The market value of U.S.-listed Bitcoin miners reached an all-time high in September 2025, climbing to about $47 billion by 30 September. JPMorgan links the surge to investor demand for assets tied to Bitcoin’s processing layer and to miners adding high-performance computing (HPC) and cloud services for AI customers. The rally came even as profit per unit of work and gross profit declined.
Market value rose from $21 billion in January to roughly $47 billion by 30 September, with aggregate capitalization topping $39 billion in August and continuing higher through September. The bank connects the move to miners that expanded into HPC and cloud services for artificial intelligence clients, opening new lines of business alongside core mining.
Record capitalization, strategy shifts, and equity outperformance
Over the same period, shares of the 13–14 tracked companies outperformed Bitcoin itself, signaling appetite for exposure to the industry’s processing infrastructure even as mining margins tightened.
Daily revenue per block reward slid about 10% from August to roughly $49,700 per exahash, and gross profit fell 17% year-on-year. The network’s average hashrate increased 9% to 1,031 EH/s, meaning more machines are competing for each coin and squeezing margins.
JPMorgan sees a nine-month window for miners to sign colocation contracts with hyperscalers in addition to AI startups before permits and grid limits close the door. Quick adoption of GPU-based HPC leases could open new revenue lines and lift margins, but the shift carries concentration risk if institutional partners demand scale. Power prices and difficulty resets still swing earnings, and investors now weigh higher share prices against thinner profits.
The next signal is whether miners close the colocation agreements within that window—success would help turn today’s valuations into lasting profit gains.
