Bitcoin's hashrate hits 972 EH/s, US miners gain 30% share, profits fall 25%

Bitcoin’s network activity has reached new heights, with its hashrate hitting a record 972 exahashes per second (EH/s). This milestone indicates a significant increase in the total computing power dedicated to mining, reflecting the network's enhanced security and resilience. The surge in hashrate signals a growing commitment from miners, who continue to invest in infrastructure despite unfavorable market conditions. This competitive mining environment drives the network’s robustness, ensuring its security and reliability.

Meanwhile, publicly traded mining companies in the United States are gaining a stronger foothold in the global mining landscape. According to data shared by Mathew Sigel, US-listed miners now account for 30% of Bitcoin’s total hashrate, an all-time high. Since the last halving event, these firms have collectively boosted their market share by 800 basis points, reflecting increased capital allocation and operational scale. This growth underscores the strategic advantage of US miners in the competitive mining landscape, driven by factors such as access to low-cost energy and advanced technology.

However, the growth in mining power hasn’t translated into higher profits for miners. Pierre Rochard, former Vice President of Research at Riot Platforms, pointed out that the marginal revenue per megawatt-hour (MWh) for the most efficient mining rigs has dropped from around $200 to $150 this year. This decline is attributed to two major factors: Bitcoin’s falling price and increased network competition, which are cutting into miners’ bottom lines. In the past 30 days, Bitcoin has lost around 10% of its value, falling to roughly $81,000. The shrinking profit margins suggest that only miners with access to low-cost energy and efficient operations will remain competitive in the current climate.

The dominance of US miners in the Bitcoin mining industry highlights the geopolitical implications of Bitcoin mining. Regulatory environments and energy policies play a crucial role in shaping the industry's dynamics. As the mining landscape becomes more competitive, miners with access to cheaper energy sources and advanced technology are better positioned to maintain profitability. This trend towards greater efficiency and lower operational costs is likely to continue, as miners seek to optimize their operations in response to market conditions.