EddieJayonCrypto
2 Apr 25
According to a report by investment bank JP Morgan, 14 top public Bitcoin mining companies had their worst month on record in March, collectively losing 25% of their market cap, approximately $6 billion. Companies with high-powered computing exposure underperformed pure-play miners for the second co...
Bitcoin miners faced a challenging month in March, with JP Morgan reporting a collective 25% loss of their market cap. High-powered computing exposure led some miners to underperform pure-play miners for the second consecutive month, leading them to explore additional revenue streams in the AI data center industry.
Despite President Trump's promises to support the industry, miners continue to encounter difficulties as the price of Bitcoin drops and mining difficulty rises, impacting their ability to cover costs. According to JP Morgan, 14 top public Bitcoin mining companies collectively lost 25% of their market cap, approximately $6 billion, in March. Companies with high-powered computing exposure underperformed pure-play miners for the second consecutive month. Some miners have turned to the AI data center industry for additional revenue. This comes after a similar struggle in February, during which they also lost over 20% of their combined market cap.
President Donald Trump's pledge to support the digital asset industry, particularly the mining sector, included a desire for all future Bitcoin to be 100% American-made. However, the industry faces challenges as the price of Bitcoin decreases and mining difficulty rises. Bitcoin is currently down almost 22% from its all-time high of nearly $109,000, reached during President Trump's inauguration on January 20.