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Bitcoin miners in the United States closed 2024 with earnings totaling $1.33 billion, driven by rising Bitcoin prices and a record hash rate of 805 EH/s. The Scrypt algorithm emerged as the most profitable proof-of-work (PoW) algorithm, suggesting a competitive landscape for 2025 with new mining hardware expected to enter the market. In December, U.S.-listed bitcoin miners accounted for 25.3% of the global network's hashrate, according to Jefferies. Analysts from Hashrate Index forecast that the U.S. will dominate the bitcoin mining market in 2025, capturing over 25% of the market share, while Russia is projected to hold between 10% and 25%. Other notable players in the mining sector include China, Norway, Canada, Paraguay, Argentina, the UAE, Ethiopia, and Kazakhstan.