Growing Influence: U.S. Bitcoin Miners Increasing Their Network Hashrate
Bitcoin miners in the U.S. are boosting their share of the network hashrate significantly, rising from 20% to 29% year-over-year, according to Bernstein.
Bitcoin miners listed in the U.S. have notably increased their share of the network hashrate, per a Monday report by Bernstein.
The hashrate represents the total computational power utilized for mining and processing transactions on a proof-of-work blockchain, indicating industry competition and mining difficulty.
Key Points:
- U.S.-listed Bitcoin miners now hold nearly 29% of the Bitcoin network, up from approximately 20% a year ago, as per the report.
- The fastest growth in hashrate is witnessed with IREN, followed by CleanSpark, Riot Platforms, and MARA Holdings.
“U.S.-listed Bitcoin miners are enhancing their network influence by optimizing access to capital, land, and energy,” said analysts led by Gautam Chhugani.
In January, IREN, MARA Holdings, and CleanSpark excelled due to their ‘power efficiency and uptime,’ the report stated.
The insights provided by Wall Street bank JPMorgan suggested that January was relatively subdued for hashrate expansion.
For further reading: Bitcoin Network Hashrate Growth Was Muted in January: JPMorgan
