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Over 20
companies engaged in Bitcoin (BTC) mining, the process of extracting the oldest
cryptocurrency for profit, are now listed on global stock exchanges. Wall
Street is home to the vast majority of them, and it’s where we find the largest
publicly traded BTC miners. But which one is the biggest? Let’s find out!
Marathon
Digital Holdings (NASDAQ: MARA) is the
undisputed leader in the industry, with a market capitalization approaching $6
billion. The company’s stock has gained more than fivefold since its low at the
end of the crypto winter, currently trading at around $20 per share.
CleanSpark
(NASDAQ: CLSK)
takes second place with a market capitalization of $3.7 billion. The company
has been around since 1987 but only recently decided to focus on
cryptocurrencies, a move that has proven profitable so far.
Riot
Blockchain (NASDAQ: RIOT) occupies
the third spot with a valuation of $3.1 billion. Listed on Wall Street since
2003, the company decided to dive deeper into the world of cryptocurrencies
during the pandemic, which at one point boosted its market cap to nearly $5
billion.
Cipher
Mining (NASDAQ: CIFR)
and Core Scientific (NASDAQ: CORZ) are the
youngest companies in the ranking, both with market caps of around $1.7
billion. Although they’ve only been available on the stock market for a few
years, they’ve quickly won over investors’ hearts by positioning themselves in
the BTC mining industry from the start.
Key Information About the
Biggest Bitcoin Miners
Marathon
Digital Holdings, incorporated in 2010, is a digital asset technology company
based in Las Vegas, Nevada. Led by CEO Fred Thiel
since April 2021, the company focuses on mining cryptocurrencies, particularly
Bitcoin, using a large fleet of specialized ASIC miners.
The company
recently faced a setback and had to
pay a $138 million fine to the founder of a competing mining company. It is
alleged that Michael Ho from Hut 8 developed a growth strategy for Marathon,
but was not properly compensated.
“There
was no wrongdoing on the company’s part,” Marathon Digital commented in an
emailed statement. “We also believe that the damages awarded have no legal
basis. We intend to challenge this verdict and commence the appeal process as
soon as practicable.”
Fred Thiel, CEO of Marathon Digital
CleanSpark,
founded in 1987, is a sustainable Bitcoin mining and energy technology company
headquartered in Henderson, Nevada. The current CEO is Zachary Bradford.
CleanSpark operates environmentally-conscious Bitcoin mining facilities and
develops software solutions for energy management and optimization.
Zach Bradford, CEO of CleanSpark
At the beginning
of August 2024, the 2nd biggest BTC miner on Wall Street announced the
execution of 75 megawatts (MW) of power contracts and
the acquisition of its first Bitcoin mining site in Wyoming.
“We
are thrilled to expand in a state so publicly supportive of our industry,” Bradford
stated. “Working together with local, state and national leaders, CleanSpark
plans to grow its footprint beyond Cheyenne, throughout the beautiful state of
Wyoming.”
Riot
Blockchain, established in 2000, is one of North America’s largest Bitcoin
mining companies. Based in Castle Rock, Colorado, Riot
is led by CEO Jason Les. The company focuses on expanding its mining
operations and developing blockchain technologies.
Jason Les, CEO of Riot Blockchain
Nevertheless,
the
company is seeking profitability beyond its mining operations. Riot is
concentrating on energy sales, generating record revenues for the company.
“Riot
achieved a new monthly record for Power and Demand Response Credits, totaling
$31.7 million in August, which surpassed the total amount of all Credits
received in 2022,” Les commented last year. “Based on the average
Bitcoin price in August, Power and Demand Response credits received equated to
approximately 1,136 Bitcoin.”
|
Company |
Incorporation |
Headquarters |
Current |
|
Marathon |
2010 |
Las Vegas, |
Fred Thiel |
|
CleanSpark |
1987 |
Henderson, |
Zachary |
|
Riot |
2000 |
Castle Rock, |
Jason Les |
|
Cipher |
2021 |
New York City, New York |
Tyler Page |
|
Core |
2017 |
Austin, Texas |
Adam Sullivan |
Tyler Page, CEO of of Ciper Mining
Cipher
Mining, founded in 2021, is a US-based Bitcoin mining company headquartered in
New York City. Tyler
Page serves as the CEO. Cipher Mining aims to become a leader in low-cost,
large-scale Bitcoin mining operations in the United States.
Core
Scientific, incorporated in 2017, was a major player in blockchain
infrastructure and hosting services. Based in Austin, Texas, the company was
led by CEO Michael Levitt. However, it’s important to note that Core Scientific
filed for Chapter 11 bankruptcy in December 2022 and has since undergone
significant restructuring. Currently the company is run by
Adam Sullivan.
Adam Sullivan, CEO of Core Scientific
In 2023, the
company purchased 27,000 Bitcoin mining rigs from Bitmain in a significant
deal worth $77 million. The transaction includes $23.1 million in cash and
$53.9 million in common stock.
“Core
Scientific is an important contributor to the strength and stability of the
Bitcoin Network, and we look forward to working closely with their team to help
realize Bitcoin’s full potential,” the company commented on the transaction.
