U.S.-Listed Bitcoin Miners Strengthen Hold on Network Hashrate, Reaching 29% Share: Bernstein

The dominance of U.S.-listed Bitcoin (BTC) mining firms continues to rise, with their share of the network’s total hashrate growing from approximately 20% in early 2024 to around 29% as of January 2025, according to a new report from brokerage firm Bernstein.

Hashrate, which represents the total computational power used to secure the Bitcoin network, serves as a key indicator of mining competition and overall industry difficulty.

“Publicly traded Bitcoin miners in the U.S. are leveraging their access to capital, infrastructure, and energy resources to expand their foothold in the industry,” wrote Bernstein analysts led by Gautam Chhugani. The report notes that major mining firms ramped up their operations significantly throughout 2024.

Leading the expansion is Iris Energy (IREN), which posted the fastest hashrate growth, followed by CleanSpark (CLSK), Riot Platforms (RIOT), and MARA Holdings (MARA).

Bernstein has assigned an “outperform” rating to IREN (price target: $26), CleanSpark ($30), and Riot Platforms ($22), while MARA Holdings is rated “market perform” with a $23 price target. The report also highlights that IREN, MARA, and CleanSpark excel in power efficiency and system uptime.

Meanwhile, analysts at JPMorgan (JPM) pointed out that January was a relatively quiet month for overall Bitcoin hashrate expansion.