Bitcoin’s surge past a new all-time high also saw publicly traded mining firms winning big and miners experiencing a spike in their revenue, according to a report by JP Morgan.

Crypto Genesis highlighted this milestone on their X platform, sharing:

Bitcoin mining revenues and publicly traded miners' stock prices surged in November as Bitcoin surpassed $99,500, according to a JP Morgan report.

In their report, JP Morgan noted a “whopping” 52% month-over-month increase in the collective market capitalization of the 14 Bitcoin miners they tracked to $36.2 billion in November. 

Market Capitalization and Top Performers

Looking at individual performance of the Bitcoin miners JP Morgan tracked, Singapore-based Bitdeer emerged as the month’s best performer, recording a massive surge in its stocks by 83% to $14.27. Additionally, TeraWulf was reported to be the only Bitcoin miner to outpace Bitcoin in terms of stock price gains with its stock price increasing 229% to $7.89 so far this year.

It's important to note that prior to Bitcoin jumping in value, JP Morgan had reported mining revenues declining by 50% following April’s BTC halving event. 

During this event, Bitcoin’s per-block rewards was slashed from 6.25 BTC to 3.125 BTC—equivalent of $295,578.34 today. Analysts attributed  Bitcoin’s rising price—currently about $94,933.48—as a result of that made it more lucrative to mine Bitcoin in November. 

It wasn't until in November, Bitcoin miners experienced a significant boost in daily revenue, with earnings based on one exahash of mining capacity rising by 24%. 

Revenue climbed to $52,000, up from approximately $42,000 in October. By the end of November, Bitcoin's price surged to $97,000, largely influenced by Donald Trump's election victory, resulting in a remarkable 132% gain year-to-date.

Overall, publicly traded Bitcoin mining companies saw a positive trend in their stock prices following the election. Among the 14 firms monitored by JP Morgan, Argo Blockchain was the sole miner to finish November with a decline; its stock price dropped by 3% over the month, closing at $1.08 on Friday.

Trump's Election Victory Ignites a Surge

The impact of Donald Trump’s United States presidential election win was also felt across the broader cryptocurrency industry. Spot crypto exchange volumes soared to a three-year high in November, reaching $2.9 trillion, he highest level recorded since May 2021, according to data from New Hedge.

This surge in trading activity reflects growing investor confidence, driven by expectations that Trump's administration will adopt a more favorable stance toward cryptocurrencies. 

During his campaign, Trump expressed ambitions to transform the U.S. into "the crypto capital of the planet" and proposed establishing a strategic Bitcoin reserve. Such promises have resonated with investors, contributing to the notable increase in trading volumes. 

Additionally, experts believes the SEC Chair’s resignation in 2025 signals potential for friendlier crypto policies.  

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