Bitcoin Mining Stocks Market Cap Reaches Record $56 Billion in September According to JPMorgan Analysis

The combined market capitalization of fourteen U.S.-listed Bitcoin mining companies tracked by JPMorgan surged to a record $56 billion in September, representing a 43% monthly increase according to the bank's latest report. This milestone marks the first time these BTC miners have collectively exceeded $50 billion in market value. Key developments driving this growth included Cipher Mining's HPC colocation agreement with Fluidstack and IREN's expansion of its Cloud Services division. Meanwhile, Bitcoin's network hashrate climbed 9% month-over-month to average 1,031 EH/s, though mining profitability declined for the second consecutive month with daily block reward revenue dropping 10% to $49,700 per EH/s. Notably, twelve of the fourteen mining stocks outperformed Bitcoin during September, with Bitfarms leading gains at 110% while Cango underperformed with an 11% decline.