Bitcoin mining firms listed in the U.S. are steadily increasing their share of the network’s total hashrate, Bernstein reports.

U.S. Bitcoin Miners Expand Market Share, Now Control 29% of Network Hashrate: Bernstein

Publicly traded Bitcoin (BTC) mining firms in the U.S. are rapidly increasing their presence in the global mining landscape, growing their share of the network’s total hashrate from roughly 20% in early 2024 to about 29% as of January 2025, according to a report from brokerage firm Bernstein.

The Bitcoin hashrate measures the total computational power securing the blockchain and is a key indicator of competition among miners, as well as network difficulty.

“U.S.-listed Bitcoin miners are capitalizing on their access to funding, real estate, and energy infrastructure to grow their share of the network,” said Bernstein analysts led by Gautam Chhugani. The report attributes the increase to aggressive hashrate expansion efforts throughout 2024.

Among major mining firms, Iris Energy (IREN) recorded the fastest hashrate growth, with CleanSpark (CLSK), Riot Platforms (RIOT), and MARA Holdings (MARA) following closely behind.

Bernstein maintains an “outperform” rating for IREN (target price: $26), CleanSpark ($30), and Riot Platforms ($22), while MARA Holdings holds a “market perform” rating with a $23 target price. The report also highlights that IREN, MARA, and CleanSpark have excelled in power efficiency and system uptime.

Despite this growth, Wall Street bank JPMorgan (JPM) noted that January remained a relatively slow month for overall Bitcoin hashrate expansion.