U.S. Bitcoin Miners’ Hashrate Surge
The total hashrate of U.S.-listed Bitcoin (BTC) miners tracked by JPMorgan Chase & Co. (JPM) has experienced remarkable growth, nearly doubling over the past year. According to a report published on Tuesday, these miners now represent approximately 29% of the global Bitcoin network’s total hashrate.
The collective hashrate of the 14 companies included in JPMorgan’s analysis has surged by around 95% year-on-year, reaching an impressive 244 EH/s. In contrast, the overall Bitcoin network hashrate has only increased by 45% during the same period, indicating the growing dominance of U.S. miners in this competitive landscape.
Furthermore, the report highlights that the network hashrate, which serves as a proxy for industry competition and mining difficulty, has risen approximately 6% this month alone. Over the last twelve months, the Bitcoin network hashrate has seen a substantial increase of 45%.
Despite this growth in hashrate, the average price of Bitcoin has seen a slight decline since January, which has negatively impacted mining economics. The hashprice, a key metric for measuring daily mining profitability, has dropped by 13% since the end of January. This decline is attributed to the increase in hashrate coupled with a decrease in Bitcoin prices.
JPMorgan estimates that miners are currently earning around $53,600 in daily block rewards this month, which reflects a 6% decrease compared to January. Additionally, the total market capitalization of the Bitcoin mining stocks covered by the bank has seen a 1% decrease compared to the previous month.
In terms of individual performance among mining stocks, IREN (IREN) stood out with an impressive 27% gain during the first two weeks of February. Conversely, Greenidge Generation (GREE) faced challenges, experiencing a 20% drop in its stock price.
A separate report from broker Bernstein also indicated that U.S. Bitcoin mining stocks are steadily increasing their share of the overall network hashrate, further solidifying the country’s position in the Bitcoin mining sector.
