According to a report from JPMorgan, Bitcoin mining stocks had mixed performance during the first two weeks of April 2025, with pure play miners outperforming those with exposure to high-performance computing (HPC). MARA Holdings and CleanSpark were noted as the only miners to surpass the performance of Bitcoin itself during this timeframe. In contrast, miners such as Bitdeer, TeraWulf, IREN, and Riot Platforms, which are tied to HPC applications, struggled. The report highlighted that the network hashrate's growth outpaced operator expansion, while the average Bitcoin price declined, affecting mining profitability. Additionally, U.S.-listed miners are trading at the lowest valuation in over two years relative to their block reward opportunity, with daily earnings dropping by 12% from March. The overall market cap for the tracked U.S. miners fell 2% to $16.9 billion in April, reflecting the challenging conditions for crypto mining in the current market landscape.

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