**Bitcoin Miners’ Market Cap Soared in September to Record High**
The market capitalization of top Bitcoin miners has been soaring. Last month, the combined market cap of the leading public Bitcoin miners tracked by JP Morgan surpassed the $50 billion mark for the first time ever.
According to a recent report from JP Morgan, this surge comes as companies in the space pivot toward high-powered computing (HPC), which supports the rapidly growing artificial intelligence (AI) sector. The banking giant’s analysts highlighted this significant increase in their Wednesday report, noting that the aggregate value of the 14 top publicly traded miners they track reached this milestone.
Top mining stocks have jumped in value alongside Bitcoin’s price. Notable firms such as Marathon Digital Holdings (Mara), Riot Blockchain, and CleanSpark all saw significant gains over the past week and month, although they experienced a slight retreat on Wednesday.
“Growth in aggregate market cap outpaced Bitcoin price appreciation for the sixth consecutive month, as operators continue to diversify their businesses away from Bitcoin mining toward HPC,” the report stated.
This market cap surge reflects miners’ strategic move to integrate high-powered computing capabilities to boost profitability. For example, Google recently announced its support for a deal between AI compute company Fluidstack and Bitcoin miner Cipher, which grants Google the right to acquire a 5.4% stake in Cipher.
Traditionally, Bitcoin miners operate large-scale industrial setups—warehouses packed with specialized computers—that secure the Bitcoin network by processing blocks. Miners are rewarded with newly minted Bitcoins for their efforts. However, when Bitcoin’s price declines, these businesses often struggle to cover operational costs.
Experts interviewed by Decrypt have pointed out that while Bitcoin mining and running data centers to power AI businesses may appear similar, transitioning from crypto mining to HPC is challenging and demands different expertise.
