February Market Analysis of U.S. Bitcoin Miners
The total market capitalization of the 14 publicly-listed Bitcoin mining companies tracked by Wall Street bank JPMorgan (JPM) experienced a significant decline of 22% during February. This downturn coincided with a drop in the price of Bitcoin (BTC) and increasing pressures on mining economics.
In particular, Bitcoin miners that are heavily reliant on high-performance computing (HPC) faced challenges following the announcement of DeepSeek’s artificial intelligence (AI) initiative. Concerns about the immediate demand for data center capacity further exacerbated the situation, as highlighted by the bank’s analysis.
As a result, both revenue and profitability for these miners fell sharply last month. JPMorgan estimated that the average earnings for Bitcoin miners stood at $54,300 per EH/s in daily block reward revenue for February, marking a 5% decrease compared to the preceding month. The analysts, Reginald Smith and Charles Pearce, noted that daily block reward gross profit fell by 9% month-over-month, settling at $29,500 per EH/s during the same period.
On a different note, the average network hashrate saw a modest increase of 3%, reaching 810 exahashes per second (EH/s) last month. The hashrate represents the total computational power dedicated to mining and processing transactions on a proof-of-work blockchain. Additionally, mining difficulty rose by 2% since January, indicating that network difficulty is now 28% higher than it was prior to the halving event that took place in April of the previous year.
Among the miners, Core Scientific (CORZ) emerged as the best performer with only a 9% decline, while Greenidge Generation lagged significantly, suffering a 36% drop in its value throughout the month, according to the report.
