According to a report by JPMorgan, the market capitalization of Bitcoin Miners skyrocketed in September as businesses in the space benefited from high-power computing that feed the fast-growing artificial intelligence sector.
Analysts at the bank’s major analyst highlighted the surge in Wednesday’s report, saying the total value of miners traded at 14 top-tops has been handing over $50 billion for the first time ever.
Top mining stocks this week are also increasing in value at the prices of major cryptocurrencies, with Mara, Riot and Cleanspark rising sharply over the week into the past month. The companies retreated slightly on Wednesday.
“Growth in total market capitalization outweighed the sixth consecutive month of Bitcoin price rise as operators continue to diversify their businesses away from mining from Bitcoin to HPC,” the report read.
The surge in market capitalization is due to miners looking to powerful computing to increase profits. Last month, Google announced it was messing up a deal between AI Compute Company Fluidstack and Bitcoin Miner Cipher, giving Google the right to buy a 5.4% stake in Cipher.
Bitcoin Miner– Industrial operations, typically consisting of warehouses full of computers that function to protect the network, are rewarded with newly created coins to handle blocks in decentralized payment networks.
However, when the prices of the biggest cryptocurrency drop, businesses may have trouble covering costs.
Experts have it I said Decryption While both Bitcoin mining and data center operation may look similar, pivoting from Crypto to HPC is not always easy and requires different expertise.
Hive Digital’s shares have risen nearly 9% in the past week and have risen 41% in the past month. Mara, registered with the NASDAQ, has increased by 8% this week, almost 16% over 30 days.
Meanwhile, CleanSpark has skyrocketed even more over the past month, with its share price exceeding 51% over that period. CLSK rose 4% this week.
Bitcoin has been trading recently It’s been growing nearly 24 hours after it exceeds $117,615. It fell below $107,000 per coin at the beginning of September, according to Coingecko data.
