FxNews—According to a recent JPMorgan analysis, the combined computing power of 14 major U.S.-based Bitcoin mining companies now represents 28.9% of the global network’s total. This marks a notable increase and highlights their growing influence in the Bitcoin mining sector.
Public Miners’ Efficiency Gains Soar by 70%
From the start of the year, the collective processing power of these tracked miners has surged by approximately 70%, reaching 194 EH/s. This growth substantially outpaces the overall network’s increase of 33%, demonstrating the rapid expansion and efficiency gains among these publicly traded entities.
Following the Bitcoin halving event earlier this year, these companies’ hash rates have boosted by nearly 8%. This reflects their superior operational efficiency and better access to funding than other market players.
JPMorgan has observed a 4% increase in the network’s total mining power this month, averaging 672 EH/s. Meanwhile, mining profitability, measured by hash price, has seen a modest uptick of less than 1% since late September.
Mining Firms Up 7% in Market Cap Since September
The market capitalization of these mining companies has increased by 7% since the end of September.
Currently, their market valuation is 1.9 times their proportional earnings from bitcoin block rewards—it has been the lowest since May, suggesting a potentially attractive investment opportunity as the election approaches.
The first half of October witnessed a rally in mining stocks, driven by rising Bitcoin prices and continued interest in high-performance computing deals from major technology companies.
Greenidge Generation led with a 29% gain, whereas Stronghold lagged with a 17% decline. Meanwhile, competitor Jefferies anticipates more challenges for miners in the remaining month.