JPMorgan: In January, the total market value of Bitcoin mining companies increased by $11 billion, a month-on-month growth of 23%

According to CoinDesk, JPMorgan noted in a report that Bitcoin mining stocks performed strongly in 2026, with the total market capitalization of 14 U.S.-listed mining companies tracked by them increasing by $11 billion in a single month, a 23% month-over-month rise 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 winter storm causing a decrease in overall network hash rate, as well as market optimism regarding mining companies' transition to high-performance computing (HPC). The report pointed 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 hash rate. At the same time, mining company valuations continued to expand, with their trading multiples being about three times the average level since 2022, indicating a significant decoupling of valuations from the price trends of Bitcoin.

Additionally, mining companies are actively transforming into digital infrastructure providers, such as Riot Platforms signing an agreement with AMD to convert their mining facilities into AI data centers in search of more stable long-term revenue.