JPMorgan Reports Mixed Performance Among Bitcoin Miners in Early April

The first two weeks of April 2025 saw a mixed performance among Bitcoin mining stocks, according to a recent report by JPMorgan. While some miners thrived, those with high-performance computing (HPC) exposure struggled to keep pace with the leading cryptocurrency, Bitcoin (BTC).

Key Takeaways

• MARA Holdings and CleanSpark outperformed Bitcoin, while HPC-exposed miners like Bitdeer and Riot Platforms lagged.

• The overall market cap of U.S.-listed Bitcoin miners fell by 2% to $16.9 billion in April.

• Miners earned approximately $41,500 in daily block reward revenue per EH/s, marking a 12% decline from March.

• The network hashrate increased significantly, reaching an average of 900 EH/s.

Performance Overview

JPMorgan's analysis highlighted that only MARA Holdings (MARA) and CleanSpark (CLSK) managed to outperform Bitcoin during this period. In contrast, miners with HPC exposure, such as Bitdeer (BTDR), TeraWulf (WULF), IREN (IREN), and Riot Platforms (RIOT), underperformed relative to the cryptocurrency's price movements.

The report noted that March had been a strong month for U.S.-listed miners, who added 15 exahashes per second (EH/s) of capacity and mined more Bitcoin. However, the first half of April presented challenges as the average Bitcoin price declined, impacting mining economics negatively.

Hashrate and Mining Economics

The report indicated that the growth in network hashrate outpaced the expansion of U.S. operators. The average hashrate rose by 85 EH/s month-to-date, reaching an average of 900 EH/s. This increase in hashrate signifies heightened competition within the mining industry, which in turn raises mining difficulty.

JPMorgan analysts Reginald Smith and Charles Pearce pointed out that U.S.-listed miners are currently trading at about 1.2 times their proportional share of the four-year block reward opportunity, the lowest valuation in over two years. This suggests a challenging environment for miners as profitability continues to be squeezed.

Revenue Decline

In the first two weeks of April, miners earned around $41,500 in daily block reward revenue per EH/s, which represents a 12% decline from the previous month. This drop in revenue is attributed to the declining Bitcoin prices and increased competition among miners.

Market Capitalization Trends

The total market capitalization of the 13 U.S.-listed Bitcoin miners tracked by JPMorgan fell by 2% in April, bringing it down to $16.9 billion. This decline reflects the broader challenges faced by the mining sector amid fluctuating cryptocurrency prices and increasing operational costs.

As the Bitcoin mining landscape continues to evolve, miners will need to adapt to the changing market dynamics to maintain profitability and competitiveness. The performance of HPC-exposed miners raises questions about their long-term viability in a market that increasingly favors pure-play Bitcoin mining operations.