tl;dr
Last month, as the price of Bitcoin surged past $99,500, publicly traded Bitcoin miners experienced soaring stock prices, with the collective market capitalization of 14 miners increasing by 52% to $36.2 billion. Despite facing challenges due to Bitcoin's fourth halving, the rising price of Bitcoin ...
Last month, as the price of Bitcoin surged past $99,500, publicly traded Bitcoin miners experienced soaring stock prices, with the collective market capitalization of 14 miners increasing by 52% to $36.2 billion. Despite facing challenges due to Bitcoin's fourth halving, the rising price of Bitcoin made mining more lucrative in November. Some notable performers included Singapore-based Bitdeer, whose stock surged 83%, and TeraWulf, which saw a 229% increase in stock price this year.
MARA Holdings emerged as the most valuable Bitcoin miner, increasing its Bitcoin holdings and adding another 6,484 Bitcoin worth $618 million to its stash.
According to a research note released by JP Morgan Monday, the collective market capitalization of 14 Bitcoin miners tracked by JP Morgan increased a “staggering” 52% month-over-month to $36.2 billion. During the same period, Bitdeer’s stock surged 83% to $14.27, and Bitcoin's price rose to about $95,680, making it more lucrative to mine Bitcoin in November. Mining revenues declined 50% following April’s halving, but November saw a 24% revenue increase.
Last month, Bitdeer disclosed a $50 million loss in the third quarter, citing the halving’s impact on its bottom line. At the same time, the company said it made “substantial progress” on commercializing its line of Bitcoin mining chips set to compete with Bitmain’s popular products. TeraWulf, with its stock price increasing 229% to $7.89 so far this year, was the only Bitcoin miner to outpace Bitcoin in terms of stock price gains.
Argo Blockchain was the only miner to end November in the red, falling 3%, while MARA Holdings increased its Bitcoin holdings and became the most valuable miner with a market cap of $8.8 billion. The report highlighted Bitdeer, Hut 8, MARA Holdings, and Iris Energy as four firms that were able to surpass Bitcoin’s gains during the period. And MARA Holdings announced that it had added onto its $3.3 billion Bitcoin stash, purchasing another 6,484 Bitcoin worth $618 million, as of this writing.