Bitcoin miners are key network participants with improving profitability in 2026 — JPMorgan analysis

Miners are participants in the cryptocurrency network who ensure its operation through computational power. According to JPMorgan, these operators began 2026 with a noticeable recovery in financial performance, opening prospects for further sector growth.

In early January 2026, 14 American Bitcoin operators tracked by Wall Street banks increased their total market capitalization by $13 billion, bringing the overall value to approximately $62 billion. This development occurred against the backdrop of favorable factors: moderate growth in BTC price (current price is $88.03K) and a simultaneous decrease in competitive pressure within the network.

What is a miner in the context of the modern crypto network

A miner is not just an operator of computing equipment. In the Bitcoin ecosystem, miners are participants who solve complex mathematical problems to validate transactions and create new blocks. In addition to block rewards, they earn transaction fees. As network conditions become more challenging, miners essentially become investment assets reflecting the health and dynamics of crypto networks.

Recovery of mining operators’ profitability in January 2026

A key indicator, known as hashprice, increased by 11% from the end of December to mid-January, indicating a significant improvement in conditions for operators. The average daily income per exahash increased, while gross mining margin improved by approximately 300 basis points, reaching about 47%.

According to JPMorgan analysts Reginald Smith and Charles Pierce, “from a mining perspective, the average daily income per EH/s has increased as Bitcoin’s price showed moderate growth, and the network’s average hash rate decreased compared to the end of December.” This combination created conditions where each unit of computational power became more profitable.

Network hash rate decline as a driving factor for margin improvement

Hashrate is the total computational power used for mining and processing transactions on the blockchain, measured in exahashes per second. Interestingly, a 2% decline in this metric in the first half of January creates favorable conditions. The network’s average hash rate remains significantly below October levels, which, if the current trend continues, could lead to higher income per unit of computational power.

However, analysts noted an important caution: income per exahash is still significantly lower than last year’s levels. This underscores that miners are participants who must constantly improve operational efficiency and adhere to strict capital allocation discipline.

Strategic importance of American miners in the global ecosystem

A group of publicly traded American operators added about 12 exahashes of capacity since late November, led by companies Bitdeer (BTDR) and Riot Platforms (RIOT). This brought the total hash rate of publicly listed American miners to approximately 419 exahashes, accounting for about 41% of the global network.

This figure is a historic record and demonstrates that American miners are a dominant force in the global mining ecosystem. JPMorgan considers this development a reflection of the strategic importance of publicly traded operators across the industry.

Sector development prospects based on JPMorgan analysis

The improvement in operators’ profitability, combined with easing competitive tension and moderate, but not excessive valuations, creates more favorable conditions for the sector in 2026. The bank forecasts that, with stable Bitcoin prices and normalized network conditions, this trend will continue to develop positively.

Miners are participants at the center of the transformation of the cryptocurrency infrastructure. Their growing focus on artificial intelligence and high-performance computing (HPC) is becoming a key lever for diversifying income beyond traditional block rewards, opening new monetization channels in an expanding digital economy.