A recent analysis by Bernstein reveals that publicly traded Bitcoin (BTC) mining firms in the United States are increasing their proportion of the network's computational power, known as hashrate. This metric reflects the combined processing capability used for mining and transaction validation on proof-of-work blockchains, indicating industry competitiveness and mining complexity.\n\nAccording to analysts, these U.S. miners are leveraging their access to capital, land, and energy resources to bolster their share of the Bitcoin network. The report notes that these companies collectively accounted for approximately 29% of the network hashrate in January, a rise from around 20% the previous year, driven by aggressive hashrate expansion by major miners in 2024.\n\nSpecifically, IREN is experiencing the most rapid hashrate growth, followed by CleanSpark (CLSK), Riot Platforms (RIOT), and MARA Holdings (MARA), as highlighted by Bernstein. The financial firm holds an outperform rating for IREN, CleanSpark, and Riot Platforms, while assigning a market-perform rating to MARA Holdings.\n\nThe report further acknowledges the strong performance of IREN, MARA Holdings, and CleanSpark in terms of power efficiency and operational uptime. In contrast, JPMorgan (JPM) observed a relatively subdued month for hashrate growth in January. 

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US Bitcoin Miners Increase Network Hashrate Share