Bitcoin News Today: Investors' Shift to Infrastructure Drives Bitcoin Miners' $56B Surge

The market capitalization of U.S.-listed Bitcoin miners surged to $56 billion in September, a 43% increase from the previous month, marking the first time the sector has surpassed the $50 billion threshold. This growth was driven by strategic corporate developments, including high-performance computing (HPC) partnerships and renewable energy investments, which attracted investor attention. JPMorgan analysts Reginald Smith and Charles Pearce noted that firms like Cipher Mining (CIFR) and IREN (IREN) leveraged these initiatives to enhance diversification and operational scalability, outperforming Bitcoin's price action during the month . Twelve of the 14 miners tracked by JPMorgan exceeded Bitcoin's 21% six-month gain, underscoring the sector's role as a leveraged play on BTC price movements .

The rally coincided with a 9% month-on-month rise in Bitcoin's network hashrate to 1,031 EH/s, reflecting intensified competition among miners for block rewards. However, higher hashrate levels pressured profitability, with daily block reward revenue per EH/s declining 10% to $49,700 in September. This marked the second consecutive monthly drop in mining profitability, as gross profits fell 17% year-over-year. Despite these challenges, miner stocks surged, with Bitfarms (BITF) leading the charge with an 115% gain and IREN's shares rising 624% . The outperformance highlights shifting investor sentiment, positioning miners as strategic infrastructure providers rather than pure commodity plays, particularly as Bitcoin's price stabilized above $117,000 .

Operational metrics further illustrated the sector's dynamism. Large-scale miners like Marathon Digital (MARA) and Riot Platforms (RIOT) expanded their computing power, with MARA increasing its hashrate by 5% to 36.9 EH/s and RIOT projecting 56.6 EH/s by mid-2025. These firms also bolstered their BTC holdings, with MARA now holding 26,842 coins-the second-largest public stockpile. Meanwhile, smaller players such as TerraWulf (WULF) and HIVE Digital capitalized on HPC demand, with WULF's shares trading at a 4.4× price-to-sales multiple, the highest in the sector . This valuation premium reflects investor optimism about miners' ability to pivot into AI and HPC markets, leveraging existing energy infrastructure to diversify revenue streams .

Market analysts remain cautious, however. JPMorgan warned that sustained hashrate growth without a corresponding rise in Bitcoin's price could erode margins. The bank also highlighted the sector's exposure to external risks, such as Hurricane Helene, which temporarily disrupted operations for CleanSpark (CLSK). Additionally, while on-chain data from CryptoQuant showed real-time revenue visibility for firms like MARA and WULF, it also revealed valuation disparities, with Iris Energy (IREN) trading at a steep discount despite increased Bitcoin production . These divergences suggest a maturing market where investors are increasingly differentiating between operational efficiency and speculative bets.

The sector's trajectory appears tied to broader macroeconomic trends. With Bitcoin's hashrate hitting 1.039 ZH/s and institutional demand for tokenized assets rising, miners are increasingly viewed as critical nodes in the digital economy. JPMorgan's analysis emphasized that profitability will hinge on balancing hashrate expansion with cost control, particularly as energy prices and regulatory scrutiny evolve. For now, the $56 billion market cap milestone underscores the sector's resilience, even as it navigates a complex landscape of rising competition and margin pressures .

Source: [1] ecoinimist.com (https://ecoinimist.com/2025/10/01/bitcoin-miners-break-50-b-market-cap/)

[2] coindesk.com (https://www.coindesk.com/markets/2025/10/01/bitcoin-miners-market-cap-hit-a-record-in-september-jpmorgan)

[3] cryptopolitan.com (https://www.cryptopolitan.com/bitcoin-miners-market-cap/)

[4] cryptotimes.io (https://www.cryptotimes.io/2025/10/02/bitcoin-miners-hit-56b-market-cap-despite-falling-margins/)

[5] coindesk.com (https://www.coindesk.com/markets/2025/10/06/ai-hpc-bitcoin-miners-rally-as-amd-soars-30-on-openai-deal)

[6] yahoo.com (https://finance.yahoo.com/news/bitcoin-miners-crossroads-gain-market-123331657.html)

[7] tradingview.com (https://www.tradingview.com/news/cryptonews:51610a391094b:0-bitcoin-miners-wulf-and-mara-trade-at-4-revenue-premiums-iren-lags/)