Top public market capitalization Bitcoin Miners surged last month last month as some of the largest companies in the industry expanded to high-power computing, according to JP Morgan analysts in a memo on Tuesday.
Analysts write that the total market capitalization of the 13 US listed miners reached a record high of over $39 billion in August.
The bank tracks Miners Hut 8, Core Scientific, Terawulf, Iren, and Riot.
Mining the world’s largest cryptocurrency by market value is becoming increasingly difficult and expensive. The process has also produced smaller rewards since the bitcoin earned was reduced from 6.250 to 3.125, thanks to a half-cutting last year. These trends have erode profitability despite the rising prices of Bitcoin, and have led miners to look for new revenue streams.
Miners often needed to sell coins and branches to a variety of industries, including high-performance computing for artificial intelligence, to cover operational costs.
However, branching into an AI data center is difficult and requires more complex heating, ventilation and air conditioning systems than Bitcoin mining. I said Decryption.
Still, some miners have already announced an initiative last month to convert facilities to HUT 8. Clear your plan Develop new capacity of 1.53 gigawatts at four US sites.
The new site will provide energy for non-mining purposes, the company said.
Bitcoin was recently traded for $111,285 According to After a 2% rise in the last 24 hours, Cryptocurrency Markets Data Provider Coingecko. BTC has fallen more than 10% after reaching an all-time high of $124,285 last month.
In a report on Tuesday, analysts at JP Morgan noted that the network hashrate reached record highs, but the coins are approaching current levels, resulting in a decline in profitability compared to July.
