U.S.-listed bitcoin miners have reached a new zenith, with their combined market capitalization soaring to $22.8 billion as of June 15, according to a JPMorgan report. Leading the charge, Core Scientific saw a staggering 117% increase in its stock price, significantly outstripping the modest 3% decline in bitcoin prices over the same period. This surge is attributed to the bullish response to Core Scientific’s new deal with AI powerhouse CoreWeave.

Despite mixed performance among the miners, with Argo Blockchain experiencing a 7% drop, the overall sector shows robust health. Bitcoin mining stocks have collectively outperformed the cryptocurrency itself in the first half of June. This trend underscores a growing investor confidence in the infrastructure surrounding bitcoin, beyond the fluctuations of the cryptocurrency market itself.

Additionally, the report highlights a slight decline in the bitcoin network hashrate, suggesting a decrease in mining competition. U.S. miners have capitalized on this, increasing their global network hashrate share to 23.8%. This ongoing shift indicates a strategic scaling back by less efficient miners, further cementing the dominance of U.S.-based operations in the global bitcoin mining landscape.