Bitcoin's Hashrate Up 80% From Last Year As Mining Profitability Improves, Says JPMorgan
Portfolio Pulse from Murtuza Merchant
A JPMorgan analyst noted Bitcoin's price soared to $67,600 in March, with mining profitability improving as the hash rate reached 600 EH/s, up 80% year-over-year. Marathon Digital Holdings, CleanSpark, Cipher Mining, Wulf Mining, and Bitfarms were highlighted for their market cap and performance. CleanSpark outperformed Bitcoin's return, with Marathon having the highest reported hash rate. The upcoming Bitcoin halving event is expected to cause volatility in stock performance.
April 01, 2024 | 7:16 pm
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NEGATIVE IMPACT
Bitfarms had the worst stock performance in March, which may concern investors. However, the overall sector's growth could offer a rebound opportunity.
Bitfarms' poor performance in March might worry investors, but the growing sector and the dynamics around the Bitcoin halving could provide a chance for recovery.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 70
NEUTRAL IMPACT
Marathon Digital Holdings, with the highest market cap among miners and the highest reported hash rate, may see increased investor interest but also volatility due to the upcoming Bitcoin halving.
Marathon's leading position in hash rate and market cap positions it well, but the expected volatility from the Bitcoin halving could impact its short-term stock performance.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Cipher Mining's stock performance was highlighted as one of the best in March, suggesting potential for continued investor interest despite upcoming market volatility.
Cipher Mining's notable stock performance in March positions it positively, but the market must be cautious of the volatility expected from the Bitcoin halving.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 70
POSITIVE IMPACT
CleanSpark, with the second-highest market cap and hash rate, outperformed Bitcoin's return, indicating strong performance but potential volatility ahead of the Bitcoin halving.
CleanSpark's outperformance of Bitcoin's return and its significant hash rate suggest a positive outlook, though the Bitcoin halving may introduce short-term volatility.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Wulf Mining, alongside Cipher Mining, had the best stock performance in March, indicating a positive short-term outlook but with caution due to expected volatility.
Wulf Mining's strong performance in March suggests investor confidence, yet the upcoming Bitcoin halving could impact its short-term stock trajectory.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 70