US Bitcoin Miners Hit Record $22.8B Market Cap, Says JPMorgan

Joshua Ramos
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Source: The Financial Technology Expert

According to prominent bank, JPMorgan, US Bitcoin miners have recently hit a record $22.8 billion in market cap in June. Indeed, the figure is the aggregate market value of 14 BTC miners that are listed in the United States, according to the investment bank’s research report issued Monday.

The data revealed that nearly all of the 14 miners had performed better than Bitcoin. In the first two weeks of June, Core Scientific was the leader, increasing 117%. Over that same two week span, BTC has dropped more than 3% in value. The leading cryptocurrency is also down more than 6% in the last seven days, according to CoinMarketCap.

Source: WazirX

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JPMorgan Reveals Record June for US Bitcoin Miners

Through the first six months of 2024, Bitcoin has been one of the most talked about facets of the finance sector. The arrival of a spot ETF in January led the cryptocurrency to a $73,000 all-time high in March. However, it has failed to mirror those heights in recent weeks, as the entire crypto market seems to face a pretty stark downturn.

That doesn’t appear to be affecting US bitcoin miners, as they reached a record $22.8 billion in market cap in June, according to JPMorgan. Moreover, the bank noted that BTC mining stocks had enjoyed a boost from investors reacting to Core Scientific’s recent AI deal with CoreWeave.

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The mining industry was set to face increased difficulty after the Bitcoin Halving event that took place in April. However, that has fallen, JPMorgan analysts Reginald Smith and Charles Pearce note. Specifically, the network hashrate had “declined ~7 EH/s (1%) since May.

The 14 United States-based miners now account for “~23.8% of the global network hashrate,” according to the bank. That figure has also increased this month, growing 1% in June. Additionally, US BTC miners have also seen positive sentiment emerge from Donald Trump as he begins his campaign for re-election this year. Trump recently stated his assistance on BTC mining remaining in the United States.