Bitcoin Miners’ Hashrate Growth

The total hashrate of U.S.-listed Bitcoin (BTC) miners tracked by JPMorgan has nearly doubled over the past year, now representing about 29% of the global network.

According to a report released on Tuesday, the combined hashrate of 14 companies has increased approximately 95% year-over-year to 244 EH/s, compared to a 45% rise in the overall network hashrate.

The network hashrate serves as a proxy for competition within the industry and mining difficulty. The Bitcoin network’s hashrate has increased by about 6% this month and is up 45% over the past year.

However, the average Bitcoin price has seen a modest decline since January, impacting mining profitability. The hashprice, indicative of daily mining earnings, has dropped 13% since the end of January due to a rising hashrate and decreasing Bitcoin prices.

JPMorgan estimates that miners are earning approximately $53,600 in daily block rewards this month, which is 6% lower than earnings in January. The total market cap for the bank’s covered Bitcoin mining stocks has decreased by 1% from the previous month.

Among individual companies, IREN outperformed with a 27% gain in the first two weeks of February, while Greenidge Generation (GREE) underperformed with a 20% decrease.

In a separate report, broker Bernstein noted that U.S. Bitcoin mining stocks are increasing their share of the network’s hashrate.

Read more: U.S.-Listed Bitcoin Miners Are Growing Their Share of the Network Hashrate: Bernstein