The combined market share of 18 [mining] companies increased to 32.5% in Q2, up from 21.1% the same period last year.

At first glance, this appears to be a story of public miners tightening their grip on the network while simultaneously exploring new frontiers in compute. But beneath the surface, the gains are uneven. The rise in combined market share was not broad-based; rather, it was driven primarily by MARA, Cango, IRE and CleanSpark, who substantially expanded their hashrate and offset losses from miners that pivoted to HPC or stalled growth.