As the price of bitcoin topped $99,500 last month, shares of some publicly traded bitcoin miners rose significantly, according to a research report released by JPMorgan Chase on Monday.
The report noted that the market value of the 14 Bitcoin mining companies tracked by JPMorgan Chase increased by 52% month-on-month to $36.2 billion. Among the best-performing companies in November, Singapore-based Bitdeer shares rose 83% to $14.27 during the period. Overall, publicly traded Bitcoin miners have seen their share prices rise last month following the U.S. election, with Argo Blockchain the only miner to post a loss at the end of November, with its shares falling 3% for the month to $1.08 on Friday.
Analysts say Bitcoin mining revenue has dropped by 50% since the April halving event. Although rewards are still relatively low, rising Bitcoin prices have led to higher mining returns in November. On a basis of 1 EH, daily revenue for Bitcoin miners increased 24% to $52,000 in November from around $42,000 in October. (Decrypt)