Bitcoin Miners’ Market Cap Surpasses $50 Billion in September
The total market cap of 14 U.S.-listed Bitcoin miners tracked by JPMorgan surpassed $50 billion for the first time, reaching $56 billion in September, a 43% increase from the previous month.
This growth was supported by announcements such as Cipher Mining's colocation deal with Fluidstack and IREN's expansion of its Cloud Services business.
The Bitcoin hashrate rose by approximately 9%, reaching an average of 1,031 EH/s in September.
Mining profitability decreased for the second consecutive month due to the rising hashrate, with miners earning an average of $49,700 per EH/s in daily block reward revenue, down 10% from August.
Bitfarms achieved a 110% gain, outperforming other miners, while Cango saw an 11% decline.
Twelve out of the fourteen miners outperformed Bitcoin in September.
