The market cap of Bitcoin miners soared in September as firms in the space benefited from pivots to high-powered computing that feeds the burgeoning artificial intelligence sector, according to a report from JP Morgan.
Analysts at the banking giant highlighted the surge in a Wednesday report, noting that the combined value of the 14 top publicly traded miners it tracks passed $50 billion for the first time ever.
Top mining stocks this week have jumped in value with the price of the leading cryptocurrency, too, with Mara, Riot, and CleanSpark all up significantly over the week—and the past month.
“Growth in aggregate market cap outpaced bitcoin price appreciation for the sixth consecutive month, as operators continue to diversify their businesses away from bitcoin mining towards HPC,” the report read.
The surge in market cap comes as miners look to high-powered computing to increase profits. Google last month announced it was backstopping a deal between AI compute company Fluidstack and Bitcoin miner Cipher, giving Google the right to buy a 5.4% stake in Cipher.
Read more: decrypt.co
