Bitcoin Mining Stocks Shine as Network Hashrate and Mining Activity Surge
Bitcoin (BTC) mining stocks have seen impressive gains in the early part of 2025, with 12 out of 14 tracked companies outperforming Bitcoin itself in the first two weeks of the year, according to a recent JPMorgan research report.
The mining network’s hashrate, a key indicator of mining difficulty and competition, has risen 2% month-to-date, reaching an average of 793 exahashes per second (EH/s). This marks a 51% increase compared to the same period last year. The combined hashrate of the 14 U.S.-listed mining companies tracked by JPMorgan now accounts for approximately 30% of the global network, more than double the figure from a year ago.
Hashrate refers to the total computational power used to mine and process transactions on Bitcoin’s proof-of-work blockchain. The growth in hashrate has outpaced the price movement of Bitcoin, which has led to a slight decline in the hashprice (a measure of daily mining profitability), which dropped less than 1% since the end of December. Miners are currently earning an average of $54,900 in daily block reward revenue per EH/s, a 2% decrease from the previous month.
The market capitalization of the Bitcoin mining stocks covered by JPMorgan has risen by 16%, or $4.5 billion, in the first two weeks of January. Riot Platforms (RIOT) led the charge with a 32% increase in its stock price, while Bitdeer underperformed with a 4% decline.
Bitcoin’s price has surged by about 56% since the halving event in April, 44% since the U.S. presidential election in November, and is up 134% year-over-year, according to the report.
