Publicly Listed Bitcoin (BTC) Miners Dropped 22% in February: JPMorgan (JPM)

The total market cap of the 14 publicly-listed U.S. miners that Wall Street bank JPMorgan (JPM) tracks dropped 22% in February as the bitcoin (BTC) price declined and mining economics came under pressure.

The total market cap of the 14 publicly-listed U.S. miners that Wall Street bank JPMorgan (JPM) tracks dropped 22% in February as the bitcoin (BTC) price came under pressure and mining economics deteriorated, according to a Monday note by the bank.

Bitcoin miners with high performance computing (HPC) exposure fell following the DeepSeek artificial intelligence (AI) announcement, and due to concerns about demand for data center capacity in the near-term, the bank added.

Revenue and profitability at the miners fell last month, with the new report from JPMorgan coming after its previous analysis found that U.S.-listed bitcoin miners accounted for 29% of the global hashrate in February.

The bank estimated that bitcoin miners earned $54,300 per EH/s on average in daily block reward revenue in February, a 5% decline from the month previous.

"Daily block reward gross profit declined 9% m/m to $29,500 per EH/s in February," analysts Reginald Smith and Charles Pearce wrote.

The average network hashrate rose 3% to 810 exahashes per second (EH/s) last month, the report said.

The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain.

Bitcoin's price fell 26% to $24,000 over the period, while network difficulty rose 2% from January, the bank said.

Network difficulty is now 28% higher than before the halving event in April last year.

Core Scientific (NYSE:CORZ) was the best performer with a 9% drop, and Greenidge Generation (NYSE:GREE) underperformed with a 36% decline for the month, the report added.