JPMorgan: In January, the total market value of US-listed bitcoin mining companies increased by $11 billion, a month-on-month growth of 23%.

ChainCatcher News, according to market sources, JPMorgan pointed out in a report that bitcoin mining stocks performed strongly in 2026, with the total market capitalization of the 14 US-listed mining companies it tracks increasing by $11 billion in a single month, up 23% month-on-month to $60 billion, far outperforming the S&P 500 index over the same period.

The report believes this is mainly due to a decline in network hash rate caused by winter storms, as well as market optimism about mining companies transitioning to high-performance computing (HPC). The report notes that although the price of bitcoin fell by about 4% during the month, miners' profitability improved as network hash rate competition temporarily eased. Meanwhile, mining company valuations continued to expand, with their trading multiples about three times the average level since 2022, indicating a significant decoupling of valuations from bitcoin price trends. In addition, mining companies are actively transforming into digital infrastructure providers. For example, Riot Platforms signed an agreement with AMD to convert its mining farms into AI data centers in pursuit of more stable long-term revenue.