Bitcoin mining stocks tracked by JPMorgan have had a strong start in 2025, with 12 out of the 14 companies in their coverage outperforming Bitcoin itself in the first two weeks, according to the bank’s research report released Thursday.

The report highlighted that the total hashrate of the Bitcoin network has seen a 2% increase month-to-date, averaging 793 exahashes per second (EH/s), which represents a 51% growth compared to the same period last year. The hashrate reflects the total computational power being used for mining and processing transactions, serving as a gauge of the competition and difficulty level in the mining industry.

JPMorgan also pointed out that the hashprice, a key metric for mining profitability, has dropped by less than 1% since the end of December. This decline is attributed to the fact that hashrate growth has outpaced Bitcoin’s price movement, though miners still earned about $54,900 in daily block reward revenue per EH/s during the first two weeks of January.

The combined hashrate of the 14 U.S.-listed mining companies tracked by JPMorgan has more than doubled over the past year and now accounts for roughly 30% of the global Bitcoin network, underscoring the growing importance of these companies in the industry.

The total market capitalization of these mining stocks has surged by 16%, or $4.5 billion, in the first two weeks of the year. Riot Platforms (RIOT) led the charge, posting a 32% gain, while Bitdeer underperformed with a 4% decline.

Bitcoin itself has risen by approximately 56% since the halving event in April, 44% since the U.S. presidential election in November, and 134% year-over-year, indicating a significant bull run for the cryptocurrency.