Leading U.S.-listed Bitcoin miners have increased their control of the global network’s hash rate, with roughly 14 publicly-traded companies in the U.S. now accounting for 28.9% of the network, according to a report by investment bank J.P. Morgan. The hash rate refers to the amount of computational power needed to mint new coins and secure the Bitcoin network.
The report highlights that top U.S. crypto mining stocks have “rallied over the first two weeks of October” as they are valued lower than their potential rewards in Bitcoin. The bank also states that the increased share of the hash rate in the U.S. is “encouraging and speaks to the efficiency and funding advantages of some public operators.” Companies like CleanSpark, IREn, and Marathon Digital are among those listed on U.S.
stock exchanges. Since China’s ban on Bitcoin mining in May 2021, North America has become the dominant player in the Bitcoin mining space, alongside parts of Asia.
