According to a new report, publicly listed Bitcoin miners in the United States have increased their control over the global network hash rate, pushing their share to a new high. About 14 publicly listed Bitcoin miners in the U.S. control a record 28.9% of the network. Analysts at investment banking giant JPMorgan wrote in an investor report on Wednesday.

Hash rate refers to the computational power used to mint new coins and secure the Bitcoin network.

The report notes that top U.S. crypto mining stocks "experienced a rebound" in the first two weeks of October, with these companies' valuations typically lower than their potential Bitcoin earnings, making them an attractive investment choice ahead of next month's upcoming elections.

Investors can gain indirect exposure to cryptocurrencies by investing in companies like mining firms, rather than directly investing in this asset class, which had been a preferred choice for some large investors before the launch of U.S. spot Bitcoin exchange-traded funds this year.

Analysts stated that the increase in the U.S. hash rate share is "encouraging, reflecting the advantages of some listed operators in terms of efficiency and financing."

This viewpoint was raised after banks noted last month that despite the profits of publicly listed Bitcoin miners being squeezed, their dominance in the hash rate of the largest digital currency continues to grow.

Top U.S. Bitcoin miners—such as CleanSpark, IREN, and Marathon Digital—are all listed on U.S. stock exchanges.

In the world of Bitcoin, expensive machines perform hash calculations, which convert data into fixed-length character strings.

This process is necessary on the Bitcoin network, for example, to create private keys for users to conduct transactions.

The overall hash rate of the world's largest cryptocurrency was previously concentrated in China. Since the country banned Bitcoin mining in May 2021, companies have been forced to relocate their operations elsewhere.

Since then, North America has become the most dominant player in the Bitcoin mining sector, including some regions in Asia.

Article link: https://www.hellobtc.com/kp/du/10/5478.html

Source: https://decrypt.co/286786/bitcoin-miners-gain-record-hash-rate-jp-morgan-gives-nod-sector-us-election

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