Mike Smith
Feb 18
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In February 2025, the share of public US mining companies in the global hashrate reached 29%, which is 95% more than in the same period last year. According to a report by JPMorgan Chase, their combined computing power has grown to 244 EH/s, while the total hashrate of the Bitcoin network has increased by 45%.
High competition and expansion of capacities put pressure on miners: the growth of the hashrate is accompanied by a decrease in the rate of the first cryptocurrency, which leads to a drop in mining profitability. As a result, since the end of January, the price per hash has decreased by 13%, and the average income of miners for processing blocks was $ 53,600 in February - this is 6% less than in January.
The market fluctuations are reminiscent of the situation in September 2024, when after several months of declining income, the indicator dropped to $ 42,100 per day. However, in October, amid the revival of the market, it began to grow.
The decreased profitability of mining also affected the capitalization of public companies, which decreased by 1%. Nevertheless, against the background of the general decline of the sector, some companies demonstrate confident growth. Thus, IREN shares have risen in price by 27% since the beginning of February, reaching $ 13.3 at the peak. On the contrary, Greenidge Generation shares fell by 20%.
The growth of computing power requires market participants to adapt to new conditions, which in the future may lead to consolidation and changes in the strategies of leading players.
