CATENAA, Friday, December 13,2024 – Publicly traded Bitcoin miners have reported a surge in stock valuations, fueled by Bitcoin’s climb past $99,500 last month, according to JP Morgan.
The combined market capitalization of 14 major Bitcoin mining firms rose 52% in November to $36.2 billion, highlighting the sector’s rebound despite challenges from the recent halving event.
Among top performers, Singapore-based Bitdeer led with an 83% stock surge to $14.27. TeraWulf outpaced Bitcoin’s 39% gain, recording a 229% increase despite weak Q3 earnings.
The report credited Bitcoin’s price rally to market optimism after Donald Trump’s election victory and strong institutional interest.
JP Morgan noted that the halving in April, which reduced block rewards from 6.25 BTC to 3.125 BTC, cut mining revenue by 50%. However, Bitcoin’s current price near $95,680 has restored profitability. Daily revenue per exahash rose 24% in November to $52,000, compared to $42,000 in October.
Bitdeer reported a $50 million loss in Q3 due to the halving but made strides in developing new mining chips to compete with industry leader Bitmain. Meanwhile, MARA Holdings and Hut 8 outperformed, bolstered by strategic expansions and increased Bitcoin reserves.
While most firms benefitted, Argo Blockchain saw its stock drop 3% to $1.08, making it the only miner in the JP Morgan analysis to post negative November performance.
Despite uneven gains, the sector’s November rally signals renewed investor confidence in Bitcoin mining, driven by rising cryptocurrency prices and increasing market activity.
