In brief
- The market cap of top Bitcoin miners tracked by JP Morgan last month soared to a new record.
- This comes as publicly-traded miners branch out into high-performance computing, analysts at the bank said.
- The environment for the Bitcoin mining industry has been challenging.
The market cap of top publicly-traded Bitcoin miners soared last month, according to JP Morgan analysts in a note Tuesday, as some of the industry’s largest companies expanded into high-powered computing.
The analysts wrote that the aggregate market cap of the 13 U.S.-listed miners hit a record high of over $39 billion in August.
The bank tracks miners Hut 8, Core Scientific, TeraWulf, IREN, and Riot, which all trade on stock exchanges.
Mining the world’s largest cryptocurrency by market value has grown increasingly difficult and expensive. The process has also generated smaller rewards since last year’s halving cut the Bitcoin earned from 6.250 to…
