- Bitcoin mining stocks have outperformed BTC itself in early 2024, with 12 out of 14 tracked companies showing superior returns.
- Network hashrate increased 2% in January 2024, reaching 793 exahashes per second, marking a 51% year-over-year rise.
- Mining profitability remained stable with only a minor decline since December 2023.
- U.S.-listed miners now control approximately 30% of global Bitcoin network hashrate.
- Total market capitalization of tracked mining stocks rose by $4.5 billion in the first two weeks of 2024.
Bitcoin Mining Stocks Surge Ahead of BTC Performance
Mining Stock Performance and Network Metrics
According to JPMorgan‘s latest research report, Bitcoin mining companies started 2024 with remarkable momentum. The analysis shows that mining stocks have displayed stronger performance than Bitcoin itself, with Riot Platforms leading the pack with a 32% gain.
The Bitcoin network’s computational power, measured in hashrate, reached 793 exahashes per second (EH/s) in early January 2024, representing a 2% monthly increase and a 51% rise compared to the previous year. This metric indicates the total processing power dedicated to mining operations and securing the network.
Mining Economics and Revenue
Daily mining profitability, known as hashprice, experienced minimal fluctuation, declining less than 1% since December 2023. Mining operations generated approximately $54,900 in daily block rewards per EH/s during January’s first two weeks, showing a modest 2% decrease from December levels.
Market Impact and Industry Growth
The combined market value of the 14 U.S.-listed mining companies tracked by JPMorgan increased by $4.5 billion in early 2024. These companies have collectively doubled their hashrate contribution over the past year, now representing about 30% of the global Bitcoin network’s processing power.
Bitcoin’s price movements have remained strong, with a 56% increase since the April 2023 halving event, a 44% rise following the U.S. presidential election in November, and a 134% appreciation over the past year. While Bitdeer showed a 4% decline, it remained the only significant underperformer among the tracked mining stocks.
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