[JPMorgan: Market Cap of U.S.-Listed Bitcoin Mining Companies Increased by $11 Billion in January, Up 23% Month-on-Month] According to CoinDesk, JPMorgan stated in a report that Bitcoin mining stocks performed strongly in January 2026. The total market capitalization of 14 U.S.-listed mining companies tracked by the firm increased by $11 billion in a single month, rising 23% month-on-month to $60 billion, significantly outperforming the S&P 500 index during the same period. The report attributes this growth primarily to the winter storms causing a decline in network-wide hash rate and the market's optimistic sentiment toward mining companies transitioning to high-performance computing (HPC). The report noted that despite Bitcoin's price dropping by approximately 4% during the month, miners' profitability improved due to temporarily reduced competition in network hash rate. Meanwhile, mining companies' valuations continued to expand, with trading multiples approximately three times the average level after 2022, indicating a clear decoupling between valuations and Bitcoin price trends. Additionally, mining companies are actively transforming into digital infrastructure providers. For example, Riot Platforms signed an agreement with AMD to convert its mining facilities into AI data centers, aiming for more stable long-term revenue streams.