Bitcoin Miners in Solid Position as 2025 Begins, Says JPMorgan

Bitcoin mining stocks tracked by JPMorgan have enjoyed a solid start to 2025, with 12 out of the 14 companies under coverage outperforming Bitcoin itself in the first two weeks, according to the bank’s research report published Thursday.

The report revealed that the network’s hashrate has seen a 2% increase month-to-date, averaging 793 exahashes per second (EH/s), which represents a 51% year-over-year growth. The hashrate is a measure of the total computational power used to mine and process transactions, serving as an indicator of mining difficulty and industry competition.

JPMorgan also noted that the hashprice, which measures daily mining profitability, has decreased slightly by less than 1% since December’s end. This slight drop was attributed to the fact that hashrate growth has outpaced Bitcoin’s price movement. Despite this, miners have still been able to earn about $54,900 per daily block reward revenue per EH/s during the first two weeks of January.

The combined hashrate of the 14 U.S.-listed mining companies monitored by JPMorgan has more than doubled in the last 12 months, now accounting for approximately 30% of the global Bitcoin network.

The total market cap of the mining stocks in JPMorgan’s coverage has risen by 16%, or $4.5 billion, during the first two weeks of January. Riot Platforms (RIOT) led the pack with a 32% gain, while Bitdeer saw a 4% decline.

Bitcoin itself has gained 56% since the April halving event, 44% since the U.S. presidential election in November, and 134% year-on-year, reflecting significant growth and a bullish sentiment across the cryptocurrency market.