In a remarkable shift within the cryptocurrency mining landscape, U.S.-listed Bitcoin miners are rapidly expanding their foothold in the global hashrate race, flexing their financial muscle to outpace international competitors.

According to a recent Bernstein report released Monday, American mining companies have dramatically increased their collective share of the Bitcoin network’s total hashrate, jumping from approximately 20% a year ago to an impressive 29% as of January. This nine percentage point gain represents one of the most significant power shifts in Bitcoin’s mining ecosystem.

“U.S. listed bitcoin miners are increasing their share of the network hashrate, leveraging access to capital, land and power,” noted analysts led by Gautam Chhugani in the report.

The growth trajectory appears particularly strong among several key players. IREN is leading the charge with the fastest hashrate expansion, followed closely by CleanSpark (CLSK), Riot Platforms (RIOT), and MARA Holdings (MARA).

Bernstein maintains an outperform rating on IREN with a price target of $26, as well as on CleanSpark ($30 price target) and Riot Platforms ($22 price target). Meanwhile, MARA Holdings received a market-perform rating with a $23 price target.

The report highlighted that IREN, MARA Holdings, and CleanSpark demonstrated exceptional performance in crucial operational metrics, specifically “power efficiency and uptime.”

This aggressive expansion by major American miners throughout 2024 comes despite JPMorgan’s observation that January was generally a “quiet month for hashrate growth” across the broader network.

The increasing dominance of U.S.-listed miners could potentially reshape the geographical distribution of Bitcoin mining power, which has undergone several major shifts since China’s mining crackdown in 2021.