Bitcoin Miners' Market Cap Hit a Record in September: JPMorgan

The total market cap of the fourteen U. S-listed bitcoin (BTC) miners that JPMorgan tracks exceeded $50 billion for the first time last month, the Wall Street bank said in a report ￰0￱ combined market cap of these mining stocks rose 43% month-on-month to $56 billion in September, the bank ￰1￱ move was driven by a number of announcements, including Cipher Mining's (CIFR) HPC colocation deal with Fluidstack, and IREN's (IREN) expansion of its Cloud Services business, the report ￰2￱ BItcoin hashrate also ￰3￱ monthly average network hashrate "increased ~82 EH/s (+9%) m/m to an average of 1,031 EH/s in September," analysts Reginald Smith and Charles Pearce ￰4￱ hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work ￰5￱ profitability fell for the second month in a row as the hashrate exceeded 1000 EH/s.

The bank's analysts estimated that miners "earned an average of $49,700 per EH/s in daily block reward revenue in September, down 10% from August." Daily block reward gross profit also slumped 17% from the month ￰6￱ (BITF) outperformed the group with a 110% gain, while Cango (CANG) underperformed with an 11% ￰7￱ of the fourteen miners in the bank's coverage outerformed bitcoin in September, the report ￰8￱ more: Cipher Is the Latest Bitcoin Miner to Pivot to AI; Price Target Raised to $16: Canaccord