With the world’s leading cryptocurrency, bitcoin, regularly hitting $100,000 this December, public mining companies are poised for another record surge in revenues.

In November, the top bitcoin miners in the U.S. reached an unprecedented market capitalization of $36.2 billion , according to JPMorgan analysts, with many miners logging record share prices, thanks to bitcoin’s rising valuation. This price growth is attributed the growing popularity of bitcoin among institutional investors, ongoing inflows to exchange-traded funds (ETFs), and the election of pro-crypto President-Elect Donald Trump.

Bitdeer, headquartered in Singapore, was among the mining firms that experienced the most meteoric growth, with its share price surging 83% in November, according to JPMorgan analysts.

While revenue from bitcoin mining has plummeted 50% since this year’s bitcoin halving, miners have been able to capitalize on the surging value of bitcoin to offset increased expenses. As bitcoin continues its upward momentum in price, miners are expected to generate increased revenue, which may lead to a rise in their stock prices.

Bitcoin’s extraordinary price gains in November have attracted new entrants to the sector and sustained positive momentum for the country’s largest public miners. Some Bitcoin miners, such as TeraWulf, have experienced stock value surges that outpace Bitcoin’s price gains. TeraWulf, for instance, saw its stock price increase by 229% in 2024, compared to Bitcoin's 132% growth over the past year.

Bitcoin grew almost 40% last month, and signs suggest that the world’s top cryptocurrency could experience another breakout month in December. The incoming Trump presidential administration is widely expected to create a more favorable regulatory climate for the digital asset industry, potentially catalyzing a spike in bitcoin prices.