Summary
- JP Morgan stated that US Bitcoin mining stocks have shown a mixed trend since April, with companies focusing on high-performance computing sectors showing relatively poor performance.
- Marathon Digital Holdings and CleanSpark recorded higher returns than Bitcoin, while Bitdeer, TeraWulf, and Riot Platforms showed poor performance.
- The increase in the overall network hash rate has outpaced the business expansion of US mining companies, and the decline in the average Bitcoin price is negatively affecting mining profitability.
US Bitcoin (BTC) mining stocks have shown a mixed trend since April, with mining companies focusing on high-performance computing (HPC) sectors such as artificial intelligence (AI) showing poor performance, according to analysis.
On the 16th (local time), according to CoinDesk, a media specializing in virtual assets (cryptocurrency), JP Morgan reported that "BTC mining stocks' performance was mixed until the second week of April," and "during this period, Marathon Digital Holdings and CleanSpark recorded higher returns than Bitcoin, while mining companies focusing on high-performance computing such as Bitdeer, TeraWulf, and Riot Platforms showed relatively poor performance."
Regarding this, JP Morgan analysts Reginald L. Smith and Charles Pearce analyzed that "the overall network hash rate increase has outpaced the business expansion speed of US mining companies, and the decline in the average Bitcoin price since the beginning of this month is negatively affecting mining profitability."
Meanwhile, since April, the Bitcoin network hash rate has increased by 85 EH/s, recording an average of 900 EH/s.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
