TechFlow News, February 4: JPMorgan’s latest report notes that despite Bitcoin’s 4% price decline in January, U.S.-listed Bitcoin mining companies staged a strong rebound. The combined market capitalization of 14 tracked mining and data center operators rose by $11 billion to $60 billion—a 23% month-on-month increase, far outpacing the S&P 500’s 1% gain.
This performance stems from two key factors: first, winter storms across the U.S. reduced network hashrate by 6% to 981 EH/s, while mining difficulty dropped 5% from December levels, easing competitive pressure; second, announcements such as Riot Platforms’ high-performance computing agreement with AMD highlight miners’ strategic shift from single-focus Bitcoin mining toward diversified businesses—including AI data centers.
Although valuations remain elevated—approximately three times the post-2022 average block reward multiple—and the sector’s overall market cap remains about 15% below its October 2025 peak, profitability has improved: average daily block reward revenue per EH/s reached ~$42,350 in January, with gross profit rising 24% month-on-month to $21,200.
