According to CoinDesk, JPMorgan released a research report on Wednesday indicating that the performance of Bitcoin mining stocks showed a divergence in the first two weeks of April, with companies focused on mining operations outperforming those engaged in high-performance computing (HPC).
During this period, only MARA Holdings and CleanSpark outperformed Bitcoin, while miners involved in HPC applications, including Bitdeer, TeraWulf, IREN, and Riot Platforms, underperformed.
JPMorgan noted that US-listed mining companies performed well overall in March, increasing their hash rate by 15 EH/s and mining more Bitcoin. However, their performance in the first half of April fell short of expectations. Analysts Reginald Smith and Charles Pearce wrote:
The investment bank estimated that the current trading price of US-listed miners is approximately 1.2 times their four-year block reward opportunity proportion, marking the lowest level in over two years. The report stated that in the first two weeks of this month, miners earned about $41,500 in block reward revenue per EH/s per day, a decrease of 12% compared to March.
Analysts pointed out that the Bitcoin network hash rate has increased by 85 EH/s this month, reaching an average of 900 EH/s. The total market capitalization of the 13 US-listed miners tracked by the bank fell by 2% to $16.9 billion in April.
