Core

Argo

Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>JPMorgan analysts reveal that US-listed Bitcoin miners reached a $22.8 billion market cap.</li> 
 <li>US mining stocks rise amidst surging hashrate and AI opportunities.</li> 
</ul> 
According to the latest reports coming from JPMorgan analysts, the US-listed Bitcoin miners reached a record market cap of $22.8 billion as of June 15. 
The 14 US-listed stocks have rallied in the first two weeks of this month, being led by Core Scientific, TeraWulf, and IREN with 117%, 80%, and 70% respectively. 
JPMorgan analysts Reginald Smith and Charles Pearce wrote in a report to clients published today that Argo Blockchain is the only miner that fell in price this month. It dropped by 7% and underperformed a 3% drop in the price of Bitcoin. 
Marathon Digital is now the largest US-listed BTC miner with a market cap of $5.3 billion, followed by CleanSpark and Riot Platforms at $4 billion and $3 billion respectively. 
Recently, we reported that the former US President Donald Trump, met with <a href="https://crypto.ro/en/news/trump-meets-bitcoin-miner-execs-from-cleanspark-and-riot/">Bitcoin miners</a> during a visit to Mar-a-Lago where he welcomed executives from CleanSpark and Riot Platforms. 
According to official reports, the aggregate market cap for the sector has gained 24% meaning about $4.4 billion since the end of last month, as investors reacted following a deal between Core Scientific and CoreWeave. 
<a href="https://www.theblock.co/post/300422/us-listed-bitcoin-miners-record-market-cap-jpmorgan" rel="nofollow noopener" target="_blank"><img loading="lazy" decoding="async" class="alignnone" src="https://www.tbstat.com/wp/uploads/2024/06/Screenshot-2024-06-17-at-12.29.48.png" alt="Screenshot 2024 06 17 at 12.29.48" width="633" height="414" title="US-Listed Bitcoin Miners Reach $22.8B Market Cap 18"></a> 
CoreWeave AI cloud provider offered to buy BTC miner Core Scientific for $1.6 billion, but the bid was rejected. This came after a 12-year $3.5 billion partnership deal between the two companies which allowed CoreWeave to host its AI-related services in Core Scientific’s data centers. 
<h2 id="us-listed-btc-miners-share-of-network-hashrate-surges">US-listed BTC miners share of network hashrate surges</h2> 
According to JPMorgan’s report, another trigger for the market cap rise is a surge in the share of network hashrate for US BTC miners. 
The network’s hashrate declined around 5% following the halving and after an initial surge triggered by Runes hype. 
The seven-day moving average of daily hashrate fell from 629.44 EH/s to 598.08 EH/s, according to <a href="https://www.theblock.co/data/on-chain-metrics/bitcoin/bitcoins-hash-rate-daily" rel="nofollow noopener" target="_blank">data</a> from The Block.&nbsp; 
The relative hashrate for the US-listed BTC miners increased reaching a 23.8% market share. 
The analysts also said that they estimate that US-listed BTC miners which account for about 24% of the network hashrate, currently trading at 2.25 times their proportional share of the four-year block reward opportunity versus an average of 1.5x since back in January 2022. This is the highest point since February 2024 which was 2.4x. 
<a href="https://www.theblock.co/post/300422/us-listed-bitcoin-miners-record-market-cap-jpmorgan" rel="nofollow noopener" target="_blank"><img loading="lazy" decoding="async" class="alignnone" src="https://www.tbstat.com/wp/uploads/2024/06/Screenshot-2024-06-17-at-12.54.41.png" alt="Screenshot 2024 06 17 at 12.54.41" width="857" height="410" title="US-Listed Bitcoin Miners Reach $22.8B Market Cap 19"></a> 
Analysts estimated that about 650,000 BTC will be mined over the next 4 years.

US-Listed Bitcoin Miners Reach $22.8B Market Cap

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