Bitcoin Miners Start 2025 Strong, According to JPMorgan

Bitcoin mining stocks tracked by JPMorgan have made a strong start to 2025, with 12 out of the 14 companies in their coverage outperforming the world’s largest cryptocurrency in the first two weeks of the year, according to a recent research report from the bank.

The report highlighted that the network’s hashrate has increased by 2% month-to-date, now averaging 793 exahashes per second (EH/s), and has risen 51% year-on-year. The hashrate is an important indicator of mining competition and difficulty, reflecting the combined computational power used in mining and processing transactions on the Bitcoin network.

Additionally, the combined hashrate of the 14 U.S.-listed miners in JPMorgan’s coverage has more than doubled in the last 12 months, now accounting for approximately 30% of the global Bitcoin network. This increased activity is contributing to higher overall mining revenues, though the hashprice—a measure of mining profitability—has experienced a slight dip of less than 1% since the end of December, due to the hashrate growth outpacing Bitcoin’s price movement.

Mining companies earned about $54,900 in daily block reward revenue per exahash per second during the first two weeks of January, marking a 2% decline compared to the previous month.

The overall market capitalization of the mining stocks tracked by JPMorgan has grown by 16%, or $4.5 billion, in the early part of the year. Riot Platforms (RIOT) has led the pack with a 32% increase in its stock value, while Bitdeer underperformed with a 4% decline.

Bitcoin’s price has also seen significant upward movement, increasing by 56% since the April halving event, 44% since the U.S. presidential election in November, and a remarkable 134% year-over-year.