In December, U.S.-based Bitcoin miners held a commanding 25.3% share of the global mining network, according to a report released by Jefferies. This milestone reflects the growing influence of U.S.-listed companies within the cryptocurrency mining landscape.
Profitability Boost Amid Bitcoin Rally
December proved to be a profitable month for miners as Bitcoin’s value surged by 15%, surpassing a 6.5% rise in the network’s hashrate. The higher revenue generation per computational unit highlighted the sector’s strong performance despite intensifying competition. Jefferies noted that average daily revenue per exahash reached $59,585—a 7.1% increase from November.
The hashrate, which represents the total computational power used for mining and transaction processing on proof-of-work blockchains, serves as a key measure of mining difficulty and industry competitiveness.
Key Players in U.S. Bitcoin Mining
U.S.-listed mining companies collectively produced 3,602 BTC in December, up from 3,404 BTC in November. Marathon Digital Holdings (MARA) led the pack, mining 890 BTC, followed by CleanSpark (CLSK) with 668 BTC.
In terms of operational power, MARA held the largest installed hashrate in the sector at 53.2 exahashes per second (EH/s). CleanSpark ranked second with a hashrate of 39.1 EH/s. These figures cement their positions as industry leaders, driving the growth of U.S. mining contributions to the global Bitcoin network.
Jefferies Revises MARA Price Target
Despite MARA’s leading performance, Jefferies adjusted its price target for the company’s shares, lowering it from $24 to $20 while maintaining a “hold” rating. MARA shares showed resilience, rising 0.5% to $18.43 in early Friday trading.
The Growing Influence of U.S. Miners
The report underscores the increasing dominance of U.S.-listed Bitcoin miners as they capitalize on favorable market conditions and technological advancements. With profitability on the rise, the U.S. mining industry is poised to remain a major player in the global cryptocurrency landscape.
