Bitcoin Mining Stocks Show Mixed Performance in Early April, Says JPMorgan
The performance of bitcoin mining stocks varied in early April, with operators focused on pure play outperforming those linked to high-performance computing (HPC), according to JPMorgan.
- Only MARA Holdings and CleanSpark exceeded bitcoin's performance during this period.
- Miners associated with HPC, such as Bitdeer, TeraWulf, IREN, and Riot Platforms underperformed.
- March saw U.S.-listed miners add 15 exahashes per second of capacity; early April was less favorable.
- Hashrate growth surpassed U.S. operator expansion, leading to a decline in average bitcoin price, affecting mining economics.
- U.S.-listed miners are trading at 1.2 times their proportional share of the block reward opportunity, the lowest in over two years.
- Daily block reward revenue per EH/s was about $41,500 in the first half of April, down 12% from March.
- The network hashrate increased by 85 EH/s month-to-date, averaging 900 EH/s.
- The total market cap for 13 tracked U.S.-listed bitcoin miners fell 2% to $16.9 billion in April.