U.S.-Listed Bitcoin Miners Reach Record 29% of Global Hashrate in October

U.S.-listed bitcoin miners reached an important milestone in October, reaching 29% of the global network hashrate. That’s according to a report from JPMorgan, which marks a new high in terms of the percentage share held by such miners. 

The network hashrate, which measures total computing power for bitcoin mining, is up 4% this month. Meanwhile, the hashprice, or daily mining profitability, has increased by less than 1%. 

JPMorgan analysts noted that the combined hashrate of 14 U.S.-listed bitcoin mining companies surged 70% this year. This increase outpaced the overall network hashrate, which grew by 33%. As a result, these miners now hold a record 28.9% share of the global hashrate. 

The report suggested this growth is partly due to the bitcoin halving event earlier this year. It also highlighted advantages in efficiency and financing that publicly listed miners enjoy, helping them gain a larger share of the network. 

Also, the market capitalization of the miners tracked by JPMorgan has risen 7% since September. The bank went on to say that all this could make for an attractive entry point for investors since mining stocks are at their lowest level since May. 

Mining stocks outperformed in the first half of October as bitcoin rallied. The best performers were those with high-performance computing exposure, such as Greenidge Generation surging 29%. Stronghold underperformed, shedding 17%. 

On the other hand, its competitor bank Jefferies cautioned that October may be “a challenging month for the miners”.