Bitcoin Mining Market Overview

The total market cap of the 14 publicly-listed U.S. miners tracked by JPMorgan (JPM) dropped 22% in February, attributing this decline to falling bitcoin (BTC) prices and pressure on mining economics.

Decline in Revenue and Profitability

Miners with high performance computing (HPC) exposure reported a downturn following the DeepSeek AI announcement and concerns over data center capacity demand.

The estimated daily earnings of bitcoin miners fell to $54,300 per EH/s, marking a 5% decrease from the previous month.

Analysts Reginald Smith and Charles Pearce noted, “Daily block reward gross profit fell 9% month-over-month to $29,500 per EH/s in February.”

Network Hasrates and Mining Difficulty

The average network hashrate increased by 3% to 810 EH/s last month. The hashrate indicates the total computational power used for mining on a proof-of-work blockchain.

Mining difficulty rose by 2% from January and is now 28% higher than before the halving event in April last year.

Performance of Key Miners

Core Scientific (CORZ) was noted as the best performer with a 9% drop, while Greenidge Generation saw a 36% decline for the month, as highlighted in the report.

Read more: U.S.-Listed Bitcoin Miners Accounted for 29% of Global Hashrate in February: JPMorgan