investment and portfolio - The Bitcoin mining landscape continues to evolve rapidly in 2025, with JPMorgan's latest research report highlighting significant shifts in the industry's competitive dynamics and geographical distrib...
ution of mining power.
According to Wall Street analysts Reginald Smith and Charles Pearce, the Bitcoin network's total hashrate reached an impressive 937 exahashes per second (EH/s) in early August, marking a 4% increase from the previous month. This growth reflects the ongoing expansion of mining infrastructure and increasing competition among miners globally.
Particularly noteworthy is the growing dominance of U.S.-listed mining companies, which now control 33.6% of the global hashrate - an all-time high. These 13 tracked companies have shown remarkable growth, with their combined hashrate increasing 94% year-over-year, significantly outpacing the overall network's 48% growth rate.
However, this rapid expansion has led to some pressure on mining economics. Daily block reward revenue per EH/s declined 2% to approximately $56,300 in early August, while hashprice, a key measure of mining profitability, also decreased by 2% from July levels.
The total market capitalization of JPMorgan's covered mining companies reached $33.7 billion, showing a 6% increase in August. TeraWulf emerged as a standout performer with a 74% gain, largely driven by its strategic partnership with Fluidstack and investment from Google. In contrast, Riot Platforms experienced a 16% decline during the same period.
The evolving landscape of Bitcoin mining reflects broader trends in the cryptocurrency industry, including increased institutional participation, growing focus on sustainable energy sources, and the professionalization of mining operations. The significant presence of U.S.-listed companies also indicates a geographic shift in mining power distribution, particularly following China's previous crackdown on cryptocurrency mining.
According to Wall Street analysts Reginald Smith and Charles Pearce, the Bitcoin network's total hashrate reached an impressive 937 exahashes per second (EH/s) in early August, marking a 4% increase from the previous month. This growth reflects the ongoing expansion of mining infrastructure and increasing competition among miners globally.
Particularly noteworthy is the growing dominance of U.S.-listed mining companies, which now control 33.6% of the global hashrate - an all-time high. These 13 tracked companies have shown remarkable growth, with their combined hashrate increasing 94% year-over-year, significantly outpacing the overall network's 48% growth rate.
However, this rapid expansion has led to some pressure on mining economics. Daily block reward revenue per EH/s declined 2% to approximately $56,300 in early August, while hashprice, a key measure of mining profitability, also decreased by 2% from July levels.
The total market capitalization of JPMorgan's covered mining companies reached $33.7 billion, showing a 6% increase in August. TeraWulf emerged as a standout performer with a 74% gain, largely driven by its strategic partnership with Fluidstack and investment from Google. In contrast, Riot Platforms experienced a 16% decline during the same period.
The evolving landscape of Bitcoin mining reflects broader trends in the cryptocurrency industry, including increased institutional participation, growing focus on sustainable energy sources, and the professionalization of mining operations. The significant presence of U.S.-listed companies also indicates a geographic shift in mining power distribution, particularly following China's previous crackdown on cryptocurrency mining.