According to a report from JPMorgan, the total market value of 14 publicly traded Bitcoin mining companies in the U.S. reached a historic high of $56 billion in September, marking the first time the sector has exceeded the $50 billion threshold.
The report detailed a 43% month-over-month increase in market capitalization, with 12 of the 14 companies outperforming Bitcoin's own price performance during the same period.
Simultaneously, the Bitcoin network's average hash rate rose by 9% to 1,031 EH/s, indicating enhanced security but also intensified mining competition.
However, this growth came with challenges: miners' daily block reward revenue decreased by 10% in September compared to August, and gross profit fell by 17%, highlighting profitability pressures.
Specific drivers included announcements like Cipher Mining's HPC colocation deal with Fluidstack and IREN's expansion of its Cloud Services business. Companies such as Bitfarms saw a 110% gain, while Cango underperformed with an 11% decline.
Experts noted that while the record market cap reflects strong investor interest, declining revenues could pose sustainability risks and potentially lead to sector consolidation.
