U.S.-Listed Bitcoin Miners Expand Network Share to 29%, Bernstein Reports
Publicly traded Bitcoin (BTC) mining firms in the U.S. have significantly increased their share of the network’s total hashrate, growing from roughly 20% in early 2024 to around 29% as of January 2025, according to a report from brokerage firm Bernstein.
Hashrate, which measures the total computational power used for mining and processing transactions on the Bitcoin network, serves as a key metric for competition and mining efficiency.
“U.S.-listed Bitcoin miners continue to expand their influence, capitalizing on better access to funding, infrastructure, and energy resources,” noted Bernstein analysts led by Gautam Chhugani. The report highlights that large-scale miners ramped up their operations aggressively throughout 2024.
Among the fastest-growing mining firms, Iris Energy (IREN) leads in hashrate expansion, followed by CleanSpark (CLSK), Riot Platforms (RIOT), and MARA Holdings (MARA).
Bernstein maintains an “outperform” rating on IREN (price target: $26), CleanSpark ($30), and Riot Platforms ($22), while MARA Holdings holds a “market perform” rating with a $23 price target. The report also praises IREN, MARA, and CleanSpark for their strong power efficiency and system uptime.
However, Wall Street giant JPMorgan (JPM) noted that January was a relatively slow month for overall hashrate growth.
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