US Bitcoin Miners' Hashrate Share Up To 29% Despite Declining Market Cap, Says JP Morgan
US Bitcoin Miners' Hashrate Share Up To 29% Despite Declining Market Cap, Says JP Morgan
U.S.-listed Bitcoin (CRYPTO: BTC) miners have increased their share of the global network hashrate to approximately 29%, up by 7.8% since the Bitcoin halving earlier this year, according to a JP Morgan report.
根据JP摩根的报告，美国上市的比特币(CRYPTO: BTC)矿工已将其在全球网络哈希率中的份额增加到约29%，自今年早些时候比特币减半以来增加了7.8%。
Despite this notable growth in network power, the combined market cap of the 14 largest U.S.-listed mining companies declined 4% month-to-date, falling to $34.7 billion as of mid-December.
尽管网络算力显著增长，但截至12月中旬，14家最大的美国上市矿业公司的总市值月初以来下降了4%，降至347亿美元。
What Happened: The report highlights that U.S.-listed miners added 23 EH/s (exahashes per second) of capacity since October, an 11% increase, while the broader Bitcoin network hashrate grew by 6% during the same period.
发生了什么：报告指出，自10月以来，美国上市矿工增加了23 EH/s（每秒exa哈希）的能力，增幅为11%，而同期比特币网络哈希率增长了6%。
Marathon Digital Holdings (NASDAQ:MARA) led this expansion, contributing +9.9 EH/s, followed by IREN with +7 EH/s, underscoring their aggressive growth strategies.
Marathon Digital Holdings（纳斯达克：MARA）在这一扩展中走在前列，贡献了+9.9 EH/s，紧随其后的是IREN，增加了+7 EH/s，突显了它们激进的增长策略。
JP Morgan analysts observed an improvement in mining profitability alongside these capacity increases, driven by Bitcoin's rising price.
JP摩根的分析师观察到，随着这些产能的增加，挖矿盈利能力有所改善，这得益于比特币价格的上涨。
"The average Bitcoin price increased 14% month-to-date, reaching approximately $102,000, while hashprice rose by 5%," the report stated.
报告指出：“比特币的平均价格本月迄今上涨了14%，达到了约102,000美元，而哈希价格上涨了5%。”
Hashprice, which measures daily earnings for miners, reached $57,300 per EH/s, marking its highest level in the past seven months.
哈希价格衡量矿工的每日收益，达到了每EH/s 57,300美元，创下过去七个月的最高水平。
Also Read: RLUSD Launch Is 'Not An Opportunity To Get Rich,' Ripple Executive Cautions
另请阅读：RLUSD的推出 ‘不是快速致富的机会’ ，Ripple高管警告。
Why It Matters: Despite these gains, the performance of mining stocks was mixed.
重要性: 尽管有这些增益，矿业股票的表现仍然混合。
The report notes that "the aggregate market cap of U.S.-listed miners declined by 4% since November 30th, erasing a small portion of the $11 billion rally seen after the post-election surge."
报告指出“美国上市矿商的总市值自11月30日以来下降了4%，抹去了选后激增后110亿美元反弹中的一小部分。”
Bitdeer (NASDAQ:BTDR) was the standout performer in early December, with shares rising 47%, while Argo Blockchain (ARBK) saw the steepest decline, dropping 35%.
Bitdeer (纳斯达克:BTDR)在12月初表现突出，股价上涨了47%，而Argo Blockchain (ARBK)则出现了最陡的下降，下降了35%。
JP Morgan also examined valuation metrics, revealing that U.S.-listed Bitcoin miners currently trade at approximately 2.0x their proportional share of the four-year block reward.
JP Morgan还研究了估值指标，显示美国上市的比特币矿商目前交易价格约为其四年区块奖励的2.0倍。
This marks a decline from 2.7x recorded in July, reflecting more cautious investor sentiment amid volatile macroeconomic conditions.
与7月份记录的2.7倍相比，这标志着一个下降，反映出投资者在动荡的宏观经济条件下更加谨慎的情绪。
The report indicates that while mining economics have improved due to higher Bitcoin prices and lower volatility—currently at 40%, down from 62% in November—stock valuations remain sensitive to price fluctuations.
报告指出，尽管由于比特币价格上涨和波动性降低（目前为40%，低于11月的62%），矿业经济得到了改善，股票估值仍然对价格波动敏感。
- Trump Reportedly Considering Executive Order To Establish Strategic Bitcoin Reserve
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Photo: Shutterstock
Photo: shutterstock
