Bitcoin Miners Have Started 2025 on a Strong Footing, JPMorgan Says

Bitcoin Miners Have Started 2025 on a Strong Footing, JPMorgan Says

• Bitcoin mining companies have significantly outperformed the digital asset itself in early 2025.

• The combined hashrate of 14 miners tracked by JPMorgan now represents approximately 30% of the global network, having more than doubled over the past year.

• The total market capitalization of these mining companies has risen by 16% since the beginning of the year, adding $4.5 billion in value.

Bitcoin Miners Outperform BTC as Hashrate Surges

A new research report from JPMorgan highlights a strong start to 2025 for Bitcoin (BTC) mining companies, with the majority of publicly traded firms in the sector outperforming Bitcoin itself in the first two weeks of the year. Of the 14 mining firms tracked by the bank, 12 recorded gains that exceeded BTC’s performance.

The Bitcoin network’s total hashrate, a key measure of computational power dedicated to mining and processing transactions, has climbed by 2% month-to-date, reaching an average of 793 exahashes per second (EH/s). This marks a 51% year-over-year increase, reinforcing the growing competitiveness and difficulty of mining operations.

Mining Profitability and Hashrate Trends

Despite the increase in hashrate, daily mining profitability—measured by hashprice—has remained relatively stable, declining by less than 1% since December. Analysts Reginald Smith and Charles Pearce from JPMorgan noted that this minimal drop is due to "hashrate growth outpacing BTC price movement."

Over the first two weeks of January, miners earned an average of $54,900 in daily block rewards per EH/s, which is 2% lower than the previous month’s earnings. However, the rapid expansion of mining operations has led to increased market confidence in the sector.

Market Capitalization and Stock Performance

The combined hashrate of the 14 U.S.-listed miners tracked by JPMorgan has more than doubled over the past year, now accounting for around 30% of the total Bitcoin network.

Since the beginning of 2025, the total market capitalization of these mining stocks has surged by 16%, adding approximately $4.5 billion in value. Among the top performers, Riot Platforms (RIOT) led the charge with a 32% increase in its stock price, while Bitdeer saw a 4?cline, making it the weakest performer within the group.

Bitcoin’s Price Performance in 2024-2025

Bitcoin itself has seen substantial gains over the past year, increasing by approximately 56% since the Bitcoin halving event in April 2024. Additionally, BTC is up 44% since the U.S. presidential election in November and has surged by 134% year-over-year, according to the report.

As mining firms continue to expand operations and strengthen their market positions, investors are closely watching the interplay between Bitcoin’s price movements, mining profitability, and the evolving regulatory landscape that could impact the industry’s growth trajectory in the months ahead.