Bitcoin hashrate hit record 972 EH/s as US miners won 30% of the market

Bitcoin's network activity is rising to new heights despite the price struggles to maintain its upward momentum.

According to Cloverpool data, the blockchain hashrate, an indicator of total computing power exclusively for mining, has become a historic milestone of 972 seconds (EH/s).

The surge in hashrates indicates a growing commitment from miners who continue to invest in infrastructure despite unfavourable market conditions. This increase also highlights the increased security and resilience of the network, driven by a competitive mining environment.

Meanwhile, publicly available mining companies in the US have gained a stronger foothold in the global mining environment.

Mathew Sigel, Vaneck's research director, shares data showing that US registered miners currently account for 30% of Bitcoin's total hashrate. Since the last half of the event, these companies have collectively raised 800 basis points gains, reflecting an increase in capital allocation and operational scale.

However, growth in mining power has not been converted into higher profits for miners.

Pierre Rochard, vice president of research at Riot Platforms, noted that marginal revenue per megawatt-hour (MWH) for the most efficient mining rigs has dropped from around $200 to $150 this year.

This decline stems from two major factors, including a decline in Bitcoin prices and an increase in network competition, which is being cut in miners' revenues.

Over the past 30 days, Bitcoin has lost around 10% of its value, dropping to around $81,000 based on encryption data. A reduction in profit margins suggests that only miners with access to low-cost energy and efficient operations will remain competitive in the current climate.