The competitive landscape of Bitcoin mining is shifting, with U.S.-based firms capturing an increasingly large share of the network’s total hashrate. A comprehensive new analysis from broker Bernstein sheds light on the major players fueling this pivotal transformation.
U.S. Miners Surge to 29% of Bitcoin Hashrate
In a report published Monday, Bernstein revealed that Bitcoin mining companies listed in the United States have expanded their slice of the global hashrate pie to a substantial 29% as of January 2025. This marks an impressive surge from the 20% share they held just one year prior.
The hashrate, which represents the aggregate computational power dedicated to mining and processing transactions on the proof-of-work Bitcoin blockchain, serves as a key indicator of competition and mining difficulty within the industry. As U.S. firms ramp up their hashrates, they are solidifying their positions as dominant forces in the Bitcoin mining arena.
Leveraging Capital, Land, and Power
Bernstein analysts, led by Gautam Chhugani, attribute the ascendance of U.S.-listed miners to their strategic leveraging of crucial resources. “U.S. listed bitcoin miners are increasing their share of the network hashrate, leveraging access to capital, land and power,” the report stated.
This advantageous positioning has enabled American mining enterprises to aggressively expand their hashrates over the course of 2024, outpacing many of their international counterparts. As a result, they have emerged as formidable contenders in the global race to accumulate Bitcoin’s computational power.
Top Performers: IREN, CleanSpark, Riot, and MARA
Among the U.S.-based mining companies leading the charge, Bernstein identified four standout performers:
- IREN (IREN): Demonstrating the swiftest hashrate growth
- CleanSpark (CLSK): Ranking second in hashrate expansion
- Riot Platforms (RIOT): Holding the third spot in growth metrics
- MARA Holdings (MARA): Rounding out the top four in hashrate gains
The broker noted that IREN, MARA Holdings, and CleanSpark excelled in critical areas such as power efficiency and uptime, contributing to their robust performance and positioning them for continued success in the competitive mining landscape.
Bullish on U.S. Mining Prospects
Bernstein’s analysis paints a bullish picture for the future of U.S.-listed Bitcoin mining firms. The broker has issued outperform ratings for IREN (price target $26), CleanSpark (price target $30), and Riot Platforms (price target $22), signaling confidence in their ability to continue capturing hashrate share and delivering strong returns for investors.
MARA Holdings, while not receiving an outperform rating, still earned a respectable market-perform rating with a price target of $23, suggesting that Bernstein views the company as a solid player in the mining space.
A Quiet January for Overall Hashrate Growth
Despite the impressive strides made by U.S.-based miners, Bernstein’s report comes on the heels of a more subdued assessment from Wall Street bank JPMorgan. In a recent analysis, JPMorgan characterized January as a “quiet month” for overall Bitcoin network hashrate growth.
However, the contrast between JPMorgan’s network-wide observations and Bernstein’s U.S.-centric findings suggests that American mining companies are outperforming the broader industry, capturing a larger share of a relatively stagnant hashrate pie.
The Future of Bitcoin Mining in the U.S.
As U.S.-listed mining firms continue to leverage their access to capital, land, and power, their ascendance in the global Bitcoin mining industry appears set to endure. With major players like IREN, CleanSpark, Riot Platforms, and MARA Holdings leading the charge, American miners are poised to reshape the competitive landscape and solidify their dominance in the years to come.
For investors seeking exposure to the burgeoning Bitcoin mining sector, U.S.-listed firms present an increasingly attractive opportunity. As the crypto mining arms race intensifies, these companies are demonstrating their ability to innovate, adapt, and outperform in a rapidly evolving industry.
