U.S. Bitcoin Miners Now Control 29% of Global Hashrate Amid Rising Competition
Publicly traded Bitcoin (BTC) mining companies in the U.S. have significantly expanded their influence, now accounting for 29% of the global network hashrate, according to a JPMorgan report released Tuesday.
The 14 U.S.-listed mining firms tracked by the bank have seen their combined hashrate nearly double in the past year, increasing by 95% year-over-year to 244 EH/s. By comparison, Bitcoin’s total network hashrate grew 45% over the same period, analysts Reginald Smith and Charles Pearce wrote in the report.
With Bitcoin’s network hashrate rising by 6% in February alone, mining has become increasingly competitive, placing pressure on profitability. “Mining economics have tightened as the rising hashrate coincided with a slight decline in Bitcoin’s price,” the report stated.
JPMorgan estimates that hashprice—a key measure of mining profitability—dropped 13% since late January, while daily mining rewards fell by 6% to around $53,600.
Despite the tougher conditions, public mining stocks held relatively steady, slipping just 1% in total market cap from the previous month. Among the firms analyzed, Iris Energy (IREN) outperformed with a 27% gain, while Greenidge Generation (GREE) lagged with a 20% decline.
A separate Bernstein report echoed similar findings, noting that U.S. miners are gaining a stronger foothold in the Bitcoin network as their share of the total hashrate continues to expand.
