JPMorgan: Despite the Price, This Ratio in Bitcoin is Increasing, Pay Attention to These Companies - Coin Bulletin

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Shares of companies engaged in Bitcoin (BTC) mining showed a decline in the first half of September. According to JPMorgan's report, while the Bitcoin price remained below $60,000, the total hash rate of the network increased.

According to the report, Bitcoin's hash rate has increased by 4 percent since the beginning of the month, returning to pre-halving levels.

The hash price, which measures the daily profitability of miners, fell 2 percent this month and dropped below 50 percent of pre-halving levels. The bank noted that this decline could slow short-term hash rate growth if combined with seasonal constraints.

American Bitcoin miners are strengthening

The share of the hash rate of US-based Bitcoin miners in the network increased for the fifth consecutive month, reaching 26.7%, and this rate has now reached the highest level recorded so far. This shows that US miners are increasing their competitive power in the sector.

The total market value of 14 publicly traded Bitcoin miners followed by JPMorgan has fallen by 3% since the end of August, dropping below $20 billion. Among these companies, Hut 8 (HUT) showed the best performance with an 11% increase, while CleanSpark (CLSK) exhibited the worst performance with a 12% decrease.

The report also noted that publicly traded U.S. miners are currently trading at an average of 1.6 times the share of the four-year block reward opportunity, but this ratio has nearly doubled since January 2022.

BTC0.91%
G-1.32%
ALT0.45%
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