U.S. Bitcoin Miners Increase Network Hashrate Share to 29%

U.S. listed Bitcoin miners are increasing their share of the network hashrate, according to a report from broker Bernstein.

• The hashrate reflects the total computational power for mining and transaction processing in proof-of-work blockchains.
• U.S. miners grew their share to approximately 29% in January, up from about 20% a year earlier.
• Large miners have aggressively expanded their hashrates in 2024.
• IREN is leading in hashrate growth, followed by CleanSpark, Riot Platforms, and MARA Holdings.
• Bernstein provides price targets: IREN ($26), CleanSpark ($30), Riot Platforms ($22), and MARA Holdings ($23).
• IREN, MARA Holdings, and CleanSpark excelled in power efficiency and uptime.

JPMorgan noted that January saw muted growth in hashrate overall.