U.S.-listed Bitcoin mining companies now control a near-record 42.6% of the global network hashrate, according to data compiled by J.P. Morgan. This marks a dramatic four-year rise from a 14.8% share in January 2022, underscoring a major structural shift in mining dominance towards the United States.
The sector, however, is navigating significant headwinds. The hashprice—revenue earned per unit of hashrate—has plummeted from nearly $70 per petahash to about $35, severely squeezing miner revenues and margins. This pressure is compounded by a strategic industry pivot, with major players like Riot Platforms exploring diversification into artificial intelligence (AI) and high-performance computing (HPC) to create steadier income streams beyond volatile block rewards.
Operational challenges have also emerged. Winter storms in key mining states like Texas forced widespread curtailments, contributing to the largest single drop in Bitcoin network difficulty since 2021. While such difficulty adjustments can temporarily ease competitive pressure for remaining miners, the curtailments represent real, temporary production losses.
Analysts point to access to U.S. capital markets as a "meaningful differentiator" for public miners, enabling them to scale up, secure long-term power contracts, and finance new ventures. Matthew Sigel, Head of Digital Assets at VanEck, noted that operators building AI/HPC optionality have been favorably re-rated by equity markets. Despite this, execution risks for the AI pivot remain high due to capital intensity, specialized infrastructure needs, and different regulatory frameworks.
