Bitcoin Miners Consolidate Power: 12 Firms Now Control 30% Of Network Hash Rate

A new report from Bernstein reveals a significant shift in the Bitcoin (CRYPTO: BTC) mining landscape, with just twelve companies now controlling a substantial 30% of the network’s total hash rate.

This represents a notable increase from 22% in January 2024, highlighting a growing concentration of power within the sector.

What Happened: The report identifies these key players as being comprised of large-scale consolidators, hybrid AI-Bitcoin operations, and smaller mid-sized miners, all contributing to the sector’s rapid evolution.

The most significant hash rate growth has been led by major players including Marathon Digital (NASDAQ:MARA), Riot Platforms (NASDAQ:RIOT) and CleanSpark (NASDAQ:CLSK).

Marathon Digital has reached 53 exahashes per second (EH/s) by December, representing 7% of the network’s total hash rate.

CleanSpark experienced an impressive 400% year-over-year increase and now holds 5%, surpassing Riot Platforms. …

Full story available on Benzinga.com