Bitcoin Mining Stocks Outperform BTC as Hashrate Increases 2%
JPMorgan reports that Bitcoin mining stocks have had a strong start in 2024, with 12 of 14 companies outperforming Bitcoin.
- The network hashrate increased by 2% month-to-date, averaging 793 EH/s, up 51% year-on-year.
- The hashprice, reflecting mining profitability, decreased by less than 1% since December.
- Miners earned approximately $54,900 in daily block reward revenue per EH/s in early January, down 2% from the previous month.
- The combined hashrate of U.S.-listed miners has more than doubled in the past year, representing about 30% of the global network.
- The market cap of tracked mining stocks rose 16%, or $4.5 billion, in the first two weeks of January.
- Riot Platforms saw a 32% gain, while Bitdeer declined by 4%.
- Bitcoin price has risen 56% since April's halving and is up 134% year-on-year.