U.S.-Listed Bitcoin Miners’ Share of Network Hashrate Hit Record High in June: JPMorgan
JPMorgan’s recent research highlights the significant growth of U.S.-based Bitcoin mining operations. Their report reveals that the combined hashrate of the 13 tracked publicly listed miners now constitutes a record-high 31.5% of the global Bitcoin network’s total computational power. This substantial increase underscores the expanding influence of American miners within the broader Bitcoin ecosystem.
Since April, these 13 miners have collectively added a remarkable 11 exahashes per second (EH/s) to their computational capacity. CleanSpark, Hive Technologies, and Riot Platforms led this expansion, significantly boosting their contribution to the global Bitcoin mining network. The hashrate, a key indicator of mining difficulty and industry competitiveness, serves as a proxy for the overall computational power dedicated to securing and processing Bitcoin transactions.
The year-over-year growth is striking. The aggregate hashrate of these 13 U.S. miners has surged by 99%, far outpacing the 55% year-over-year increase observed in the network’s overall hashrate. This disparity indicates the disproportionate growth of U.S. mining operations compared to the rest of the global network.
Interestingly, the report notes a temporary dip in the network’s hashrate during the first half of June. A decrease of approximately 10 EH/s, resulting in an average of 890 EH/s, was deemed “somewhat surprising” by JPMorgan. However, even with this fluctuation, the network hashrate remains considerably higher than the previous year, up over 50%.
Despite the temporary dip, the financial performance of these U.S. miners remains strong. The hash price, a direct measure of daily mining profitability, experienced only a minor 2% decline from the end of May. Moreover, the combined market capitalization of these 13 companies increased by 10%, adding $2.4 billion to their collective value during the first two weeks of June. Riot Platforms significantly outperformed the group, with a 20% gain, while Bitfarms underperformed, experiencing a 9% decline. This data showcases the varying financial success among individual miners within this expanding sector. The report, in its entirety, paints a picture of a robust and growing U.S. Bitcoin mining industry, despite some minor short-term fluctuations.
