The Great Bitcoin Migration: How the US is Dominating BTC Block Production in 2025
The tectonic plates of Bitcoin mining are shifting—and Uncle Sam’s fingerprints are all over the hashrate.
From Sichuan to Texas: The New Mining Mecca
Gone are the days when China’s hydropower dams fueled the lion’s share of BTC production. A perfect storm of regulatory clarity (shocking, we know), cheap energy, and institutional demand has turned America into the world’s Bitcoin forge. Mining farms now dot the Texan desert like 21st-century oil derricks—except these rigs pump out digital gold.
Wall Street’s ASIC Embrace
BlackRock’s mining ETF was just the appetizer. Now pension funds and hedge funds are gobbling up mining stocks faster than a memecoin rug pull. Who needs physical gold when you can own the picks and shovels of the crypto gold rush? (Cue eye-roll from gold bugs.)
The Geopolitical Hashrate Game
While Europe dithers with MiCA regulations and Asia plays regulatory whack-a-mole, the US is quietly stacking sats—and sovereignty. Every block mined stateside is another chess move in the Great Decoupling. Take that, CBDC ambitions.
One miner’s regulatory certainty is another’s ‘how the hell do we report this to the IRS?’ Happy tax season, crypto nerds.
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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