The hashrate of US Bitcoin miners monitored by JPMorgan has nearly doubled over the past year, now representing approximately 29% of the global network
The hashrate of US Bitcoin miners monitored by JPMorgan has nearly doubled over the past year, now representing approximately 29% of the global network, according to a report released by the bank on Tuesday.
| Key Takeaways: – The hashrate of US Bitcoin miners has nearly doubled in a year, now accounting for 29% of the global network. – Despite hashrate growth, mining profitability dropped 13% since January due to Bitcoin’s price decline. |
Analysts Reginald Smith and Charles Pearce noted that the combined hashrate of 14 tracked mining firms surged by about 95% year-over-year to 244 exahashes per second (EH/s). The increase outpaced the broader Bitcoin network’s hashrate growth of 45% over the same period. The hashrate serves as a key indicator of competition and mining difficulty within the industry.
The report highlighted that the Bitcoin network’s total hashrate has risen by around 6% since the start of February, continuing its upward trend over the past year. However, mining profitability has declined. The hashprice, which measures daily earnings from mining activities, has fallen by 13% since late January, driven by a rising hashrate and a decline in Bitcoin’s price.
JPMorgan estimated that US Bitcoin miners’ daily block rewards averaged $53,600 this month, marking a 6% decrease compared to January. Additionally, the total market capitalization of publicly traded Bitcoin mining firms under the bank’s coverage dipped by 1% from the previous month.
Among individual companies, Iris Energy (IREN) recorded a 27% gain in the first two weeks of February, making it the top performer, while Greenidge Generation (GREE) underperformed with a 20% decline.
The U.S. remains an attractive hub for Bitcoin mining, largely due to low energy costs in states like Texas, Washington, and Wyoming. Beyond financial metrics, US Bitcoin miners contribute to local communities through charitable donations, infrastructure investments, and workforce development programs.
Additionally, former President Donald Trump has voiced strong support for the industry, advocating for the U.S. to become the leading global hub for cryptocurrency and emphasizing its potential role in national security.
| Disclaimer: The information on this website is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are volatile, and investing involves risk. Always do your own research and consult a financial advisor. |
