U.S.-Listed Bitcoin Miners Account for 25.3% of Global Network in December
According to a recent research report by Jefferies, U.S.-listed bitcoin miners held a significant 25.3% share of the global network in December. This data highlights the growing presence of American mining companies in the cryptocurrency space.
Jefferies also adjusted its price target for MARA Holdings (MARA) to $20 from $24, while maintaining a hold rating on the stock. Despite this adjustment, MARA’s shares saw a modest increase of 0.5% to $18.43 during early trading on Friday.
Mining profitability saw an improvement in December, with the average price of bitcoin rising by 15%. This increase outpaced the growth in the network hashrate, which saw a 6.5% uptick during the same period.
The hashrate, which measures the total computational power used for mining and processing transactions on a blockchain, serves as an indicator of industry competition and mining difficulty.
Jefferies reported that the average daily revenue per exahash reached $59,585 in December, marking a 7.1% increase from the previous month.
In terms of actual bitcoin mined, U.S.-listed mining companies produced 3,602 bitcoins in December, up from 3,404 in the prior month. MARA led the way by mining 890 bitcoins, followed by CleanSpark (CLSK) with 668.
MARA maintained its position as the top player in terms of installed hashrate, boasting 53.2 exahashes per second (EH/s). CleanSpark held the second-largest hashrate at 39.1 EH/s.
For more insights: Bitcoin Mining Profitability Saw Growth in December, Continuing a Positive Trend: JPMorgan