There is a total market capitalization of 14 publicly listed US miners, with Wall Street Bank JPMorgan (JPM) trucks falling by 22% in February as Bitcoin (BTC) prices fell and mining economics under pressure.
Following the announcement of DeepSeek Artificial Intelligence (AI), Bitcoin miners with high performance computing (HPC) exposure have declined, and concerns about recent data center capacity demand have led the bank to say.
Last month, revenue and profitability declined. The bank estimated that Bitcoin Miners averaged $54,300 per EH/s in daily block reward revenue in February, down 5% from the previous month.
“The gross profit from daily block compensation fell by $29,500 from 9%m/m per EH/s in February,” wrote analysts Reginald Smith and Charles Pierce.
The average network hash rate rose 3% last month, according to 810 exahashes per 810 seconds (EH/S), the report said.
Hashrate refers to the total computing power used to mine and process transactions in the Proof of Work blockchain.
Mining difficulties have risen 2% since January, the bank said. The network difficulty is 28% higher than before the harving event last April.
Core Scientific (Corz) performed best with a 9% drop, while Greenidge’s generation is performing poorly with a 36% drop that month, the report added.
Read more: US List Bitcoin Miners accounted for 29% of the global hashrate in February: JPMorgan
