According to JPMorgan analysts, the combined market capitalization of the 14 largest publicly traded mining companies in the U.S. fell by 22% in February. Experts attribute this decline to the drop in Bitcoin’s price and the increasing mining difficulty, CoinDesk reports, citing the analysis.
The average daily mining reward amounted to $54,300 per EH/s, reflecting a 5% decrease from January. Meanwhile, gross profit fell by 9% to $29,500 per EH/s.
Bitcoin’s network hashrate increased by 3% in February, reaching 810 EH/s, while mining difficulty rose by 2% compared to January. These factors continue to put pressure on mining profitability, analysts noted.
Among the affected companies, Greenidge Generation experienced the largest decline, with its market capitalization dropping by 36%. The most resilient miner was Core Scientific, which lost only 9%.
The report also highlights the HPC (High-Performance Computing) sector. Companies operating in this segment faced uncertainty due to the announcement of the DeepSeek AI project, raising concerns about the future demand for data center capacity.
Earlier, on February 23, Bitcoin’s mining difficulty decreased by 3.15% to 110.57 T, down from its record high of 114.17 T. This marked the second difficulty drop since the beginning of the year.
