The overall market cap of the 14 publicly-listed U.S. miners that Wall Road financial institution JPMorgan (JPM) tracks dropped 22% in February because the bitcoin (BTC) worth declined and mining economics got here below stress.
Bitcoin miners with excessive efficiency computing (HPC) publicity fell following the DeepSeek synthetic intelligence (AI) announcement, and because of considerations 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.
“Each 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 typical community hashrate rose 3% to 810 exahashes per second (EH/s) final month, the report mentioned.
The hashrate refers back to the whole mixed computational energy used to mine and course of transactions on a proof-of-work blockchain.
Mining problem rose 2% from January, the financial institution mentioned. Community problem is now 28% greater 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 International Hashrate in February: JPMorgan
