The total market capitalization of 14 Bitcoin (BTC) mining companies listed on the U.S. stock market has reached an all-time high.
On the 15th (local time), U.S. investment bank JP Morgan announced that the total market capitalization of BTC mining companies reached an all-time high of $22.8 billion (approximately KRW 31.5666 trillion). According to JP Morgan, the prices of 14 mining-related stocks listed on the U.S. stock market rebounded in the middle of this month. In particular, Core Scientific (CORZ), Terrawolf (WULF), and Iris Energy (IREN) led the bull market, soaring 117%, 80%, and 70%, respectively. The only mining company to see a decline this month was Argo Blockchain, which fell about 7%.
Marathon Digital (MARA), the largest U.S.-listed BTC mining company, has a current market capitalization of $5.3 billion (approximately KRW 7.3378 trillion). Clean Spark (CLSK) and Riot Platform (RIOT) follow with $4 billion (about 5.538 trillion won) and $3 billion (about 4.1535 trillion won), respectively.
JP Morgan analyzed that the news of cooperation between BTC mining company Core Scientific and artificial intelligence company CoreWeave acted as good news. Since the end of May, when news of cooperation broke, the total market capitalization of the mining industry has increased by 24%.
Additionally, the increase in hash rate also contributed to the increase in market capitalization. Hash rate is the average computational speed of miners who mine virtual assets and is used as an indicator of mining ability. After the halving, the hash rate share of U.S.-listed Bitcoin mining companies continues to increase as miners with low mining efficiency leave in large numbers. The hash rate share of U.S. mining companies has steadily increased since recording 21% in April, reaching 23.8% this month.
JP Morgan estimated that approximately 650,000 BTC will be mined over the next four years. He also predicted a rise in hash prices. Despite the decline in hash rate, the current hash price is stagnant at about 15% lower than the lowest point during the bear market in December 2022 and 45% lower than before the halving. JP Morgan said, “As the hash rate is falling, the hash price is expected to rise again soon.”
- Reporter Yang Jin-ha
- jjing@rni.kr
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