As of early 2025, public mining companies in the USA, such as Marathon Digital, Riot Platforms, and CleanSpark, have achieved a record share of 31.5% of the global Bitcoin hash rate, accounting for about 30% of the world's mining output. According to a report by JPMorgan, the hash rate of the 13 largest American miners increased by 99% over the year, significantly outpacing the overall network growth of 55%. This surge was the result of a redistribution of power after the mining ban in China in 2021 when the USA became a leader due to cheap electricity in states like Texas and significant investments in modern ASIC miners.
After the 2024 halving, which reduced the block reward to 3.125 , American miners optimized energy consumption and expanded data centers, maintaining a competitive edge. This raises discussions about the decentralization of Bitcoin, as the concentration of 30% of the hash rate in one country may threaten the core principles of the network. At the same time, the growth of capacities indicates the confidence of miners in the long-term value of Bitcoin, supporting its market stability.
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