US Bitcoin Miners Lost 25% of Their Market Cap in March: JPMorgan
Author: Will Canny | Edited by: Sheldon Reback Updated: April 1, 2025, 7:55 PM UTC Published: April 1, 2025, 2:02 PM UTC
The total market capitalization of 14 bitcoin (BTC) miners listed on U.S. exchanges and tracked by JPMorgan (JPM) fell 25% in March, marking its third-worst monthly performance ever, the Wall Street bank said on Tuesday.
Only one stock, Stronghold Digital Mining (SDIG), managed to outperform Bitcoin (BTC) last month, the report notes. Bitfarms (BITF) completed its acquisition of the company on March 17. High-performance computing (HPC) miners continued to lag pure-play miners for the second month in a row.
“We note that current valuations are at their lowest relative to block rewards since the FTX crash in fall 2023,” analysts Reginald Smith and Charles Pierce wrote.
The network’s average hashrate increased slightly over the month to 816 exahashes per second (EH/s), according to the report. Hashrate refers to the total combined computing power used to mine and process transactions on a proof-of-work blockchain, and serves as an indicator of competition in the industry and mining difficulty.
Mining industry revenues and profitability have declined.
“We estimate that Bitcoin miners earned an average of $47,300 per EH/s in daily block reward revenue in March, down 13% from February,” the bank said. Gross daily block reward revenue fell 22% month-on-month to $23,000 per EH/s.
Stronghold Digital was the best performer in the sector last month, posting a 2% decline. Cipher Mining (CIFR) was the worst performer, posting a 45% decline.
Read more: Bitcoin network hashrate increases slightly in March as mining economy weakens: JPMorgan
UPDATE (April 1, 14:25 UTC): Added a mention of Stronghold Digital’s acquisition by Bitfarms to the second paragraph.
Your email address will not be published. Required fields are marked *
[…] January 2022, the number of cryptocurrencies existing in the market increased by 1 thousand. This implies that each new…
Your writing is like a breath of fresh air in the often stale world of online content. Your unique perspective…
I would like to share my story and express my great gratitude to Maria. My husband Alexander was literally taken…