Bitcoin miners have started 2025 with a bang, outshining Bitcoin’s own rally. According to JPMorgan (JPM), 12 of 14 tracked U.S.-listed mining companies outperformed the cryptocurrency in the first two weeks of the year. Their combined hashrate now accounts for 30% of the global network, doubling over the last year. Riot Platforms (RIOT) led the gains with a 32% increase, while Bitdeer Technologies (BTDR) trailed behind with a 4% dip. The total market cap of these companies surged by $4.5 billion, up 16% year-to-date.
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Miners Embrace HODL Strategy
According to CoinDesk, U.S.-listed miners collectively hold nearly 100,000 BTC, valued at $8.6 billion. MARA Holdings (MARA) dominates with 44,893 BTC, representing almost half the total, while Riot Platforms and Hut 8 (HUT) hold 17,722 BTC and 10,171 BTC, respectively. The HODL strategy—holding Bitcoin long-term—has gained popularity among miners, showcasing their confidence in Bitcoin’s potential.
Profitability Rises as Bitcoin Strengthens
Mining profitability saw a boost in December 2024, thanks to Bitcoin’s 15% price rally. According to Jefferies, miners earned an average daily revenue of $59,585 per exahash, a 7.1% increase from November. U.S.-listed miners collectively produced 3,602 BTC during the month, with MARA leading the pack by mining 890 BTC.
The mining industry is seeing significant gains, with higher hashrates and improved profitability driven by Bitcoin’s ongoing rally. As Bitcoin prices climb, these companies are leveraging their robust reserves and growing efficiency to strengthen their foothold in the cryptocurrency market.
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