ChainCatcher news, Bitcoin miners Marathon Digital and Riot Platforms announced that their monthly Bitcoin production has reached its highest level since the Bitcoin halving in April, marking a strong rebound since the miner rewards halved.Marathon produced 717 Bitcoins, worth $48.8 million. Marathon CEO Fred Thiel explained that the company attributes part of this to its powered hash rate rising over 14%, exceeding 40 exahashes per second. Riot mined 505 Bitcoins in October, worth $34.4 million, a month-over-month increase of 22.6%.

ChainCatcher news, according to Coindesk, based on data from Glassnode, the seven-day moving average of Bitcoin's hash rate has reached a historic high of 703 EH/s (currently at 725.20 EH/s, peaking at 791.62 EH/s), marking the first time the network's hash rate has surpassed 700 EH/s. Since the halving event in April, Bitcoin's hash rate has grown by nearly 13%.Data from Bitcoin mining analyst Sebastian Ski shows that in September, 12 leading publicly listed mining companies contributed 28.9% to the total hash rate, equivalent to over 200 EH/s. Their contribution to the hash rate has been steadily increasing month by month, having jumped nearly 10% since October 2022. Ski suggests that "publicly listed mining companies are capturing market share from other miners globally."Ski also mentioned that the companies with the largest hash rate growth over the past 12 months are: CleanSpark (CLSK), MARA Holdings (MARA), Riot Platforms (RIOT), and IREN. This aligns with the monthly production growth of leading Bitcoin mining companies in September. Weaker miners will have to exit the network, while the companies with the lowest energy costs or the strongest balance sheets will continue to increase their share of the network.

ChainCatcher news, according to CoinDesk, JPMorgan stated in a research report that the combined hash rate of 14 publicly listed Bitcoin mining companies tracked by the investment bank currently accounts for 28.9% of the network hash rate, reaching a historic high.Analysts Reginald Smith and Charles Pearce wrote, "The total hash rate of the 14 U.S. listed miners tracked has grown by about 70% (80 EH/s) so far this year, reaching 194 EH/s, while the network hash rate has increased by 33%, currently accounting for a record approximately 28.9% of the global network hash rate." The bank noted that this figure has grown by nearly 8% since the Bitcoin halving event earlier this year, reflecting the efficiency and financing advantages of some publicly listed miners.Additionally, as Bitcoin rises, mining stocks have increased in the first two weeks of this month, while companies in the high-performance computing (HPC) sector continue to attract interest from hyperscale enterprise transactions.

According to ChainCatcher news, as reported by CoinDesk, Bitcoin mining companies are at a critical crossroads: they can choose to pivot towards artificial intelligence (AI) and high-performance computing (HPC) to boost their stock prices, or they can stick to their core Bitcoin mining business and expand their market share while facing sluggish stock prices.In September, the largest market cap mining companies, MARA Holdings (MARA), Riot Platforms (RIOT), and CleanSpark (CLSK), all increased their share of the total Bitcoin mined. These companies have stronger balance sheets and larger mining operations, which help them cope with the decline in profitability following the Bitcoin halving in April. However, investors have not rewarded these companies' stocks with a premium, and their performance remained lackluster in September.In contrast, mining companies focusing on AI and HPC, such as Core Scientific (CORZ), TerraWulf (WULF), and IREN (IREN), have seen their stock prices outperform Bitcoin. The halving in April reduced Bitcoin mining rewards by 50%, intensifying competition in mining and narrowing profit margins.Additionally, the recently approved spot Bitcoin ETF in the U.S. has also diminished investors' interest in mining stocks. Instead, investors are rewarding those mining companies that utilize part of their data centers to host AI and HPC-related machines for revenue diversification.AI and HPC computing require a significant amount of electricity, and Bitcoin miners have already secured these resources, making them ideal candidates for rapidly expanding AI and HPC companies. In September, the stock prices of large-cap mining companies rose by 4% to 9%, while those associated with AI and HPC saw price increases of up to 25%.

ChainCatcher news, according to The Block, Macquarie, the Australian multinational investment bank, has given "outperform" ratings to several Bitcoin mining companies including MARA, Riot Platforms, Core Scientific, CleanSpark, and Cipher Mining. Analysts believe these companies are shifting focus from cryptocurrency to artificial intelligence (AI) and high-performance computing (HPC) models.Macquarie analysts Paul Golding and Emma Liang noted that in recent years, Bitcoin mining businesses have become increasingly diversified, a trend that has accelerated following Bitcoin's fourth halving in April this year. Some mining companies view their unique power resource advantages as opportunities to diversify into non-crypto-related hosting businesses, while others focus on accumulating Bitcoin assets.

