Bitcoin mining stocks surge, JPMorgan adds $11 billion in market capitalization in January

2026-02-05 00:31:14

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JPMorgan reports that US-listed Bitcoin mining companies added approximately $11 billion in market capitalization in January, outperforming Bitcoin and the overall stock market.

The bank tracks 14 Bitcoin mining companies and data center operators in the US, with a total market cap reaching $60 billion by the end of the month, up 23% from the previous month — significantly higher than the 1% increase of the S&P 500 index. The rally was partly driven by news that Riot Platforms signed a high-performance computing (HPC) agreement with AMD at the 700-megawatt Rockdale facility, indicating a trend of miners expanding into AI infrastructure.

After the 2024 halving, which sharply reduces margins, many Bitcoin mining companies are repositioning as digital infrastructure providers, converting large electricity-consuming facilities into AI-ready data centers to seek more stable and long-term revenue streams.

However, stock valuations remain high. JPMorgan analysts say this group of stocks is trading at roughly 150% of four-year block reward opportunities, about three times the average after 2022, reflecting an increasing disconnect between miner valuations and Bitcoin prices.

In terms of operations, January showed some positive signals. Winter storms in the US caused many facilities to cut back operations, leading to a 6% decrease in the network’s average hashrate compared to the previous month, down to 981 EH/s. At one point, the hashrate dropped to around 700 EH/s, while mining difficulty decreased by 5% compared to December and was 10% below the all-time high in November.

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