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JPMorgan Report: Bitcoin mining companies lost $6 billion in market capitalization in March
Gate.io News bot message, according to a report by Decrypt, the latest report released by JPMorgan shows that March 2024 will be the worst month for Bitcoin mining performance. The total market capitalization of 14 US-listed mining companies, including MARA and Core Scientific, has dropped by 25%, totaling a decrease of approximately $6 billion. This is another significant decline following a market capitalization drop of over 20% in February.
The report shows that the price of Bitcoin fell from $109,000 on January 20 when Trump was inaugurated to $85,000, a drop of 22%. During the same period, the increase in mining difficulty led to a decline in profitability for mining companies. Some mining companies have begun to transition to AI data center businesses, but in the past two months, these transitioning companies have performed worse than those focused on mining.
The report indicates that the Bitcoin price fell from $109,000 when Trump took office on January 20 to $85,000, a decrease of 22%. During the same period, the rise in Mining Difficulty led to a decline in mining companies' profits. Some mining companies have begun to transition to AI data center businesses, but the performance of these transitioning companies has been lower than that of companies focused on mining over the past two months.
The report indicates that the Bitcoin price fell from $109,000 when Trump took office on January 20 to $85,000, a decrease of 22%. During the same period, the rise in Mining Difficulty led to a decline in mining companies' profits. Some mining companies have begun to transition to AI data center businesses, but the performance of these transitioning companies has been lower than that of companies focused on mining over the past two months.