Bitcoin Mining Market Cap Don Soar Reach $56B As Hash Rate Jump
JPMorgan talk say US-listed Bitcoin mining companies don reach combined market capitalization of $56 billion for September, up 43% month-to-month and don pass $50 billion mark for the first time. Fourteen miners carry the record, including expansions by Cipher Mining and IREN, with 12 people dey do better pass Bitcoin price. Meanwhile, the Bitcoin network hash rate climb 9% reach 1,031 EH/s, making competition tight. Average daily block reward revenue fall 10% to $49,700 per EH/s, and gross profit drop 17%, e squeeze Bitcoin mining profitability. Bitfarms lead stock gains with 110% surge, while Cango drop 11%. Traders suppose dey watch rising hash rate plus shrinking margins for possible effects on Bitcoin supply dynamics and miner stock valuations.
Neutral
Even though 43% monthly jump for Bitcoin miner market capitalisation plus 12 out of 14 miners dey do pass BTC shows say investors get strong interest, the 9% increase for hash rate and 17% fall for gross profit show say margins dey tighten. This mixed picture mean say the positive market feeling fit dey balanced by possible selling pressure from miners wey dey face cut down profit. As result, the overall effect on Bitcoin price fit remain neutral short term, with possible better or worse movement depending on how profit trend go develop.