U.S.-listed bitcoin miners have reached a record market capitalization of $22.8 billion as of June 15, according to JPMorgan analysts.

The 14 U.S. listed stocks have rallied in the first half of June, led by Core Scientific, TeraWulf and IREN, with 117%, 80% and 70% gains, respectively, JPMorgan analysts Reginald Smith and Charles Pearce wrote in a Monday report to clients.

Argo Blockchain is the only miner that has fallen in price in June. It's down 7% and underperformed a 3% drop in the price of bitcoin.

Marathon Digital is currently the largest U.S.-listed bitcoin miner with a $5.3 billion market cap, followed by CleanSpark and Riot Platforms at $4 billion and $3 billion, respectively.

The aggregate market cap for the sector has subsequently gained 24% — some $4.4 billion — since …