Bitcoin Miners on U.S. Exchanges Controlled 29% of the Global Hashrate Last Month: JPMorgan

U.S. Bitcoin Miners Capture 29% of Global Hashrate Amid Rising Competition

Bitcoin mining firms listed in the U.S. have significantly expanded their share of the global hashrate over the past year, despite mounting economic pressures from rising competition and a slight downturn in BTC prices, according to a JPMorgan report released Tuesday.

The report highlights that the combined hashrate of 14 publicly traded U.S. mining firms has surged by approximately 95% year-over-year, reaching 244 EH/s, while the total Bitcoin network hashrate has risen 45% in the same period. This expansion now gives U.S.-listed miners control over 29% of the global hashrate.

“The Bitcoin network’s hashrate, which serves as a measure of industry competition and mining difficulty, has climbed about 6% this month alone,” analysts Reginald Smith and Charles Pearce wrote.

At the same time, declining BTC prices have pressured mining profitability. The bank noted that hashprice, which reflects daily earnings per unit of computational power, has fallen 13% since the end of January, contributing to lower mining rewards. JPMorgan estimates that daily block rewards earned by miners have dropped by 6%, averaging $53,600 this month.

Despite these challenges, the market capitalization of publicly traded bitcoin mining firms tracked by JPMorgan has only seen a slight 1% decline since last month.

Among individual mining stocks, Iris Energy (IREN) outperformed with a 27% gain in early February, while Greenidge Generation (GREE) struggled, falling 20% over the same period.

A separate report from Bernstein on Monday also noted that U.S.-based bitcoin miners continue to expand their footprint, steadily increasing their dominance in the global mining sector.