JPMorgan reports record valuation for U.S.-listed Bitcoin miners, with rising hashrate and squeezed margins amid mining sector growth.
In September 2025, the market capitalization of 14 U.S.-listed Bitcoin miners surpassed $50 billion, with a 43% month-on-month increase. The Bitcoin network’s average hashrate grew by 9%, reaching 1,031 EH/s. Despite a 10% drop in miner revenue from August, sector growth is driven by corporate moves such as Cipher Mining’s new deals. Mining profitability remains under pressure as hashrate exceeds 1,000 EH/s, with miners earning an average of $49,700 per EH/s in daily block reward revenue.