JPMorgan: Capitalization of US miners fell by 22% in February

Analysts also noted a drop in revenue for industry companies

05.03.2025 - 11:55

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3 min

What’s new? Analysts at JPMorgan Bank wrote in their latest cryptocurrency report that the total market capitalization of the 14 largest US publicly traded mining companies fell 22% or $6 billion in February. The bank tracks companies such as Marathon Digital (MARA), Riot (RIOT), Core Scientific (CORZ), CleanSpark (CLSK), and Cipher (CIFR).

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What else is known? Analysts also noted a drop in revenue for miners. According to their calculations, the average daily revenue of industry companies for mining a block per 1 EH/s fell by 5% over the month to $54 300.

As for bitcoin itself, it has lost 6% over the past 30 days and is currently trading at $89 900.

The asset fell to $78 940 last Friday as traders opted to use less risky assets to hedge amid a stock market crash triggered by the escalating US trade wars with Canada and Mexico.

Later on March 4, tariffs of 25% on Canadian and Mexican products went into effect.

Matrixport analysts have allowed the possibility of bitcoin correction to continue until April

The material is not an investment recommendation and is published for informational purposes only

Bitcoin has fallen 17% from its all-time high above $108 000, which was reached on the day of Donald Trump’s inauguration on January 20.

Bitcoin’s rapid rise since Trump’s victory in the November 5 presidential election helped boost miners’ revenues in the fourth quarter of last year, but now the price drop is making it harder for industry companies to operate.

Maintaining mining operations is becoming more expensive as they require significant power consumption.

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The lengthy inspections resulted in additional costs for some companies

The work of miners was also complicated by the successful launch of the Chinese AI model Deepseek in late January.

The fact is that some miners after another bitcoin halving last April to diversify their income started renting their devices to AI startups for high-performance computing. However, the popularity of Deepseek has led to a drop in revenue for miners in this area as well.

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