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A report published by JPMorgan highlights that the total hashrate of Bitcoin 
$103,331 mining companies listed in the U.S. has nearly doubled compared to last year, now accounting for approximately 29% of the global network. This significant increase indicates a rise in the competitive strength of the sector.
Surge in Hashrate
The report notes that the combined hashrate of 14 companies has increased by 95%, reaching 244 EH/s. Additionally, the overall hashrate of the global network has seen a 45% increase over the past 12 months.
Reginald Smith and Charles Pearce: “The combined hashrate of 14 companies reached 244 EH/s, marking a 95% increase; the global network recorded a 45% rise.”
Status of BTC Miners
Since January, the declining price of Bitcoin has negatively impacted mining economics. This decline has resulted in a 13% drop in hashprice, a key measure of mining efficiency. However, for most miners, this is not a major concern, especially after experiencing the crash in November 2022.
The report indicates that mining companies currently earn approximately $53,600 in daily block rewards, reflecting a 6% decrease compared to January. Furthermore, the total market value of the tracked Bitcoin mining stocks has decreased by 1% from the previous month.
Variations in performance among certain companies have also been observed. In the first two weeks, IREN experienced a 27% increase, while Greenidge Generation saw a 20% decline. These discrepancies point to the effects of market competition and economic variables.
Broker Bernstein notes that Bitcoin mining stocks listed on U.S. exchanges have increased their share of the network’s hashrate, emphasizing the importance of market dynamics.
Broker Bernstein: “Bitcoin mining stocks in the U.S. markets have increased their share in the global network.”
In light of the data, the rising hashrate across the sector lays the groundwork for intensified competition, while changes in economic indicators could impact the profitability of mining activities. Market performance is assessed in light of the varied growth rates and declines exhibited by different firms, influenced by technology and economic conditions.
