U.S. Bitcoin Mining Firms Represented Nearly a Third of Global Hashrate in February, Says JPMorgan

U.S. Bitcoin Miners Expand Dominance, Now Command 29% of Global Hashrate

The share of U.S.-listed Bitcoin (BTC) mining firms in the global network hashrate has nearly doubled over the past year, now reaching 29%, according to a new JPMorgan report released Tuesday.

Analysts Reginald Smith and Charles Pearce noted that the combined hashrate of 14 publicly traded mining companies has soared 95% year-over-year, hitting 244 EH/s. Meanwhile, the overall Bitcoin network hashrate has increased by 45% in the same timeframe, signaling growing competition in the mining sector.

“The Bitcoin network’s hashrate is rising steadily, making mining more competitive and increasing overall difficulty,” the report stated. In February alone, network hashrate climbed 6%, underscoring this trend.

However, miners’ profitability has taken a hit as both Bitcoin’s price declined and mining difficulty increased. JPMorgan estimates that hashprice—an indicator of mining revenue—dropped 13% since late January, while daily mining rewards declined 6% to approximately $53,600.

Despite these headwinds, the total market capitalization of publicly traded mining stocks slipped by only 1% from the previous month. Among individual firms, Iris Energy (IREN) surged 27% in early February, while Greenidge Generation (GREE) saw a 20% drop, the report noted.

A separate study from Bernstein echoed JPMorgan’s findings, highlighting that U.S. miners are rapidly gaining ground in the global Bitcoin ecosystem.