BTC block production is shifting to the USA

Bitcoin mining is changing its profile, with over 30% in the hands of US-based corporate miners. US-based miners generally hold more than 40% of the hashrate, but listed companies are now in charge of large-scale mining centers.

Bitcoin mining has changed its approach multiple times, evolving past personal computers into ASIC. In the past few years, mining is only viable through large-scale operations, leading to the creation of dedicated data centers.

Matthew Sigel, the head of digital assets research at Van Eck, noted that corporate miners controlled over 30% of the hashrate for the first time after a period of constant growth. In total, exchange-listed miners had 31.8% of the Bitcoin network hashrate.

🇺🇸 pic.twitter.com/Y9enIzQwea

— matthew sigel, recovering CFA (@matthew_sigel) June 17, 2025

The Bitcoin network produces blocks with a near-record hashrate, close to 900 EH/s, with peak difficulty. Previous narratives of miner capitulation did not materialize, as large-scale miners can afford to mine at a loss.

Long-term corporate miners have a lower cost basis and can afford to hold coins for the long term. BTC mining is currently viable based on prices above $100,000. Miners are also not shy about building new data centers, tapping the remaining BTC block rewards while also seeking ways to branch out to new crypto assets and AI computation.

BTC mining stocks, in general, rise during favorable market periods. | Source: Hashrate Index

The list of 13 BTC corporate miners tracked by Morgan Stanley shows they nearly doubled their output in the past year. The growth was linked to previous plans to launch new data centers with favorable energy contracts.

Corporate miners either use their data centers for solo block production or join pools. Foundry Digital, the top US-based pool, now carries 29.1% of the total hashrate. The pool produces up to 33% of all BTC for each 100-block interval.

BTC corporate miners use reserves to pivot into AI

For crypto natives, the mining situation is entirely normalized, with no signs of distressed conditions. However, BTC miners are not relying on block rewards for the long term. Transaction fees produce under $500K per day, even during busy periods, and may be insufficient to sustain operations or renew mining and data centers.

BTC mining stocks benefit from the general recovery of the crypto market. The BTC miner index is up in the past quarter, bouncing from the lows in April and March.

Miners are still estimating ways to extend their operations, especially after the 2024 halving. Top miners like Mara Holdings, Riot Platform, IREN, and others are also using traditional fundraising to finance their shift into AI computation.

Bitcoin miners ( $MARA $IREN $CLSK $CIFR $RIOT ) are raising big cash via equity (50-115% of capital) to survive post-2024 halving. After 2022’s debt woes, they’re shifting from loans to stock sales, eyeing a $20B opportunity, says JPMorgan. Some are diversifying into AI &… pic.twitter.com/d4yyTQYmok

— Wizard of Alt (@Wizard_Of_Alt) June 13, 2025

Some, like Mara Holdings, have attempted Strategy’s approach to building a BTC treasury with no preset target of BTC per share. The companies use their legacy BTC and some new purchases to boost their stock prices and sales in a bid to secure funding for the next few years.

Corporate miners are also more efficient, pushing out smaller operations off the market. Currently, demand for BTC far outpaces new production, leading miners to hoard most of their coins for higher prices in the future.

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