tl;dr
A new report from J.P. Morgan reveals that top U.S.-listed Bitcoin miners now control a record 28.9% of the global network hash rate, marking a significant increase in their ownership this year. This surge in control comes as U.S. crypto mining stocks experienced a rally in October, making them an a...
U.S.-listed Bitcoin miners have significantly increased their ownership of the global hash rate, reaching a record 28.9% share, indicating improved efficiency and funding advantages. This has made top U.S. crypto mining stocks increasingly appealing as a pre-election investment option, providing exposure to the crypto market without direct asset class investment.
Despite facing profit challenges, U.S. Bitcoin miners, including major players like CleanSpark, IREn, and Marathon Digital, have seen their dominance in hash rate grow. This growth comes in the wake of China's ban on Bitcoin mining, which led to a shift in global hash rate concentration and the rise of North America as the dominant mining player.
Analysts at J.P. Morgan released a report highlighting the unprecedented 28.9% control of the global network hash rate by roughly 14 publicly-listed U.S. Bitcoin miners. The surge in control comes amid a rally in U.S. crypto mining stocks, making them an attractive investment ahead of the upcoming election.
Investing in these mining companies provides exposure to the crypto market, as U.S.-based operators continue to dominate the Bitcoin mining space following China's mining ban. The increased share of hash rate in the U.S. reflects the efficiency and funding advantages of some public operators, as noted by the analysts. With North America emerging as the most dominant player in Bitcoin mining after China's ban, the dynamics of the global hash rate concentration have undergone a significant shift.