U.S.-Listed Bitcoin Miners Reach Record Market Cap of $22.8 Billion

On June 15, the total market capitalization of U.S.-listed Bitcoin miners hit an all-time high of $22.8 billion. Notably, since 2023, mining stocks have been on a bullish trend due to the resurgence in Bitcoin prices.

JPMorgan analysts emphasize that this growth is proportional to the increased computational power of these companies.

Another noteworthy point is that some mining firms are diversifying their operations by venturing into the artificial intelligence market. Just like mining companies, AI companies that rely on generative models require substantial computing power.

Currently, Marathon Digital Holdings is the largest publicly traded mining company in the U.S., with a market value of approximately $5.3 billion. CleanSpark and Riot Platforms follow closely, with market values of $4 billion and $3 billion, respectively.

After a prolonged bear market, some Bitcoin miners were on the brink of bankruptcy. However, with the rise in Bitcoin prices, the market has been recovering since 2023.

The price surges in 2023 and 2024 have helped miners remain profitable even after halving events. Halving refers to the reduction in new Bitcoin issuance every 210,000 blocks.

Sentiment: Neutral