U.S. Bitcoin Miners Strengthen Hold on Network, Capturing 29% of Hashrate
Publicly traded Bitcoin (BTC) mining firms in the U.S. have expanded their dominance in the network, increasing their share of the total hashrate from approximately 20% a year ago to 29% as of January 2025, according to a new report by brokerage firm Bernstein.
Hashrate represents the total computing power used to secure the Bitcoin network, serving as an indicator of competition among miners and overall mining difficulty.
“U.S.-listed Bitcoin miners continue to gain ground, leveraging superior access to capital, land, and energy,” wrote Bernstein analysts led by Gautam Chhugani. The report underscores how large-scale mining firms aggressively expanded operations throughout 2024.
Among the fastest-growing companies, Iris Energy (IREN) leads in hashrate expansion, followed by CleanSpark (CLSK), Riot Platforms (RIOT), and MARA Holdings (MARA).
Bernstein rates IREN, CleanSpark, and Riot Platforms as “outperform,” setting price targets of $26, $30, and $22, respectively. MARA Holdings holds a “market perform” rating with a $23 target. The report also highlights IREN, MARA, and CleanSpark for their strong power efficiency and uptime.
Meanwhile, Wall Street bank JPMorgan (JPM) noted that January was a relatively quiet month for overall hashrate growth across the industry.
