U.S.-listed bitcoin miners and data center operators added a combined $13 billion in market capitalization during the first two weeks of January 2026.
This 27% surge brings the group’s total market value to $62 billion as of January 15, as the sector capitalizes on a favorable environment characterized by modest bitcoin pricing gains, improving profit margins, and AI deals.
A significant portion of the mining cohort outperformed the underlying asset itself. While bitcoin (BTC) prices rose approximately 9% during the period, 10 of the 14 operators tracked by J.P. Morgan posted stronger returns.
By contrast, the S&P 500 gained 1% over the same timeframe. IREN (NASDAQ: IREN) led the sector with a 37% gain, while Cango (NYSE: CANG) lagged as the worst performer, falling 3%. J.P. Morgan analysts noted that valuations and earnings are continuing to decouple from direct bitcoin price action.
Operational metrics favored miners in early January. The average bitcoin price held steady at approximately $90,400, a 2% increase from December. Simultaneously, Bitcoin’s hashrate declined by 2% to 1,028 EH/s. This divergence allowed miners to earn roughly $39,900 in daily revenue per EH/s, a 3% increase from the prior month. Consequently, gross mining margins improved by approximately 300 basis points to nearly 47%.
U.S.-listed miners expanded their dominance, now controlling a record 41% of the global network hashrate. The group added 12 EH/s of capacity since late November. Bitdeer (NASDAQ: BTDR) led this expansion by energizing 9.5 EH/s, becoming the second publicly traded miner to exceed 50 EH/s in self-mining capacity. Riot Platforms (NASDAQ: RIOT) also contributed to the growth, adding 2 EH/s.
Balance sheet strategies varied across the industry. MARA Holdings (NASDAQ: MARA) maintained the largest bitcoin treasury among public miners, holding 52,850 BTC worth approximately $5 billion. Conversely, Riot reduced its holdings by 1,363 BTC in December, partly to pay for its acquisition of the property for its Rockdale data center as part of its new AI hosting deal with AMD.
Enjoying the read? Check out our podcast dedicated to all things Bitcoin and AI.
Header image by Yashowardhan Singh via Unsplash.
