Top US-listed bitcoin miners have increased their ownership of the global network's hash rate, pushing their stakes to new heights this year, according to a new report.
Approximately 14 officially listed Bitcoin Miners in the US control a record 28.9% of the network, analysts at investment banking firm GP Morgan wrote in an investor note on Wednesday.
The hash rate refers to the amount of computing power used to mine new coins and secure the Bitcoin network.
This high American crypto mining stocks “gathered in the first two weeks of October,” with these companies being priced lower than usual compared to their potential rewards in Bitcoin, making an attractive investment before the upcoming election next month, Bank. he said.
Instead of investing directly in the asset class, investors can gain exposure to crypto by investing in companies such as miners, a preferred choice among some of the biggest players ahead of the arrival of US-based bitcoin exchange-traded funds this year.
The analysts said the increase in hash rate in the US is encouraging and speaks to the efficiency and funding advantages of some public operators.
It comes after the bank It is mentioned While profits were being squeezed for public Bitcoin miners last month, their dominance was growing with the coin's larger hash rate.
The top US Bitcoin miners—CleanSpark, IREn, and Marathon Digital, to name just three—are all listed on US stock exchanges.
In the Bitcoin world, expensive machines perform hash calculations to convert data into a fixed string of characters – known as hashing.
The process is needed to do things on the Bitcoin network, such as generating private keys for users to make transactions.
The world's largest crypto aggregate hash rate was previously concentrated in China. Following the country's ban on bitcoin mining in May 2021, companies have been forced to relocate to set up operations.
Since then, North America has become a major player in the Bitcoin mining space, including some parts of Asia.
Edited by Sebastian Sinclair
Daily Debrief Newspaper
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