Bitcoin Miners' Market Cap Soared in September to Record High

The market capitalisation of leading Bitcoin miners surged in September, exceeding $50 billion for the first time, as reported by JP Morgan. This increase is attributed to companies in the sector pivoting towards high-powered computing to boost profits amid the growing demand in the artificial intelligence industry. Mining firms like Mara, Riot, and CleanSpark saw significant increases in their stock values, reflecting their diversified business strategies away from solely Bitcoin mining. The JP Morgan report noted that this was the sixth consecutive month where the growth in the combined market cap outpaced Bitcoin's price increases. Some industry insights suggest this transition to high-powered computing is complex and requires specialized expertise, yet firms like CleanSpark experienced a remarkable 51% growth in their share price over the past month. As of late September, Bitcoin's price has also been on an upward trajectory, approaching $117,000, further complementing the miners' market cap growth.

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