Bitcoin Miners Start 2025 Strong, Outperforming BTC: JPMorgan Report

What to Know

• Bitcoin miners have had a strong start to 2025, outperforming Bitcoin itself, according to JPMorgan’s research.
• The combined hashrate of 14 miners tracked by JPMorgan has doubled over the past year, accounting for about 30% of the global network.
• The total market cap of these mining companies has risen by 16% since the start of the year.

Bitcoin Mining Stocks Surge Ahead in 2025

Bitcoin miners are off to an impressive start in 2025, outperforming the cryptocurrency they support. A recent JPMorgan report highlights that 12 out of 14 Bitcoin mining companies tracked by the bank outpaced Bitcoin’s performance in the year’s first two weeks.

The average network hashrate increased 2% month-to-date, reaching 793 exahashes per second (EH/s) in early January. This figure marks a 51% rise compared to the same period last year, reflecting a significant boost in computational power and network competition.

Understanding Hashrate and Hashprice

The hashrate represents the total computational power miners use to verify transactions and add new blocks to the blockchain. A higher hashrate indicates greater competition and a more secure network.

Meanwhile, the hashprice, a key metric of daily mining profitability, has remained stable. According to JPMorgan, hashprice dropped less than 1% since the end of December, even as hashrate growth outpaced Bitcoin’s price movement.

Over the first two weeks of January, miners earned an average daily block reward revenue of approximately $54,900 per exahash. This figure is 2% lower than the previous month, underscoring the slight dip in mining profitability despite the network’s robust growth.

Mining Companies Account for 30% of Global Network Hashrate

JPMorgan’s report also revealed that the combined hashrate of the 14 U.S.-listed mining companies in its coverage has more than doubled in the past year. These miners now contribute approximately 30% of the global Bitcoin network’s computational power.

The market capitalization of these mining companies has grown by 16%, or $4.5 billion, in the first two weeks of the year. Riot Platforms (RIOT) emerged as the top performer with a remarkable 32% gain, while Bitdeer lagged, recording a 4% decline.

Bitcoin’s 2025 Performance: A Broader Perspective

Bitcoin’s price has also seen a strong start in 2025, though its gains are more modest compared to those of miners. BTC has risen 56% since the halving event in April, 44% since the U.S. presidential election in November, and an impressive 134% year-over-year.

The consistent rise in Bitcoin’s price alongside the miners’ strong performance signals robust growth in the crypto mining sector, even amidst fluctuating market conditions.

What’s Driving the Surge in Bitcoin Mining?

Several factors contribute to the growth and profitability of Bitcoin mining in 2025:

• Increased Network Activity: The higher hashrate reflects more competition and activity within the network, indicating a bullish outlook among miners.
• Post-Halving Dynamics: With Bitcoin’s block reward halving in April, the reduced supply has driven up prices, indirectly benefiting miners who secure transactions.
• Institutional Interest: As mining becomes more professionalized, large-scale operators dominate, adding stability and efficiency to the market.

Key Takeaways for Investors

Bitcoin mining stocks are proving to be a lucrative investment in 2025, with strong market performance and growing global network influence. Riot Platforms’ significant gains highlight opportunities for savvy investors in this sector. However, the industry remains sensitive to Bitcoin’s price movements and broader economic conditions, including inflation and Federal Reserve policy.