{"id":24719,"date":"2025-05-01T14:01:47","date_gmt":"2025-05-01T14:01:47","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=24719"},"modified":"2025-05-01T14:01:47","modified_gmt":"2025-05-01T14:01:47","slug":"bitcoin-miners-with-hpc-exposure-underperformed-btc-for-third-straight-month-jpmorgan","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=24719","title":{"rendered":"Bitcoin Miners With HPC Exposure Underperformed BTC for Third Straight Month: JPMorgan"},"content":{"rendered":"<div>\n<p>Bitcoin (BTC) mining companies with high-performance computing (HPC) exposure underperformed the world&#8217;s largest cryptocurrency for the third month in a row in April, Wall Street bank JPMorgan said in a research report on Thursday.<\/p>\n<p>Some bitcoin miners have <a href=\"https:\/\/www.coindesk.com\/business\/2023\/08\/21\/crypto-miners-are-attempting-to-diversify-into-other-business-areas-jpmorgan\">pivoted<\/a> into new business areas, such as offering HPC services to the fast growing artificial intelligence (AI) market, to reduce their dependence on crypto.<\/p>\n<p>&#8220;We note miners with HPC exposure (IREN, RIOT, WULF, HUT) underperformed BTC performance for the third consecutive month,&#8221; analysts Reginald Smith and Charles Pearce wrote.<\/p>\n<p>Mining profitability fell in April as the network hashrate increased. <\/p>\n<p>Daily block reward revenue declined 6% from March, the bank said, while the monthly average hashrate rose around 56 exahashes per second (EH\/s), or 6% month-on-month, to 872 EH\/s in April.<\/p>\n<p>&#8220;This was the second largest sequential increase in the monthly average network hashrate on record,&#8221; the authors wrote.<\/p>\n<p>The <a href=\"https:\/\/www.coindesk.com\/opinion\/2024\/08\/14\/the-coming-financialization-of-hashrate-markets\">hashrate<\/a> refers to the total combined computational power used to mine and process transactions on a <a href=\"https:\/\/www.coindesk.com\/learn\/what-is-proof-of-work\">proof-of-work<\/a> blockchain, and is a proxy for competition in the industry and mining difficulty.<\/p>\n<p>The total market cap of the 13 U.S.-listed mining stocks that the bank tracks increased 12% from March.<\/p>\n<p>Greenidge (GREE) was a notable outperformer in April with a 46% gain.<\/p>\n<p><em><strong>Read more: <\/strong><a href=\"https:\/\/www.coindesk.com\/markets\/2025\/04\/28\/bitcoin-miner-1q-results-may-disappoint-as-hashprice-fell-tariffs-hit-coinshares\"><span style=\"text-decoration:underline\">Bitcoin Miner 1Q Results May Disappoint as Hashprice Fell, Tariffs Hit: CoinShares<\/span><\/a><\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) mining companies with high-performance computing (HPC) exposure underperformed the world&#8217;s largest cryptocurrency for the third month in a row in April, Wall Street bank JPMorgan said in a research report on Thursday. Some bitcoin miners have pivoted into new business areas, such as offering HPC services to the fast growing artificial intelligence (AI) [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-24719","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/24719","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24719"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/24719\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24719"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24719"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24719"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}