management's $150 million investment in HUT 8 (HUT) have become key catalysts for the sector.

Read more: Bitcoin Mining Profitability Rose in June as Market Adjusted for the Halving: Jefferies

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