Bitcoin (BTC) mining stocks rallied in January despite softer BTC prices: JPMorgan

JPMorgan reported that U.S.-listed bitcoin mining stocks experienced a strong start to 2026, with their combined market capitalization rising 23% in January, significantly outpacing the S&P 500's 1% gain, even as Bitcoin prices softened. This rally was attributed to falling network competition, as winter storms temporarily reduced the network hashrate by 6%, and growing enthusiasm for high-performance computing (HPC) as miners pivot toward repurposing sites into AI-ready data centers for steadier revenue. Analysts highlighted that miners' valuations are stretching, trading at about 150% of the four-year block reward opportunity, which is three times the post-2022 average, suggesting a disconnect from Bitcoin's price. Despite the stock gains, profitability remains below pre-halving levels, though operational efficiency improved.

(Source：CoinDesk)