Bitcoin mining stocks have kicked off 2025 on a strong note, with 12 out of the 14 tracked companies by JPMorgan outperforming Bitcoin in the first two weeks of the year.
Bitcoin Mining Stocks Start 2025 on a Strong Footing
Bitcoin mining stocks have begun the year with a strong performance, with 12 out of the 14 companies tracked by JPMorgan outperforming the world’s largest cryptocurrency in the first two weeks. This growth is attributed to the increasing hashrate of miners, which now accounts for roughly 30% of the global network.
Rising Hashrate and Hashprice
The combined hashrate of the 14 U.S.-listed miners tracked by JPMorgan has more than doubled in the last 12 months. This growth is reflected in the hashrate, which has risen 2% month-to-date to an average of 793 exahashes per second (EH/s). The hashprice, a measure of daily mining profitability, has dropped less than 1% since the end of December.
Profitability and Market Performance
Miners earned approximately $54,900 in daily block reward revenue per EH/s over the first two weeks of January. While this is 2% less than last month’s earnings, it still indicates a strong start to the year for mining stocks. The total market cap of these companies has increased by 16%, or $4.5 billion, in the first two weeks of the year.
Industry Trends
Riot Platforms (RIOT) outperformed with a 32% gain, while Bitdeer underperformed with a 4% decline. In contrast, Bitcoin has increased about 56% since the halving event in April and around 44% since the U.S. presidential election in November.
Conclusion
The strong start to the year for bitcoin mining stocks is attributed to the growing hashrate and profitability of miners. As the industry continues to evolve, it will be interesting to see how these trends impact the market performance of mining companies and the broader cryptocurrency sector.
