TL;DR
- Bitcoin miners in the U.S. increased their share of the network hashrate to 29% in January 2025, up from 20% the previous year.
- IREN led the growth in computing power, followed by CleanSpark, Riot Platforms, and MARA Holdings.
- Bernstein rated IREN, CleanSpark, and Riot Platforms positively, while JPMorgan noted moderate hashrate growth in January.
Bitcoin miners publicly traded in the U.S. have increased their share of the network hashrate, reaching 29% in January 2025.
A year ago, their presence was at 20%. This increase is due to these companies’ ability to access financing, land, and energy, allowing them to expand their operations at a faster rate than other industry players.
How Did Companies in the Sector Perform?
Within this group, IREN has shown the highest growth in computing power. CleanSpark, Riot Platforms, and MARA Holdings have also expanded their mining capacity, strengthening their market position. Throughout 2024, these companies invested in infrastructure and more efficient equipment to optimize operations and remain competitive in an environment where mining difficulty continues to rise after each halving and as more companies enter the industry.
According to Bernstein, IREN, CleanSpark, and Riot Platforms received positive evaluations, with price targets of $26, $30, and $22, respectively. MARA Holdings received a neutral rating, with an estimated price of $23. The firm highlighted that IREN, CleanSpark, and MARA have performed well in energy efficiency and equipment uptime, key factors for maximizing profitability in Bitcoin mining.
Bitcoin Mining Has Become Expensive and Complex
Despite company growth, JPMorgan pointed out that January saw moderate expansion in the total network hashrate. The evolution of this indicator is crucial for miners, as increased competition leads to higher operational costs and lower profitability per mined unit.
Bitcoin mining has become an extremely complex and costly market. Companies with greater access to resources continue to increase their network share, while competition and technological advancements push miners to improve efficiency. The sector’s dynamics will depend on factors such as Bitcoin’s price, regulatory policies, and the availability of competitively priced energy
