Bitcoin Miners: The Dramatic Downfall of HPC Heroes! 😱💔

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What to know:

  • So, pure play miners are basically the overachievers of April, leaving their HPC buddies in the dust. 🙄
  • Hashrate is up, bitcoin price is down. It’s like a bad breakup for mining economics. 💔
  • Only MARA Holdings and CleanSpark managed to keep their heads above water. The rest? Not so much. 😬

In a plot twist worthy of a soap opera, bitcoin (BTC) mining stocks had a mixed bag of performances in the first two weeks of April. Pure play operators were the stars, while those dabbling in high-performance computing (HPC) were more like the extras who forgot their lines. Thanks, JPMorgan (JPM), for the juicy gossip! 📉

Only MARA Holdings (MARA) and CleanSpark (CLSK) managed to outshine the biggest cryptocurrency during this period. Meanwhile, the HPC miners—think Bitdeer (BTDR), TeraWulf (WULF), IREN (IREN), and Riot Platforms (RIOT)—were left floundering like fish out of water. 🐟

March was a glorious month for U.S.-listed miners, adding 15 exahashes per second of capacity and mining more tokens than a kid in a candy store. But alas, the first two weeks of April were more like a trip to the dentist. 😬

According to analysts Reginald Smith and Charles Pearce, “Network hashrate growth outpaced U.S. operator expansion, and average bitcoin price declined over the first half of April, which has pressured mining economics.” Sounds like a fancy way of saying, “Oops, we messed up!” 🤷‍♀️

The bank estimates that U.S.-listed miners are currently trading at about 1.2 times their proportional share of the four-year block reward opportunity. That’s the lowest level in over two years—yikes! 📉

Miners earned about $41,500 in daily block reward revenue per EH/s in the first two weeks of the month, which is a 12% decline from March. Talk about a rough patch! 😩

The network hashrate has risen by 85 EH/s month-to-date, averaging 900 EH/s. This hashrate is basically the total brainpower used to mine and process transactions on a proof-of-work blockchain. It’s like the competition in the industry is getting fiercer than a reality TV show! 📺

Finally, the total market cap of the 13 U.S.-listed bitcoin miners tracked by the bank fell 2% to $16.9 billion in April. So, yeah, it’s been a bit of a rollercoaster ride! 🎢

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2025-04-16 18:30