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Public US Bitcoin miners reached nearly $23 billion in market capitalization

Public US Bitcoin miners reached nearly $23 billion in market capitalization

Cryptodnes2024/06/18 23:10
By:Cryptodnes

According to a new study by JPMorgan analysts, US Bitcoin miners hit a record high with a market capitalization of $22.8 billion on June 15.

Among the 14 US-listed stocks that rose in the first two weeks of last month, the uptrend was dominated by Core Scientific, which led the way with a 117% gain, followed by TeraWulf with 80% and IREN with 70%.

JPMorgan analysts Reginald Smith and Charles Pearce wrote in one of their reports that Argo Blockchain was the only miner to experience a 7% price drop in June.

Most recently, the former president of the United States, Donald Trump, se engaged with BTC miners at the Mar-a-Lago meetup. There he met people mostly from CleanSpark and Riot Platforms.

According to available data, the industry has registered a growth of 24% amounting to a whopping $4.4 billion in the last month. This rapid increase is the result of shareholders responding positively to the transaction between Core Scientific and CoreWeave.

CoreWeave, which is a cloud service related to artificial intelligence, offered to buy Core Scientific, a Bitcoin mining company, for $1.6 billion, but the offer was rejected. This was due to the fact that immediately before the proposal, the two parties had a 12-year, $3.5 billion partnership agreement that allowed CoreWeave to install artificial intelligence technologies in Core Scientific's data centers.

READ MORE:
Bitcoin miners continue with the mass sell-off for more than a month

According to JP Morgan's analysis, one of the important reasons for the increase in market capitalization was the increasing share of the hashrate network of the US Bitcoin miners. The network's hashrate was reduced by about 5% after the halving, and then boosted by Roose's hype. The seven-day moving average of the daily hashrate dropped from 629.44 EH/s to 598.08 EH/s based on the latest data from The Block. However, the relative hashrate of US-listed BTC miners increased, reaching a 23.8% market share.

Additionally, experts said they predict that US-registered miners, with the power to process about 24% of the entire network's hashrate, will exchange worth 2.25 times their due if the entire four-year reward opportunity of the blocks is distributed evenly among the miners, the reasons for this are high energy costs, protocol delays or expected inflation.

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