JPMorgan Chase: The total market capitalization of U.S.-listed Bitcoin mining companies increased by $11 billion in January, a 23% increase month-over-month.

PANews reported on February 4th that, according to CoinDesk, JPMorgan Chase stated in a report that Bitcoin mining stocks performed strongly in January 2026. The total market capitalization of the 14 US-listed mining companies it tracks increased by $11 billion in a single month, a 23% month-on-month increase to $60 billion, far exceeding the performance of the S&P 500 index during the same period. The report believes this is mainly due to the decline in network hashrate caused by winter storms and market optimism regarding mining companies' transition to high-performance computing (HPC).

The report points out that although the price of Bitcoin fell by about 4% that month, miners' profitability improved due to a temporary reduction in competition for network hashrate. Meanwhile, mining company valuations continued to expand, with trading multiples approximately three times the average level since 2022, indicating a significant decoupling between valuations and Bitcoin price movements. Furthermore, mining companies are actively transforming into digital infrastructure providers; for example, Riot Platforms signed an agreement with AMD to convert its mining farms into AI data centers in pursuit of more stable long-term revenue.