The total market cap of U.S-listed bitcoin miners surpassed $50 billion for the first time last month, rising 43% month-on-month to $56 billion in September, according to JPMorgan. The increase was attributed to various announcements, including Cipher Mining’s colocation deal and IREN’s expansion of its Cloud Services business.

The Bitcoin hashrate also increased in September, rising to an average of 1,031 EH/s. The hashrate refers to the total computational power used to mine and process transactions on a proof-of-work blockchain. However, mining profitability fell for the second consecutive month as the hashrate surpassed 1000 EH/s.

Bitfarms saw a 110% gain, while Cango experienced an 11% decline among U.S-listed bitcoin miners. Twelve out of the fourteen miners outperformed Bitcoin in September, according to JPMorgan’s report.

Read more at Yahoo Finance: Bitcoin Miners’ Market Cap Hit a Record in September: JPMorgan