Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
JPMorgan says public bitcoin miners to keep gaining share in BTC network hashrate

JPMorgan says public bitcoin miners to keep gaining share in BTC network hashrate

The BlockThe Block2025/03/12 16:00
By:By Yogita Khatri

Quick Take Publicly listed bitcoin miners are expected to continue increasing their share of the bitcoin network hashrate this year, according to JPMorgan analysts. The continued growth is expected as bitcoin miners push further into vertical integration, the analysts said.

JPMorgan says public bitcoin miners to keep gaining share in BTC network hashrate image 0

Publicly listed bitcoin miners are likely to continue gaining a larger share of the bitcoin network hashrate as they cut costs and sustain profitability, according to JPMorgan analysts.

These miners are increasingly pursuing vertical integration — securing their own power sources and developing proprietary mining chips — to lower operational costs amid rising hashrates and bitcoin price fluctuations, JPMorgan analysts led by managing director Nikolaos Panigirtzoglou wrote in a report Wednesday.

For example, last month, Mara Holdings acquired a wind farm in Texas, while Bitdeer purchased a gas-fired power plant project in Canada. "These strategic moves not only meet energy requirements but also drive costs lower," the analysts said. Meanwhile, Bitdeer’s partnership with TSMC to develop more efficient bitcoin mining chips has allowed it to replace older rigs and sell surplus equipment in secondary markets.

While bitcoin miners have also pursued horizontal integration — such as diversifying into AI and high-performance computing (HPC) for additional revenue — many are now prioritizing cost control through vertical integration, focusing on cheaper electricity and mining rigs, according to the analysts.

Overall, amid pressure from the 2024 bitcoin halving, rising hashrates and bitcoin price volatility, public miners are focusing on energy self-sufficiency and in-house hardware development, the analysts said.

Publicly listed bitcoin miners have also benefited from access to equity funding, as reflected in record equity financing volumes in 2024. However, with bitcoin prices cooling, equity financing has become less viable. As a result, firms are increasingly turning to debt financing to sustain operations while avoiding bitcoin sales, the analysts said.

All in all, the push toward vertical integration and alternative financing has already helped public miners expand their share of the bitcoin network hashrate throughout 2024, and the analysts expect this trend to continue in 2025.


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

New spot margin trading pair — HOLO/USDT!

Bitget Announcement2025/09/12 07:46

FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA2025/09/12 06:14
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA2025/09/12 06:14
OPEN has dropped by 189.51% within 24 hours during a significant market pullback

New spot margin trading pair — LINEA/USDT!

Bitget Announcement2025/09/11 10:04