US Bitcoin Miners' Hashrate Share Up To 29% Despite Declining Market Cap, Says JP Morgan
US Bitcoin Miners' Hashrate Share Up To 29% Despite Declining Market Cap, Says JP Morgan
U.S.-listed Bitcoin (CRYPTO: BTC) miners have increased their share of the global network hashrate to approximately 29%, up by 7.8% since the Bitcoin halving earlier this year, according to a JP Morgan report.
根據JP摩根的報告，美國上市的比特幣(CRYPTO: BTC)礦工已將其在全球網絡哈希率中的份額增加到約29%，自今年早些時候比特幣減半以來增加了7.8%。
Despite this notable growth in network power, the combined market cap of the 14 largest U.S.-listed mining companies declined 4% month-to-date, falling to $34.7 billion as of mid-December.
儘管網絡算力顯著增長，但截至12月中旬，14家最大的美國上市礦業公司的總市值月初以來下降了4%，降至347億美元。
What Happened: The report highlights that U.S.-listed miners added 23 EH/s (exahashes per second) of capacity since October, an 11% increase, while the broader Bitcoin network hashrate grew by 6% during the same period.
發生了什麼：報告指出，自10月以來，美國上市礦工增加了23 EH/s（每秒exa哈希）的能力，增幅爲11%，而同期比特幣網絡哈希率增長了6%。
Marathon Digital Holdings (NASDAQ:MARA) led this expansion, contributing +9.9 EH/s, followed by IREN with +7 EH/s, underscoring their aggressive growth strategies.
Marathon Digital Holdings（納斯達克：MARA）在這一擴展中走在前列，貢獻了+9.9 EH/s，緊隨其後的是IREN，增加了+7 EH/s，突顯了它們激進的增長策略。
JP Morgan analysts observed an improvement in mining profitability alongside these capacity increases, driven by Bitcoin's rising price.
JP摩根的分析師觀察到，隨着這些產能的增加，挖礦盈利能力有所改善，這得益於比特幣價格的上漲。
"The average Bitcoin price increased 14% month-to-date, reaching approximately $102,000, while hashprice rose by 5%," the report stated.
報告指出：「比特幣的平均價格本月迄今上漲了14%，達到了約102,000美元，而哈希價格上漲了5%。」
Hashprice, which measures daily earnings for miners, reached $57,300 per EH/s, marking its highest level in the past seven months.
哈希價格衡量礦工的每日收益，達到了每EH/s 57,300美元，創下過去七個月的最高水平。
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Why It Matters: Despite these gains, the performance of mining stocks was mixed.
重要性: 儘管有這些增益，礦業股票的表現仍然混合。
The report notes that "the aggregate market cap of U.S.-listed miners declined by 4% since November 30th, erasing a small portion of the $11 billion rally seen after the post-election surge."
報告指出「美國上市礦商的總市值自11月30日以來下降了4%，抹去了選後激增後110億美元反彈中的一小部分。」
Bitdeer (NASDAQ:BTDR) was the standout performer in early December, with shares rising 47%, while Argo Blockchain (ARBK) saw the steepest decline, dropping 35%.
Bitdeer (納斯達克:BTDR)在12月初表現突出，股價上漲了47%，而Argo Blockchain (ARBK)則出現了最陡的下降，下降了35%。
JP Morgan also examined valuation metrics, revealing that U.S.-listed Bitcoin miners currently trade at approximately 2.0x their proportional share of the four-year block reward.
JP Morgan還研究了估值指標，顯示美國上市的比特幣礦商目前交易價格約爲其四年區塊獎勵的2.0倍。
This marks a decline from 2.7x recorded in July, reflecting more cautious investor sentiment amid volatile macroeconomic conditions.
與7月份記錄的2.7倍相比，這標誌着一個下降，反映出投資者在動盪的宏觀經濟條件下更加謹慎的情緒。
The report indicates that while mining economics have improved due to higher Bitcoin prices and lower volatility—currently at 40%, down from 62% in November—stock valuations remain sensitive to price fluctuations.
報告指出，儘管由於比特幣價格上漲和波動性降低（目前爲40%，低於11月的62%），礦業經濟得到了改善，股票估值仍然對價格波動敏感。
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Photo: Shutterstock
Photo: shutterstock
譯文內容由第三人軟體翻譯。
