JPMorgan Report – U.S. Miners Hit 31.5% Share of Bitcoin Network Hashrate

According to a new JPMorgan research report, bitcoin miners listed in the United States now command a record 31.5% of the global network hashrate as of June 2025.

The bank’s analysis of 13 publicly traded mining companies found that these firms have added approximately 11 EH/s of capacity since April, with CleanSpark, Hive Technologies, and Riot Platforms leading the expansion.

U.S. Miners Outpace Network Growth

The report highlights that U.S. miners are significantly outpacing the network's overall growth. While the global network hashrate increased 55% year-on-year, the combined hashrate of the tracked U.S. firms surged by 99% over the same period.

This growth continued even as the total network hashrate saw a slight dip in early June.

Capacity Expansions Drive Market Share

U.S.-listed miners pursued scale through equipment purchases, facility builds and access to lower-cost energy. Rising capacity shapes profitability and regional dynamics. As miners boost hashrate, mining difficulty adjusts upward, squeezing smaller players and older rigs.

Larger operators absorb this strain by securing discounted electricity – often via long-term contracts or renewable projects. For example, some U.S. miners partner with solar or wind farms to cut costs and meet ESG goals.

From China Exodus to U.S. Mining Powerhouse

The U.S. has transformed into a Bitcoin mining powerhouse following the “great migration” that began after China’s 2021 ban. The U.S. share rose from under 5% in 2020 to over 16% by early 2021. Today, key states lighting up mining rigs include Texas, Georgia, New York, and Kentucky. Texas alone hosts about 28.5% of the U.S. hashrate, thanks to low power costs and pro-crypto rules. Georgia and New York follow with single-digit shares but growing projects.

According to data from Webopedia, global rivals trail. The U.S. tops at ~36%, China holds ~20%, Kazakhstan ~13%, Russia ~11%, and Canada around 6%. Emerging hubs in Latin America and the Middle East vie for cheap power but face regulatory unknowns. For now, U.S. miners leverage scale and stable policy to add capacity fast.

This growth presents a classic dilemma: centralization worries clash with security gains. Smaller miners feel pressure as difficulty climbs. Some may consolidate or seek niche energy sources to stay viable. While more hashrate concentrated in fewer hands poses a risk to network decentralization, the higher total hashrate also boosts Bitcoin’s resilience against 51% attacks.