U.S.-Listed Bitcoin Miners Expand Their Share of Network Hashrate: Bernstein
Publicly traded Bitcoin (BTC) mining firms in the U.S. have steadily increased their dominance in the network’s hashrate, rising from approximately 20% in early 2024 to around 29% as of January 2025, according to a report from broker Bernstein.
The hashrate represents the total computational power used to secure the Bitcoin network and process transactions, serving as a key indicator of competition and mining difficulty in the industry.
“U.S.-listed Bitcoin miners are capturing a larger share of the network hashrate by leveraging their access to capital, land, and energy resources,” noted analysts led by Gautam Chhugani. The report highlights that major mining firms aggressively expanded their operations throughout 2024 to strengthen their positions.
Among the fastest-growing mining companies, Iris Energy (IREN) leads the pack in hashrate expansion, followed closely by CleanSpark (CLSK), Riot Platforms (RIOT), and MARA Holdings (MARA), Bernstein noted.
The firm maintains an “outperform” rating on IREN (price target: $26), CleanSpark ($30), and Riot Platforms ($22), while MARA Holdings holds a “market perform” rating with a $23 price target. Additionally, Bernstein emphasized that IREN, CleanSpark, and MARA Holdings have demonstrated strong performance in power efficiency and system uptime.
Meanwhile, Wall Street giant JPMorgan (JPM) observed that January was a relatively slow month for overall hashrate growth across the industry.
