Tesla revenue dented by softer demand as Musk warns of "rough quarters" ahead
Investing.com -- The total market capitalization of 13 U.S.-listed Bitcoin mining companies reached approximately $28.1 billion as of June 27th, representing a 23% increase month-over-month, according to JPMorgan.
The growth was primarily driven by miners with high-performance computing (HPC) exposure following reports that CoreWeave was exploring the acquisition of Core Scientific.
Despite this market cap increase, the 7-day rolling average network hashrate as of June 27th was more than 100 EH/s below end-of-May levels. JPMorgan analysts suggest that U.S. operators including Cipher, Riot, and IREN, which collectively operate more than 80 EH/s in Texas, likely reduced operations in response to the recent heatwave and resulting increases in spot power prices.
As of June 27th, the aggregate market capitalization of these mining companies was trading at 47% of the four-year block reward opportunity, compared to an average of 38% since January 2022. This indicates that market cap value creation has outpaced growth in bitcoin market cap, primarily due to renewed enthusiasm for high-performance computing.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.