US Bitcoin Miners Lost 25% of Their Market Cap in March: JPMorgan
The monthly figure was the third-worst on record, according to the report.
Author: Will Canny | Edited by: Sheldon Reback Updated: April 1, 2025, 7:55 PM UTC Published: April 1, 2025, 2:02 PM UTC
Key points:
- Bitcoin miners registered in the US and monitored by JPMorgan lost 25% of their market capitalization in March, or about $6 billion.
- The bank noted that this was the third-worst monthly result in the history of publicly traded mining companies.
- The report also points to a decline in daily revenue and profitability in the mining industry.
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.
