JPMorgan’s report highlights a 43% increase in the combined market cap of 14 U.S.-listed Bitcoin miners, reaching $56 billion in September. However, miner profitability dropped, with revenue falling by 10% and gross profit by 17%, driven by a 9% rise in network hashrate to 1,031 EH/s. Despite these challenges, most miners outperformed Bitcoin itself, indicating continued competition in the sector.