HomeNewsCore Scientific's Surge Leads U.S. Bitcoin Miners to New Heights

Core Scientific’s Surge Leads U.S. Bitcoin Miners to New Heights

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  • U.S.-listed Bitcoin miners reach a record $22.8 billion market cap, indicating strong industry performance and growth.
  • Core Scientific leads with a 117% stock increase, highlighting its significant contribution to the market cap surge.

On June 15, publicly traded Bitcoin mining companies in the United States reached a new peak in market capitalization, achieving a collective value of $22.8 billion. This underscores the significant role these companies play in the cryptocurrency sector, outpacing the performance of Bitcoin itself, which saw a modest downturn.

The data, highlighted in a recent JPMorgan report in ETHNews, details the market capitalization of 14 U.S.-listed Bitcoin mining firms. Their collective value surge points to a robust competitive edge and growing dominance in the global Bitcoin mining market. 

U.S.-listed bitcoin miner market cap. Image: JPMorgan.

Notably, Core Scientific led this upward trajectory with a 117% increase in its stock price, contrasting with Argo Blockchain, which experienced a 7% decline. In the same timeframe, Bitcoin’s price dipped by 3%, underscoring the miners’ superior market performance.

JPMorgan notes:

Miners outperformed bitcoin on news of Core Scientific’s deal with AI firm CoreWeave. Encouraging signs that “inefficient private operators scaled back operations post-halving.

Core Scientific recently announced a partnership with CoreWeave, a company specializing in artificial intelligence. This collaboration has elevated investor confidence, contributing to the positive sentiment surrounding Bitcoin mining stocks. The partnership is expected to enhance Core Scientific’s operational capabilities and reinforce its position in the market.

Further illustrating the growing influence of U.S. miners, these companies now control approximately 23.8% of the global Bitcoin network hashrate—an increase of nearly 1% from the previous month. This statistic not only highlights their increased contribution to network security but also their expanding operational scale.

This period also saw a reduction in mining difficulty, which is an indicator of competition and operational complexity within the industry. Following the Bitcoin halving in April, which reduced the reward for mining new blocks, the mining difficulty adjusted downward.

This adjustment has helped maintain profitability for miners amid fluctuating network hashrates and showcases the industry’s adaptability.

A month ago, #JPMorgan stated that the average cost was $45,000.

The growth in market cap for U.S.-listed Bitcoin miners reflect not just their financial success but also their increasing importance in the maintenance and expansion of the Bitcoin network. 

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: [email protected] Phone: +49 160 92211628