Bitcoin miners hold near-peak hashrate share, hashprice dips

Why U.S.-listed Bitcoin miners hold near-record global hashrate share

U.S.-listed Bitcoin miners continue to command a near-record share of the global network hashrate in early 2026, even as several operators explore AI/high‑performance computing (HPC) revenue streams and winter weather has disrupted output. The consolidation reflects a multi‑year scale‑up and financing advantages available to public companies, alongside standardized reporting that helps institutional capital underwrite growth.

According to JPMorgan, U.S.-listed miners added roughly 12 exahash per second (EH/s) of capacity since late November, lifting their combined footprint to about 41% of the global network, its highest level in the bank’s dataset. The analysts indicated this momentum reinforces the strategic role of U.S. public operators that can deploy capital at scale and lock in long‑duration power arrangements.

Based on data from the Cambridge Bitcoin Electricity Consumption Index (CBECI), the U.S. share of Bitcoin mining increased from 3.4% in January 2020 to 37.8% by January 2024, underscoring a structural shift toward the United States. Public‑company disclosure requirements have also improved visibility into mine locations, energy sourcing, and risk controls, which supports lower funding costs and accelerated machine procurement.

Hashprice decline, difficulty changes, and weather curtailments impact output

As reported by CoinEdition, hashprice, the revenue miners earn per unit of hashrate, fell from nearly $70 per petahash to about $35, tightening margins across the sector. The outlet also noted that winter storms in key states such as Texas forced curtailments and contributed to the largest network difficulty drop since 2021, temporarily easing competitive pressure but reflecting real production losses.

Difficulty adjustments can cushion profitability during widespread outages by recalibrating the network’s mining threshold, yet curtailments still reduce realized output and cash generation in the affected period. Grid‑service obligations and power‑market dynamics mean operators may proactively power down during peak demand or extreme weather, trading near‑term revenue for long‑term community and regulatory goodwill.

At the time of this writing, Bitcoin (BTC) is near $66,787 in the provided market data, a backdrop that keeps an operational focus on power costs, fleet efficiency, and balance‑sheet flexibility rather than expansion at any price.

AI/HPC pivots by Riot and peers: diversification and risks

Riot Platforms and several peers are advancing AI/HPC strategies, ranging from dual‑use, modular data centers to dedicated hosting, to diversify revenue beyond volatile block rewards. In practice, that can mean designing facilities for higher power density, advanced cooling, and interconnects so racks can be switched between Bitcoin ASICs and GPU‑based compute, subject to economics and contract terms.

Analyst commentary suggests capital access and diversification are central to this pivot. Matthew Sigel, Head of Digital Assets at VanEck, said access to U.S. capital markets is “a meaningful differentiator” for miners, and he has observed that operators building AI/HPC optionality have been re‑rated by equity markets. This market reception reflects the potential for steadier, service‑based income streams to complement mining revenues when hashprice weakens or after halving events.

Execution risk remains material. AI/HPC build‑outs are capital intensive, require specialized power procurement and cooling, and can face different regulatory and contractual frameworks than self‑mining. Weather‑driven curtailments, energy‑price volatility, and post‑halving economics also constrain returns; while U.S. miners’ scale and financing access help sustain a high global hashrate share today, future dominance will depend on disciplined power strategy, fleet efficiency, and credible delivery of AI/HPC capacity.