U.S.-Listed Bitcoin Miners Experience 25% Market Cap Drop in March
The total market cap of 14 U.S.-listed bitcoin miners tracked by JPMorgan fell 25% in March, marking the third-worst monthly performance recorded. Only Stronghold Digital Mining outperformed bitcoin, while miners with high performance computing exposure continued to lag behind pure-play miners.
- Valuations are at their lowest relative to block rewards since the collapse of FTX.
- The average network hashrate increased to 816 EH/s.
- Mining revenue and profitability declined significantly.
- Average earnings for bitcoin miners dropped to $47,300 per EH/s, a 13% decline from February.
- Daily gross profit decreased by 22% to $23,000 per EH/s.
- Stronghold Digital Mining saw a 2% decline, while Cipher Mining experienced a 45% drop.