JPMorgan: January rally bolsters near-term outlook for bitcoin mining stocks, JPMorgan says

Shares of mining companies rose last month despite softer bitcoin prices as storms cut the network hashrate and AI optimism grew, the bank said. What to know : JPMorgan said U.S.-listed bitcoin miners added $11 billion in market value in January, outperforming bitcoin and equities. Winter storms cut network hashrate and difficulty, lifting miner profitability despite softer BTC prices. Valuations remain elevated, trading at roughly three times the post-2022 average block reward multiple, the bank said.