ChainCatcher news, CryptoQuant co-founder Ki Young Ju expressed his views, pointing out that the dominance of Bitcoin hash power is shifting towards American mining companies.According to Ki Young Ju, Chinese mining pools currently operate 55% of the network hash power, while American mining pools manage 40% of the hash power. He further explained that American mining pools primarily serve institutional miners in the U.S., while Chinese mining pools support relatively smaller Asian miners.

ChainCatcher news, investment bank Jefferies stated in a research report on Wednesday that Bitcoin mining profits in August were far lower than in July, as the average price of Bitcoin fell by more than 4%, while the average network hash rate increased by about 2.7%. The report also noted that September will be another tough month, as BTC remains below $60,000 and the network hash rate continues to rise.

ChainCatcher message, according to the latest data from The Miner Mag, the BTC production market share of 16 publicly listed Bitcoin mining companies has approached 23%. These companies produced a total of 3,226 Bitcoins in August, which is comparable to the production in May, June, and July.

ChainCatcher news, according to a report by Coindesk, research and brokerage firm Bernstein has pointed out that U.S.-listed Bitcoin mining companies have a significant advantage over their unlisted counterparts due to their ability to raise funds in the world's deepest capital markets. This ease of capital acquisition provides them with more financial options, making them more competitive, especially in capital-intensive industries.Bernstein noted that large publicly traded Bitcoin miners in the U.S. are gradually becoming consolidators in the industry. Leading miners should focus on expanding market share and increasing hash rates, rather than compensating for funding needs by selling mined cryptocurrencies at low prices. Recently, the financing actions of Marathon Digital, Riot Platforms, Core Scientific, and Bitdeer further support this view, as these companies have raised funds through the issuance of convertible bonds and stocks to expand their market influence.Additionally, Bernstein emphasized that although Bitcoin mining and artificial intelligence (AI) data centers share similarities in power demand and high-density power specifications, their business models are entirely different. Nevertheless, scaling is crucial for both. The report also reiterated that with the increase in institutional adoption and the popularity of exchange-traded funds (ETFs), Bitcoin prices are expected to reach a new high of around $200,000 by 2025.

ChainCatcher news, according to The Block, analysts from research and brokerage firm Bernstein pointed out that Bitcoin mining companies are shifting their focus to the artificial intelligence and high-performance computing (HPC) data center market, which has sparked strong interest from investors. Gautam Chhugani, Mahika Sapra, and Sanskar Chindalia wrote in a report to clients on Monday: "We see strong investor interest in Bitcoin mining companies pursuing AI/HPC, and these investors are also questioning whether all mining companies should pivot to AI."This operational shift is referred to as the "Mullet" strategy: AI data centers at the front end, Bitcoin mining at the back end. The report on Monday stated that the current mining landscape is almost evenly split, with companies focused on Bitcoin mining and those transitioning to become AI data centers each accounting for half. This strategy may require mining companies to incorporate GPU-based AI-specific machines into their facilities, as ASIC mining machines are not suitable for AI training tasks. However, Bernstein's report noted that mining companies transitioning to focus on the AI data center market face specific challenges. While Bitcoin mining and AI data centers share similarities in power capacity and high-density power specifications, they have entirely different business models.The analysts added: "Bitcoin mining companies pursue proprietary strategies for self-mining, engaging in the business of converting electricity into Bitcoin at costs below market prices. Therefore, the only thing that matters is increasing Bitcoin output/hash rate market share and a consistent financial strategy, which is not to sell Bitcoin at a loss." According to the report's perspective, leading Bitcoin mining companies should focus on Bitcoin mining market share, ensuring that hash rate growth outpaces the total hash rate, and not selling Bitcoin at a loss.

ChainCatcher news, according to Cointelegraph, VanEck recently stated in a report: "AI companies need energy, and Bitcoin miners have energy." The company believes that Bitcoin mining companies face profitability risks from fluctuations in operating costs and Bitcoin prices, and they may find it a good strategic choice to shift some energy capacity to the growing fields of artificial intelligence (AI) and high-performance computing (HPC).VanEck stated: "The balance sheets of Bitcoin mining companies are usually poor, either due to excessive debt, too many shares issued, excessively high executive compensation, or a combination of all three."VanEck estimates that if publicly listed Bitcoin mining companies shift 20% of their energy capacity to AI and high-performance computing by 2027, "the total additional profit per year will average over $13.9 billion over 13 years."Meanwhile, VanEck pointed out that the benefit for Bitcoin mining companies to sign such contracts is that these AI companies are usually willing to provide the financial resources needed for capital expenditures.

