- Bitcoin mining companies’ collective market cap increased 52% to $36.2 billion in November
- Mining revenues dropped 50% after April’s halving event, reducing block rewards to 3.125 BTC
- Daily revenue per exahash rose 24% to $52,000 in November from $42,000 in October
- TeraWulf leads year-to-date stock performance with 229% gains
- MARA Holdings expanded its Bitcoin holdings by 7,200 BTC, worth approximately $700 million
Public Bitcoin mining companies experienced substantial market value growth in November, with their collective capitalization rising 52% to $36.2 billion, according to a JP Morgan research note released Monday.
Post-Halving Recovery
The sector’s performance comes despite significant challenges from Bitcoin’s fourth halving in April, which reduced mining rewards from 6.25 BTC to 3.125 BTC per block. Mining revenues declined 50% following the event, though Bitcoin’s price surge to $95,680 has helped offset these impacts.
Revenue Metrics Improve
Daily revenue calculations show miners earned $52,000 per exahash in November, up 24% from October’s $42,000. An exahash represents computational power used in the Bitcoin mining process, measuring the rate at which miners process transactions and secure the network.
Company Performance Highlights
Singapore-based Bitdeer led monthly gains with an 83% stock price increase to $14.27, despite reporting a $50 million Q3 loss. TeraWulf maintained its position as the year’s top performer, with its stock up 229% to $7.89, surpassing Bitcoin’s 132% year-to-date appreciation.
MARA Holdings Expands Holdings
MARA Holdings, valued at $8.8 billion, strengthened its position as the second-largest corporate Bitcoin holder. According to Bitcoin Treasuries, the company acquired approximately 7,200 BTC in November, followed by an additional 6,484 BTC purchase announced Monday.
Market Performance Distribution
Among the 14 miners tracked by JP Morgan, only Argo Blockchain recorded negative performance in November, declining 3% to $1.08. Four companies – Bitdeer, Hut 8, MARA Holdings, and Iris Energy – outperformed Bitcoin’s 39% monthly gain, as indicated by CoinGlass data.
The sector’s performance reflects improving market conditions despite ongoing operational challenges from the halving event, with leading companies expanding their Bitcoin holdings and operational capacity.
✅ Follow BITNEWSBOT on Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Nike’s Web3 Unit RTFKT to Shut Down After Three Years of NFT Ventures
- Decrypt, Rug Radio Launch MYRIAD Platform With Prediction Markets at Art Basel
- U.S. Moves $2 Billion in Seized Silk Road Bitcoin to Coinbase, Price Dips
- Ajou University Joins Theta’s EdgeCloud AI Platform as Eighth Academic Partner
- Solana Meme Coin Moo Deng Surges 80% on Coinbase Listing Plans
