U.S. Bitcoin Miners Reach New Heights
The total market capitalization of U.S.-listed bitcoin miners has reached a record high of $22.8 billion, according to a recent report by JPMorgan. This milestone marks a significant increase in the industry’s growth and dominance in the global bitcoin mining landscape.
U.S. bitcoin miners are on the rise
The report highlights that U.S.-listed miners outperformed bitcoin in the first two weeks of June, with Core Scientific (CORZ) being the top performer, adding 117%. This surge in growth can be attributed to the positive reaction from investors following Core Scientific’s deal with artificial intelligence firm CoreWeave.
“The network hashrate, a proxy for industry competition and mining difficulty, declined ~7 EH/s (1%) since May,” analysts Reginald Smith and Charles Pearce wrote.
The decline in mining difficulty has led to an increase in the share of the global network hashrate, with U.S.-listed miners now accounting for approximately 23.8% of the total. This marks the second consecutive month of growth for U.S. miners, indicating a shift towards more efficient operations.
U.S. miners gain ground in global hashrate
The growth of U.S.-listed miners is a promising sign for the industry, as it indicates a move towards more efficient and sustainable operations. As the industry continues to evolve, it will be interesting to see how U.S. miners adapt to the changing landscape and maintain their competitive edge.
The future of bitcoin mining
