Bitcoin miners tracked by JPMorgan have had an impressive start to 2025, with 12 out of the 14 companies outperforming Bitcoin in the first two weeks of the year, according to a new report from the Wall Street bank.
The mining network’s total hashrate has increased by 2% month-to-date, reaching an average of 793 exahashes per second (EH/s), a 51% rise from the same time last year. The hashrate measures the combined computational power used to mine Bitcoin and process transactions, reflecting the level of competition in the mining industry.
Despite a slight 1% drop in hashprice since December, which is a measure of daily mining profitability, Bitcoin miners have still seen a relatively strong performance. They earned an average of $54,900 in daily block reward revenue per EH/s in the first two weeks of January.
The combined hashrate of the 14 U.S.-listed miners JPMorgan tracks has more than doubled in the past 12 months, now representing around 30% of the global Bitcoin network’s hashrate. The total market capitalization of the mining stocks covered by JPMorgan rose by 16%, or $4.5 billion, in just the first two weeks of January. Riot Platforms (RIOT) saw a remarkable 32% increase in its stock price, while Bitdeer experienced a decline of 4%.
Bitcoin itself has seen a 56% increase in value since the halving event in April, 44% since the U.S. presidential election in November, and an impressive 134% year-over-year, signaling continued growth in both the mining and cryptocurrency markets.
