Key Points:
- US Bitcoin miners now account for 29% of the global network’s computing power, nearly doubling their share from last year, with a 95% increase among 14 tracked firms.
- Despite a 6% rise in network computing power, declining Bitcoin prices have reduced miners’ daily profits by 13%.
According to CoinDesk, a recent report from JPMorgan indicates that US Bitcoin miners accounted for 29% of the global Bitcoin network’s computing power in February 2025, nearly doubling their share from the same period last year.
Read more: Russian Bitcoin Miners Get a Way Out to Avoid Sanctions
US Bitcoin Miners Expand Global Market Share With 95% Increased Hashrate
Despite a 6% rise in the Bitcoin network’s computing power this month, the decline in Bitcoin prices has put financial pressure on miners. The report notes that the average daily profit for US Bitcoin miners dropped by 13%, with earnings shrinking to approximately $53,600 per day—a 6% decrease from January.
JPMorgan’s analysis shows that the combined computing power of 14 major Bitcoin mining firms increased by roughly 95% year-over-year, reaching 244 exahashes per second (EH/s). In comparison, the global network’s computing power grew by 45% over the same period.
Economic Contributions and Regulatory Challenges
The U.S. mining industry’s expansion has been further supported by public companies increasing their share of the network’s hashrate. According to a separate report by brokerage firm Bernstein, publicly traded Bitcoin miners in the US continue consolidating their influence within the global mining sector.
Beyond market trends, Bitcoin mining has become a notable contributor to the US economy. A study by The Perryman Group found that the industry has created over 31,000 jobs nationwide and contributes more than $4.1 billion in annual gross product.
However, regulatory hurdles remain a challenge. Concerns over high energy consumption and environmental impact have led some states, such as New York, to impose restrictions on mining activities since 2022.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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