ChainCatcher news, according to The Block, Bernstein has rated Riot Platforms, CleanSpark, IREN, and Core Scientific as "outperforming the market," while Marathon Digital has been rated as "market perform."The "outperforming the market" rating is a positive assessment from analysts, indicating that the stock is expected to exceed the performance of its market or industry. In contrast, the "market perform" rating is a neutral evaluation, suggesting expected average performance.These assessments are based on five key indicators: production and hash rate, operational and energy efficiency, power consumption, hash cost, and each company's artificial intelligence strategy.

ChainCatcher news, according to Coindesk, Jefferies investment bank pointed out in its latest research report that due to the Bitcoin price dropping over 6% in July while the network hash rate remained stable, Bitcoin mining profits have slightly decreased compared to June. Jefferies lowered the target stock price for Marathon Digital from $22 to $17, but maintained a hold rating. The stock fell 0.7% in pre-market trading to about $15.The report shows that U.S.-listed mining companies produced more Bitcoin in July, accounting for 21.1% of the total network output, up from 20.7% in May. Analysts Jonathan Petersen and Joe Dickstein noted that the pace of new capacity additions by public companies has outstripped the growth rate of the network hash rate. Marathon Digital produced 692 Bitcoins in July, a 17% increase from the previous month, and its installed hash rate remains the largest in the industry.JPMorgan's report also pointed out that the global hash rate share of U.S.-listed miners reached a record high in July. August will be more challenging for miners as the Bitcoin price has dropped about 5% and the network hash rate has begun to grow again.

ChainCatcher news, according to Bitcoin Magazine, mining company Marathon announced that every Bitcoin block it mines now bears the inscription "Made in America."

According to ChainCatcher news, statistics from HODL15Capital show that among the listed Bitcoin mining companies, Marathon Digital holds 20,818 BTC, ranking first. Following is Riot Platforms, holding 9,334 BTC; Hut 8 holds 9,109 BTC, ranking third.The holdings of other mining companies are as follows:Cleanspark holds 7,082 BTC;Hive Digital holds 2,496 BTC;Cifer Mining holds 2,270 BTC;Canaan holds 1,057 BTC;Bit Digital holds 1,038 BTC;Bitfarms holds 1,016 BTC.

ChainCatcher news, CryptoQuant founder and CEO Ki Young Ju posted on social media that the average Bitcoin mining cost for U.S. mining companies is currently about $43,000.Marathon Digital's Q2 2024 report shows that the company's average mining cost per Bitcoin is $42,969. This can be calculated using their operational hash rate, the cost per terahash per day, and the average number of Bitcoins mined per day.

ChainCatcher news, Galaxy releases the 2024 mid-year report on Bitcoin mining.Key points are as follows:With hash prices hitting an all-time low, mining difficulty has decreased by 10% from the peak of 88.1 T (630 EH/s), dropping to a post-hash low of 79.5 T (569 EH/s) in early July. As of the time of writing, the difficulty is at 82.0 T (587 EH/s);Publicly listed mining companies raised a total of $1.8 billion in Q1 2024, the highest quarterly financing amount in the past three years;As the value of available power capacity skyrockets, the debt capital markets are expected to re-emerge in the second half of 2024 and into 2025;Miners with approved large-scale power capacity, long-cycle infrastructure procurement, and access to water and fiber optics are in the best position to leverage artificial intelligence;In the annual report, we project a hash rate target range of 675 EH to 725 EH by the end of 2024, and based on publicly available miner information, seasonal trends, and profitability analysis, we have raised the growth rate to between 725 EH and 775 EH.From January 1 to July 23, Bitcoin miners generated 12,970 BTC (approximately $863 million as of July 23) in transaction fees. The fees earned by miners account for about 55% of the total cumulative fees in 2023 (23,400 BTC).To date, the total transaction volume exceeds $460 million, primarily divided into venue sales, reverse mergers, and company acquisitions. Industry M&A activity is expected to continue.

ChainCatcher news, according to TheBlock, BRN chief analyst Valentin Fournier stated that Bitcoin mining companies seem to be purchasing Bitcoin directly from the market to increase their reserves. These mining companies may have entered a new accumulation phase, and these actions have triggered the Hash Ribbon signal, which is a long-term bullish indicator highlighting the end of miner capitulation.