It’s not just Bitcoin’s price taking a hit—Bitcoin mining companies in the U.S. are suffering too. 

The aggregate market capitalization of 14 top U.S. public miners shed 22%—$6 billion—in February alone, analysts at JP Morgan wrote in their latest crypto report.

The companies the top investment bank tracks include Core Scientific, Greenidge, and MARA Holdings, among others.

JP Morgan’s report also noted revenue for the companies dipped, with analysts at the bank predicting Bitcoin miners earned $54,300 per EH/s on average in daily block reward revenue in February—down 5% from the month before. 

Bitcoin’s price has dipped 10% over the past 30 days and is currently trading at $87,300, according to CoinGecko data. 

The asset dropped to as low as $78,940 on Friday, as investors sought a “risk-off” approach amid trade war tensions sparked by President Donald Trump’s tariffs on Canada and Mexico.

Bitcoin is down nearly 20% from its January all-time high of over $108,000—a level it touched the day crypto-friendly President Trump was inaugurated on November 5. 

The performance of the world's largest crypto had helped lift revenue growth for Bitcoin miners, including MARA Holdings, in the fourth quarter of last year, though a declining price now places further strain on operations.

Mining operations, which require significant electricity consumption, face higher costs when Bitcoin prices drop, making it more expensive to sustain operations. 

Investors, too, expected prices to continue surging, with hopes of a “Trump trade” spurring sentiment and pushing other digital assets to new all-time highs earlier in the year. 

But a trade war with major world economies, including China, has forced investors to shed their positions with risk assets, including Bitcoin and equities.

Adding to those pressures, miners with high-performance computing exposure came under pressure following the late January launch of Deepseek, a Chinese AI model, JPMorgan wrote.

Some Bitcoin miners have repurposed their data centers to support the AI industry to capture tailwinds in AI development.

Still, the sector saw disruption in January after the Chinese startup unveiled its large language model developed with significantly less capital than U.S. firms such as OpenAI, Microsoft, and Google, weighing on Bitcoin miners diversifying into AI.

Edited by Sebastian Sinclair

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