A new report reveals that top U.S.-listed Bitcoin miners have increased their control over the global network’s hash rate, reaching a record 28.9% this year. Analysts at J.P. Morgan highlighted that 14 publicly listed Bitcoin miners in the U.S. now dominate this portion of the network. The network hashrate—a measure of the total computational power used to mine Bitcoin and secure its blockchain—has risen 4% this month, reaching an average of 672 exahashes per second (EH/s).
The report underscores the efficiency and funding advantages of public operators, such as CleanSpark, IREn, and Marathon Digital, which are listed on U.S. stock exchanges. Investors seeking exposure to Bitcoin have increasingly turned to these companies rather than directly investing in the cryptocurrency, especially ahead of U.S.-based spot Bitcoin exchange-traded funds (ETFs).
J.P. Morgan analysts noted that the hashprice—a metric for daily mining profitability—has increased by less than 1% since the end of September. However, the total market cap of the bitcoin miners covered by the bank has risen 7% during the same period. These companies are now trading at 1.9 times their share of the four-year block reward, the lowest valuation since May. This could present an attractive entry point for investors ahead of next month’s election, the analysts said.
The rise in the U.S. share of Bitcoin’s hash rate reflects a major shift since China banned Bitcoin mining in 2021, pushing many operations to North America. J.P. Morgan also noted that U.S. crypto mining stocks have rallied in October, with some viewed as undervalued compared to their potential rewards, positioning them as attractive investments leading up to the November elections.
This surge in hash rate dominance follows last month’s report that, despite profit squeezes, public Bitcoin miners are increasing their hold on the market, cementing North America’s role as a global leader in crypto mining.
