Bitcoin Mining Landscape in the U.S.
Recent analysis from JPMorgan highlights a significant increase in the share of Bitcoin mining’s total hashrate controlled by publicly traded companies in the United States, which now stands at approximately 34%. This marks a dramatic rise from about 15% observed in January 2022.
Fluctuations and Growth
Interestingly, the journey to this milestone has not been entirely smooth, as the miners’ share fluctuated between 20% and 23% over time. It was not until November that they surpassed the 30% threshold, and momentum has been consistently building since then.
Impact of U.S. Capital Access
Matthew Sigel, of VanEck’s digital assets division, commented on the impact of U.S. capital access, emphasizing its importance for miners.
Meanwhile, recent reports from JPMorgan indicate that these publicly traded miners had a stellar quarter, generating roughly $2 billion in gross profits.
Leading U.S. Miners
Among U.S. miners, Marathon Digital Holdings (formerly MARA Holdings) is currently at the forefront, producing 950 BTC in the last month, pushing its total holdings close to the 50,000 BTC mark. According to figures from the Hashrate Index, the U.S. now represents about 36% of the global Bitcoin hashrate, a figure derived from mining pool activities and ASIC trading patterns.
China’s Decline in Bitcoin Mining
This rise comes in stark contrast to China’s former dominance in the Bitcoin mining arena, where it controlled nearly 75% of the global hashrate due to its cost-effective energy sources. However, following the government’s prohibition of mining activities in 2021, China’s share has dwindled to 17%, securing its position as the third-largest player in the market today.
