What to know:
- Bitcoin miners listed in the U.S. are growing their share of the network hashrate, the report said.
- Bernstein said these companies now account for 29% of the Bitcoin network versus 20% a year ago.
- IREN is growing its hashrate the fastest, followed by CleanSpark, Riot Platforms and MARA Holdings, the broker said.
Well, well, well! It seems that Bitcoin miners in the good ol’ U.S. of A. are not just sitting around twiddling their thumbs. According to a report from Bernstein (which sounds suspiciously like a fancy law firm), these miners are gobbling up a bigger slice of the network hashrate pie. 🍰
Now, for those of you who might be wondering, “What on earth is a hashrate?”—fear not! It’s simply the total computational power used to mine and process transactions on a proof-of-work blockchain. Think of it as the collective brainpower of all those computers working tirelessly to make sure your Bitcoin transactions go through. 🧠💻
According to the analysts, led by the ever-so-eloquent Gautam Chhugani, U.S. listed bitcoin miners are flexing their muscles and increasing their share of the network hashrate. They’re doing this by leveraging access to capital, land, and power—basically, all the things that make the world go round. 🌍
In a stunning twist of fate, these companies have managed to grow their share of the Bitcoin network to a whopping 29% in January, up from a measly 20% just a year ago. Talk about a glow-up! 💅
And who’s leading the charge? Drumroll, please… It’s IREN (IREN) that’s growing its hashrate the fastest, followed closely by CleanSpark (CLSK), Riot Platforms (RIOT), and MARA Holdings (MARA). It’s like a race, but instead of horses, we have computers. 🏇💨
Bernstein has given IREN an “outperform” rating with a price target of $26, while CleanSpark and Riot Platforms are also getting some love with targets of $30 and $22, respectively. MARA Holdings, however, is just hanging in there with a market-perform rating of $23. Poor MARA, always the bridesmaid, never the bride! 💔
Interestingly, IREN, MARA Holdings, and CleanSpark are all performing admirably when it comes to “power efficiency and uptime.” So, they’re not just mining Bitcoin; they’re doing it with style and efficiency! 💡
Meanwhile, Wall Street bank JPMorgan (JPM) has chimed in, stating that January was a rather quiet month for hashrate growth. I guess they were all too busy binge-watching the latest series on Netflix. 📺
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2025-02-17 15:38