Investing.com — mining stocks outperformed the underlying cryptocurrency in June, driven by excitement around AI data centers, the value of power access, and a decline in network hashrate.
According to a note from JPMorgan (NYSE:), dated Monday, these factors contributed to a 19% sequential increase in the aggregate market cap of 14 U.S.-listed bitcoin miners, which reached $22 billion.
The investment bank highlighted several key factors behind this rally. First, the AI data centers emerged as a more lucrative use case for mining facilities. Second, the scarcity and value of power access have become more apparent. Lastly, a decline in network hashrate modestly improved mining economics for U.S.-listed operators, although profitability remains nearly 50% below pre-halving levels.
Despite an overall decline, the average Bitcoin price in June hovered around $66,000, up merely 1% from May. However, it exited the month lower…
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