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The full marketplace headdress of the fourteen U.S-listed bitcoin (BTC) miners that JPMorgan tracks exceeded $50 cardinal for the archetypal clip past month, the Wall Street slope said successful a study Wednesday.
The combined marketplace headdress of these mining stocks roseate 43% month-on-month to $56 cardinal successful September, the slope noted.
The determination was driven by a fig of announcements, including Cipher Mining's (CIFR) HPC colocation deal with Fluidstack, and IREN's (IREN) expansion of its Cloud Services business, the study said.
The BItcoin hashrate besides rose. The monthly mean web hashrate "increased ~82 EH/s (+9%) m/m to an mean of 1,031 EH/s successful September," analysts Reginald Smith and Charles Pearce wrote.
The hashrate refers to the full combined computational powerfulness utilized to excavation and process transactions connected a proof-of-work blockchain.
Mining profitability fell for the 2nd period successful a enactment arsenic the hashrate exceeded 1000 EH/s. The bank's analysts estimated that miners "earned an mean of $49,700 per EH/s successful regular artifact reward gross successful September, down 10% from August." Daily artifact reward gross nett besides slumped 17% from the period prior.
Bitfarms (BITF) outperformed the radical with a 110% gain, portion Cango (CANG) underperformed with an 11% decline.
Twelve of the fourteen miners successful the bank's sum outerformed bitcoin successful September, the study added.
Read more: Cipher Is the Latest Bitcoin Miner to Pivot to AI; Price Target Raised to $16: Canaccord
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