2 days ago
The show of bitcoin (BTC) mining stocks was mixed successful the archetypal 2 weeks of April, with axenic play operators outperforming those with vulnerability to high-performance computing (HPC), JPMorgan (JPM) said successful a probe study Wednesday.
Only MARA Holdings (MARA) and CleanSpark (CLSK) outperformed the largest cryptocurrency during the period, portion miners with vulnerability to HPC, which is utilized successful applications including AI, specified arsenic Bitdeer (BTDR), TeraWulf (WULF), IREN (IREN) and Riot Platforms (RIOT) underperformed.
The slope noted that March was a bully period for the U.S.-listed miners. They added 15 exahashes per 2nd of capacity, and mined much tokens. The archetypal 2 weeks of April were not arsenic positive.
"Network hashrate maturation outpaced U.S. relation expansion, and mean bitcoin terms declined implicit the archetypal fractional of April, which has pressured mining economics," analysts Reginald Smith and Charles Pearce wrote.
The slope estimated that U.S.-listed miners are presently trading astir 1.2 times their proportional stock of the four-year artifact reward opportunity, which is the lowest level successful much than 2 years.
Miners earned astir $41,500 successful regular artifact reward gross per EH/s successful the archetypal 2 weeks of the month, a 12% diminution from March, the study said.
The web hashrate has risen 85 EH/s month-to-date to an mean of 900 EH/s, the slope noted. The hashrate refers to the full combined computational powerfulness utilized to excavation and process transactions connected a proof-of-work blockchain, and is simply a proxy for contention successful the manufacture and mining difficulty.
The full marketplace headdress of the 13 U.S.-listed bitcoin miners that the slope tracks fell 2% to $16.9 cardinal successful April.
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