JPMorgan Report Shows Bitcoin Mining Stocks Rebound in January, Market Cap Rises $11B

JPMorgan's latest report points out that despite a 4% decline in Bitcoin's price in January, U.S.-listed Bitcoin mining companies achieved a strong rebound. The total market capitalization of 14 tracked mining and data center operators increased by $110 billion, reaching $600 billion, representing a 23% month-over-month growth, far outpacing the 1% increase of the S&P 500 index. This performance was driven by two major factors: first, winter storms in the U.S. caused a 6% drop in network hash rate to 981 EH/s, and mining difficulty decreased by 5% from December, easing competitive pressure; second, news such as Riot Platforms signing a high-performance computing agreement with AMD highlighted that miners are transitioning from single Bitcoin mining to diversified businesses such as AI data centers. Although valuations remain at high levels (about three times the average block reward multiple in late 2022), and the overall market capitalization is still about 15% lower than the peak in October 2025, the industry's profitability has improved. In January, the daily block reward income per EH/s was approximately $42,350, and gross profit increased by 24% month-over-month to $21,200.