The bitcoin mining industry has come roaring back to life in the early days of 2025, shaking off the challenges of the past year and establishing a foundation for a strong rebound. A new report from JPMorgan sheds light on the impressive resurgence, highlighting soaring mining stocks, surging network hashrate, and a surprising geographical shift that could redefine the mining landscape.
Miners’ Stocks Outpace Bitcoin
One of the most striking signs of the mining revival has been the outstanding performance of mining stocks. According to JPMorgan, the leading publicly traded mining companies have seen their shares surge in the first two weeks of January, handily outperforming bitcoin itself.
Since the start of the year, the total market capitalization of mining stocks tracked by JPMorgan recorded a gain of 16%, adding $4.5 billion. However, the distribution of gains has been uneven in this highly competitive sector.
– JPMorgan Report
The titan Riot Platforms (RIOT) has led the charge with an exceptional 32% rise. At the other end of the spectrum, Bitdeer has struggled, posting a 4% decline and lagging peers.
Hashrate Hits New Heights
Beyond the stock market, the fundamental health of bitcoin mining is evident in the network’s soaring hashrate. The total computational power dedicated to mining bitcoin has skyrocketed by an astonishing 51% over the past year.
- Bitcoin network hashrate up 51% year-over-year
- Hashrate has remained stable (+2%) so far in 2025
While 2025 has seen hashrate remain steady with 2% growth, the immense increase over a 12-month span demonstrates the long-term recovery and strengthening of the mining sector post-halving.
US Miners Surge to 30% of Global Hashrate
Perhaps the most significant shift unveiled by JPMorgan’s analysis is the rising dominance of American bitcoin miners. The combined hashrate of the 14 US-listed mining companies has more than doubled over the past year, propelling them to control approximately 30% of the global bitcoin hashrate.
This increased concentration of mining power in the US could have major implications for the geographic distribution of hashrate and the decentralization of the bitcoin network.
Miner Profitability Under Pressure
Even as hashrate soars and mining stocks rally, profitability remains a concern in the wake of bitcoin’s third halving in 2024. JPMorgan notes that daily miner revenues per unit of hashrate have slipped by just under 1% since December.
Hashprice
The daily revenue generated by miners per exahash of computing power (EH/s). A key measure of mining profitability.
Miners earned roughly $54,900 per exahash per day during the first two weeks of January 2025, down slightly from late 2024 levels. As the bitcoin price continues to recover ground in the post-halving period, miner profitability will be a critical metric to watch.
Bullish Outlook for Bitcoin and Mining in 2025
With bitcoin staging a powerful 140% rebound over the past year and miners’ stocks outpacing the cryptocurrency’s gains, the stage appears set for a strong year for the mining industry in 2025. The convergence of surging hashrate, recovering profitability, and a maturing US mining sector paints a bright picture.
The bitcoin mining industry looks poised to emerge from the post-halving challenges with renewed strength in 2025. Rising prices, growing US market share, and improving fundamentals all point to a positive trajectory.
– Industry Analyst
As the mining landscape evolves and the bitcoin network matures, the industry’s ability to weather market cycles and maintain profitability will be crucial. With the US positioning itself as a mining powerhouse and technological advancements driving efficiency gains, the future looks bright for bitcoin miners in 2025 and beyond.
Key Takeaways
- Bitcoin mining stocks outperform BTC in early 2025
- Network hashrate surges 51% year-over-year
- US miners surge to 30% of global hashrate share
- Miner profitability remains pressured post-halving
- Bullish outlook for mining industry in 2025
