PANews February 4th News, according to CoinDesk, JPMorgan pointed out in a report that Bitcoin mining stocks performed strongly in January 2026. The total market value of the 14 U.S.-listed mining companies tracked increased by $11 billion in a single month, up 23% month-on-month to $60 billion, far exceeding the performance of the S&P 500 index during the same period. The report attributes this mainly to the winter storms causing a decline in overall network hash rate and market optimism about miners transitioning to high-performance computing (HPC).
The report notes that although Bitcoin prices fell about 4% that month, miner profitability improved due to a temporary decrease in network hash rate competition. Meanwhile, miner valuations continued to expand, with trading multiples approximately three times the average level after 2022, indicating a clear decoupling between valuations and Bitcoin price trends. Additionally, miners are actively transforming into digital infrastructure providers, such as Riot Platforms signing an agreement with AMD to convert their mining farms into AI data centers in pursuit of more stable long-term revenue.
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