Bitcoin (BTC) mining stocks have recently reached record highs, indicating a significant uptrend in the industry. According to a research report by JPMorgan, both pure-play and high-performance computing (HPC) miners have experienced remarkable gains in the first two weeks of this month.
One key metric mentioned in the report is the hashrate, which refers to the total computational power used in mining and processing transactions on the blockchain. The U.S.-listed miners now hold a record 26.6% share of the global hashrate. This represents a 2.4% increase since the end of June and a notable 5.6% surge since the bitcoin halving event.
The total market capitalization of the 14 bitcoin miners listed in the U.S. has surged by 29% since the end of June. These companies now trade at 2.6 times their proportional share of the four-year block reward, marking the highest level on record.
It appears that the market sentiment is optimistic about the potential of artificial intelligence (AI) and HPC applications in bitcoin mining sites. This shift in perspective suggests that there could be alternative and more profitable use cases for these mining operations.
Despite a 1% increase in the network hashrate since June, it still remains approximately 60 exahashes per second (EH/s) below pre-halving levels. However, miners listed in the U.S. collectively added 17 EH/s of capacity in June, reaching the highest level ever recorded.
Key players in the recent gains include companies like Riot Platforms (RIOT), Bitfarms (BIT), and CleanSpark (CLSK). Notably, except for Stronghold Digital (SDIG), all miners outperformed bitcoin during this period. Cipher Mining (CIFR) led the pack with a 44% gain.
Bernstein, in a recent report, also highlighted the positive outlook for the AI/HPC sector within bitcoin mining. Deals such as Core Scientific’s 12-year agreement with CoreWeave and Coatue Management’s $150 million investment in HUT 8 have sparked further interest and investment in the industry.