Bitcoin Network Sees U.S.-Listed Miners Hit All-Time High Hashrate Share, Says JPMorgan

U.S. Bitcoin Miners Command One-Third of Global Hashrate, Surging Ahead of Network Growth

Publicly traded U.S.-based bitcoin miners now control 31.5% of global network hashrate, the highest level ever recorded, according to a Monday note from JPMorgan.

The bank tracks 13 listed firms, which together have increased their combined hashrate by 99% year-over-year, nearly doubling their capacity. In contrast, the overall Bitcoin network hashrate grew just 55% over the same period.

Much of the recent growth came after April, with miners adding 11 EH/s to the grid. Leaders in the expansion include CleanSpark, Hive Technologies, and Riot Platforms.

JPMorgan noted a surprising dip in total network hashrate, which averaged 890 EH/s in early June—about 10 EH/s lower than late May levels. Still, the global figure remains more than 50% higher than a year ago.

Meanwhile, mining profitability, measured by hash price, slid 2% since May’s end.

Market valuations tell a mixed story: the combined cap of the 13 miners rose $2.4 billion (10%) in the first half of June. Riot led the rally with a 20% surge, while Bitfarms declined 9%, underperforming its peers.