The full market cap of the 14 publicly-listed U.S. miners that Wall Avenue financial institution JPMorgan (JPM) tracks dropped 22% in February because the bitcoin (BTC) worth declined and mining economics got here underneath stress.
Bitcoin miners with excessive efficiency computing (HPC) publicity fell following the DeepSeek synthetic intelligence (AI) announcement, and attributable to issues about demand for knowledge heart capability within the near-term, the financial institution famous.
Income and profitability fell final month. The financial institution estimated that bitcoin miners earned $54,300 per EH/s on common in day by day block reward income in February, a 5% decline from the month earlier.
“Day by day block reward gross revenue declined 9% m/m to $29,500 per EH/s in February,” analysts Reginald Smith and Charles Pearce wrote.
The common community hashrate rose 3% to 810 exahashes per second (EH/s) final month, the report mentioned.
The hashrate refers back to the complete mixed computational energy used to mine and course of transactions on a proof-of-work blockchain.
Mining issue rose 2% from January, the financial institution mentioned. Community issue is now 28% increased than earlier than the halving occasion in April final yr.
Core Scientific (CORZ) was the most effective performer with a 9% drop, and Greenidge Technology underperformed with a 36% decline for the month, the report added.
Learn extra: U.S.-Listed Bitcoin Miners Accounted for 29% of World Hashrate in February: JPMorgan