U.S. Bitcoin Miners Reach Possibly a Third of Global Mining Power

U.S. Bitcoin Public Mining Companies Reach Record 29% of Global Mining Power

In October, Bitcoin miners in the U.S. reached a milestone, accounting for nearly 29% of the total Bitcoin network’s mining power, according to a report from JPMorgan. This came as the overall network hashrate—how much computer power is being used to mine Bitcoin—increased by 4% this month, while profitability saw a smaller rise, just under 1%.

Rising Influence of U.S.-Listed Miners

JPMorgan tracks 14 major U.S. mining companies. Together, their mining power has grown by 70% this year, far outpacing the global growth of 33%. This growth shows that U.S. miners have certain advantages, like better technology and funding. Private U.S. miners might also add a couple percentage digits, making one third of the mining happening in the U.S.

Investment Opportunity Ahead of Elections

Since the end of September, the total value of these U.S.-listed mining companies has risen by 7%, and analysts suggest this might be a good time for investors to get involved, especially with the upcoming U.S. elections. While some miners like Greenidge Generation gained 29%, others, such as Stronghold, dropped by 17%.

Potential Challenges on the Horizon

Despite these positive trends, another Wall Street bank, Jefferies, has warned that October could be a more difficult month for Bitcoin miners, possibly leading to new challenges.