Bitcoin’s network activity is climbing to new heights, even as its price struggles to maintain upward momentum.

The blockchain’s hashrate, an indicator of the total computing power dedicated to mining, has now hit a historic milestone of 972 exahashes per second (EH/s), according to data from Cloverpool.

The surge in hashrate signals a growing commitment from miners, who continue to invest in infrastructure despite unfavorable market conditions. The increase also highlights the network’s enhanced security and resilience, driven by a competitive mining environment.

Meanwhile, publicly traded mining companies in the United States are gaining a stronger foothold in the global mining landscape.

VanEck’s head of research, Mathew Sigel, shared data showing that US-listed miners now account for 30% of Bitcoin’s total hashrate, an all-time high. Since the last halving event, these firms have collectively boosted their market share by 800 basis points, reflecting increased capital allocation and operational scale.

However, the growth in mining power hasn’t translated into higher profits for miners.

Pierre Rochard, former Vice President of Research at Riot Platforms, pointed out that the marginal revenue per megawatt-hour (MWh) for the most efficient mining rigs has dropped from around $200 to $150 this year.

The decline stems from two major factors, including Bitcoin’s falling price and increased network competition, which are cutting into miners’ bottom lines.

In the past 30 days, Bitcoin has lost around 10% of its value, falling to roughly $81,000, based on data from CryptoSlate. The shrinking profit margins suggest that only miners with access to low-cost energy and efficient operations will remain competitive in the current climate.