A JPMorgan Chase and Co. analyst note on Monday pointed out that despite Bitcoin (CRYPTO: BTC) prices hitting record highs in March, the performance of mining stocks has been more volatile.
What Happened: JPMorgan analyst Reginald Smith pointed out that Bitcoin's price soared to an average daily price of approximately $67,600 in March.
This 37% increase from February's average came with a notable increase in the network's hash rate—a measure of the computational power per second used when mining and processing Bitcoin transactions—to 600 Exahashes per second (EH/s), up 23 EH/s from February and 80% year-over-year, indicating increased competition.
Mining profitability improved, with miners earning an average of 100,400 per EH/s in daily block reward revenue, the highest since August 2022, as bitcoin price appreciation outpaced hash rate growth.
However, as the Bitcoin halving event approaches, stock performance is expected to be volatile in April.
The aggregate market cap of the 14 bitcoin miners was $20 billion as of March 31, up 3% for the month.
Marathon Digital Holdings (NASDAQ:MARA) had the highest market cap at $6 billion, followed by CleanSpark (NASDAQ:CLSK) at $4.2 billion. Cipher Mining (NASDAQ:CIFR) and Wulf Mining (NASDAQ:WULF) had the best stock performance in March, while Bitfarms (NASDAQ:BITF) had the worst.
Only CleanSpark has outperformed Bitcoin's year-to-date return.
Marathon had the highest reported hashrate at 28.7 EH/s, followed by CleanSpark at 18.9 EH/s. The miners' aggregate market cap was 21% of the nominal value of remaining Bitcoin and 42% of the four-year rolling block reward revenue opportunity.
CleanSpark and Riot Blockchain (NASDAQ:RIOT) traded at the highest EV-to-current hash rate multiples, while Iris Energy (NASDAQ:IREN) was among the cheapest on that metric.
What's Next: These developments will be a topic of keen interest at the Benzinga's Future of Digital Assets event, where industry experts will delve into the dynamics of cryptocurrency investments, mining profitability, and the broader implications of the Bitcoin halving for the future of digital assets.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
摩根大通週一的一份分析師報告指出，儘管比特幣（加密貨幣：BTC）價格在3月份創下歷史新高，但礦業股的表現更加波動。
發生了什麼：摩根大通分析師雷金納德·史密斯指出，比特幣的價格在3月份飆升至平均每日價格約67,600美元。
與2月份的平均水平相比增長了37％，該網絡的哈希率（衡量挖掘和處理比特幣交易時使用的每秒計算能力的指標）顯著提高至每秒600個Exahashes（EH/s），比2月份增長了23 EH/s，同比增長了80％，這表明競爭加劇。
由於比特幣價格升值超過了哈希率的增長，礦工每EH/s的平均每日區塊獎勵收入爲100,400美元，爲2022年8月以來的最高水平。
但是，隨着比特幣減半事件的臨近，預計4月份的股票表現將波動。
截至3月31日，14家比特幣礦商的總市值爲200億美元，同比增長3％。
馬拉松數字控股公司（納斯達克股票代碼：MARA）的市值最高，爲60億美元，其次是CleanSpark（納斯達克股票代碼：CLSK），爲42億美元。Cipher Mining（納斯達克股票代碼：CIFR）和沃爾夫礦業（納斯達克股票代碼：WULF）在3月份的股票表現最好，而Bitfarms（納斯達克股票代碼：BITF）的表現最差。
只有CleanSpark的表現超過了比特幣今年迄今的回報率。
馬拉松報告的哈希率最高，爲28.7 EH/s，其次是CleanSpark，爲18.9 EH/s。礦商的總市值爲剩餘比特幣名義價值的21％，佔四年滾動區塊獎勵收入機會的42％。
CleanSpark和Riot Blockchain（納斯達克股票代碼：RIOT）的交易價格是當前最高的電動汽車與當前哈希率倍數，而艾瑞斯能源（納斯達克股票代碼：IREN）在該指標上是最便宜的交易所之一。
下一步是什麼：這些發展將成爲Benzinga's Future of Digital Assets活動中引起濃厚興趣的話題，屆時行業專家將深入探討加密貨幣投資的動態、採礦盈利能力以及比特幣減半對數字資產未來的更廣泛影響。
該內容部分是在人工智能工具的幫助下製作的，並由Benzinga編輯審查和發佈。
