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.
摩根大通周一的一份分析师报告指出，尽管比特币（加密货币：BTC）价格在3月份创下历史新高，但矿业股的表现更加波动。
发生了什么：摩根大通分析师雷金纳德·史密斯指出，比特币的价格在3月份飙升至平均每日价格约67,600美元。
与2月份的平均水平相比增长了37％，该网络的哈希率（衡量挖掘和处理比特币交易时使用的每秒计算能力的指标）显著提高至每秒600个Exahashes（EH/s），比2月份增长了23 EH/s，同比增长了80％，这表明竞争加剧。
由于比特币价格升值超过了哈希率的增长，矿工每EH/s的平均每日区块奖励收入为100,400美元，为2022年8月以来的最高水平。
但是，随着比特币减半事件的临近，预计4月份的股票表现将波动。
截至3月31日，14家比特币矿商的总市值为200亿美元，同比增长3％。
马拉松数字控股公司（纳斯达克股票代码：MARA）的市值最高，为60亿美元，其次是CleanSpark（纳斯达克股票代码：CLSK），为42亿美元。Cipher Mining（纳斯达克股票代码：CIFR）和沃尔夫矿业（纳斯达克股票代码：WULF）在3月份的股票表现最好，而Bitfarms（纳斯达克股票代码：BITF）的表现最差。
只有CleanSpark的表现超过了比特币今年迄今的回报率。
马拉松报告的哈希率最高，为28.7 EH/s，其次是CleanSpark，为18.9 EH/s。矿商的总市值为剩余比特币名义价值的21％，占四年滚动区块奖励收入机会的42％。
CleanSpark和Riot Blockchain（纳斯达克股票代码：RIOT）的交易价格是当前最高的电动汽车与当前哈希率倍数，而艾瑞斯能源（纳斯达克股票代码：IREN）在该指标上是最便宜的交易所之一。
下一步是什么：这些发展将成为Benzinga's Future of Digital Assets活动中引起浓厚兴趣的话题，届时行业专家将深入探讨加密货币投资的动态、采矿盈利能力以及比特币减半对数字资产未来的更广泛影响。
该内容部分是在人工智能工具的帮助下制作的，并由Benzinga编辑审查和发布。
