JPMorgan: BTC price rise, lower hash rate boosting mining stocks

In a report on Jan. 16, JPMorgan attributed the strong performance of U.S.-listed Bitcoin mining stocks to a modest rise in BTC's price this year and improved profitability from a declining hash rate, CoinDesk reported. The bank noted that the combined market capitalization of 14 U.S.-listed miners grew by $13 billion in the first two weeks of the year, reaching approximately $62 billion. JPMorgan added that a trend of diversifying revenue streams into areas like artificial intelligence (AI) and high-performance computing (HPC) has also contributed to the stock gains. The report suggested that the rally in mining stocks could accelerate if Bitcoin's price remains stable and the hash rate continues to cool.