14 US List Bitcoin Market Cap BTC$111,480.33 Wall Street Bank, the miner whose JPMorgan trucks first exceeded $50 billion last month, said in a report Wednesday.
The market capitalization of these mining inventory rose 43% throughout the month to $56 billion in September, the bank said.
The move was driven by many announcements, including Cipher Mining (CIFR) HPC Colocation Deal with Fluidstack and Iren’s (Iren) cloud services business expansion, the report says.
The Bitcoin hash rate has also risen. Analysts Reginald Smith and Charles Pierce said:
Hashrate refers to the total computing power used to mine and process transactions in the Proof of Work blockchain.
Mining profitability for two months has been declining for a consecutive decline as hashrate exceeded 1000 EH/s. Bank analysts estimated that miners “average $49,700 per EH/s in daily block compensation revenue in September, down 10% from August.” Gross profit from daily block rewards also hindered 17% from the previous month.
BitFarms (BITF) outperformed the group with a gain of 110%, while Cango (CANG) suffered a 11% decrease in performance.
Twelve of the 14 miners in Bitcoin, which are out of bank coverage, in September, added the report.
read more: Cipher is the latest Bitcoin miner that pivots to AI. Price target has been raised to $16: Canaccord
