The total market cap of the fourteen U.S-listed bitcoin (BTC) miners that JPMorgan tracks exceeded $50 billion for the first time last month, the Wall Street bank said in a report Wednesday.

The combined market cap of these mining stocks rose 43% month-on-month to $56 billion in September, the bank noted.

The move was driven by a number of announcements, including Cipher Mining's (CIFR) HPC colocation deal with Fluidstack, and IREN's (IREN) expansion of its Cloud Services business, the report said.

The BItcoin hashrate also rose. The monthly average network hashrate "increased ~82 EH/s (+9%) m/m to an average of 1,031 EH/s in September," analysts Reginald Smith and Charles Pearce wrote.

The hashrate refers to the total combined computational power used to mine and process transactions

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