Tough Times on the Stock
Exchange for Crypto Miners
Although
the price of Bitcoin has been close to its historical highs for many months,
rising more than 50% this year, not all cryptocurrency miners are equally
fortunate. Year-to-date (YTD), MARA shares have fallen by 18% and RIOT has
dropped by as much as 35%.
The
situation looks better for CleanSpark, which is bucking this trend with a YTD
gain of over 43%. Shares of CIFR are also on the rise, increasing in value by
25%. On the chart for CORZ, a company that debuted this year, we see a movement
of 75% since the end of January.
Source: Tradingview.com
The recent
Bitcoin halving event, which took place April 2024, created some uncertainty in
the market. The halving reduced the block reward for miners by 50%, cutting
into their revenues. Some miners were selling off their Bitcoin inventories to
prepare for this event, which can be seen as a bearish signal by investors.
Rising
energy costs have also put pressure on mining companies. Bitcoin mining is an
energy-intensive process, and increased electricity prices can significantly
impact operational costs and profit margins. This has made it challenging for
some miners to maintain profitability, especially during periods of lower
Bitcoin prices.
FAQ about Bitcoin mining
Who is the largest Bitcoin miner on Wall Street?
As of 2024, Marathon Digital Holdings (NASDAQ: MARA) is the largest publicly traded Bitcoin miner on Wall Street, with a market capitalization of approximately $6 billion. Over 20 companies engaged in Bitcoin mining are currently listed on global stock exchanges, with the majority being on Wall Street.
How long does it take to
mine 1 Bitcoin?
The time to
mine 1 Bitcoin varies greatly depending on mining hardware and network
conditions. On average, it takes about 10 minutes to mine one block, which
currently yields 3.125 BTC in block rewards. However, for an individual miner,
it could take years to mine 1 full Bitcoin due to the high competition and
network difficulty. Most miners join pools to receive smaller but more frequent
payouts.
How much Bitcoin does MARA
hold?
As of their
latest financial
report in Q2 2024, Marathon Digital Holdings (MARA) held a total of 18,536
Bitcoin. This amounts to nearly $1.2 billion in dollar terms.
Is it legal to be a
bitcoin miner?
Bitcoin
mining is legal in many countries, including the United States. However,
regulations vary by jurisdiction. Some countries have banned or restricted
cryptocurrency mining due to concerns about energy consumption or financial
regulations. It’s important to check local laws before engaging in mining
activities.
Does BTC miner really pay?
Legitimate
Bitcoin mining operations do pay out rewards to miners. However, many mobile
apps or websites claiming to be “BTC miners” are often scams. Real
Bitcoin mining requires specialized hardware (ASICs) and significant
electricity. Most individual miners join reputable mining pools to receive more
consistent payouts. Be cautious of any service promising unrealistic returns or
“free” Bitcoin mining.
Over 20
companies engaged in Bitcoin (BTC) mining, the process of extracting the oldest
cryptocurrency for profit, are now listed on global stock exchanges. Wall
Street is home to the vast majority of them, and it’s where we find the largest
publicly traded BTC miners. But which one is the biggest? Let’s find out!
Marathon
Digital Holdings (NASDAQ: MARA) is the
undisputed leader in the industry, with a market capitalization approaching $6
billion. The company’s stock has gained more than fivefold since its low at the
end of the crypto winter, currently trading at around $20 per share.
CleanSpark
(NASDAQ: CLSK)
takes second place with a market capitalization of $3.7 billion. The company
has been around since 1987 but only recently decided to focus on
cryptocurrencies, a move that has proven profitable so far.
Riot
Blockchain (NASDAQ: RIOT) occupies
the third spot with a valuation of $3.1 billion. Listed on Wall Street since
2003, the company decided to dive deeper into the world of cryptocurrencies
during the pandemic, which at one point boosted its market cap to nearly $5
billion.
Cipher
Mining (NASDAQ: CIFR)
and Core Scientific (NASDAQ: CORZ) are the
youngest companies in the ranking, both with market caps of around $1.7
billion. Although they’ve only been available on the stock market for a few
years, they’ve quickly won over investors’ hearts by positioning themselves in
the BTC mining industry from the start.
Key Information About the
Biggest Bitcoin Miners
Marathon
Digital Holdings, incorporated in 2010, is a digital asset technology company
based in Las Vegas, Nevada. Led by CEO Fred Thiel
since April 2021, the company focuses on mining cryptocurrencies, particularly
Bitcoin, using a large fleet of specialized ASIC miners.
The company
recently faced a setback and had to
pay a $138 million fine to the founder of a competing mining company. It is
alleged that Michael Ho from Hut 8 developed a growth strategy for Marathon,
but was not properly compensated.
“There
was no wrongdoing on the company’s part,” Marathon Digital commented in an
emailed statement. “We also believe that the damages awarded have no legal
basis. We intend to challenge this verdict and commence the appeal process as
soon as practicable.”
Fred Thiel, CEO of Marathon Digital
CleanSpark,
founded in 1987, is a sustainable Bitcoin mining and energy technology company
headquartered in Henderson, Nevada. The current CEO is Zachary Bradford.
CleanSpark operates environmentally-conscious Bitcoin mining facilities and
develops software solutions for energy management and optimization.
Zach Bradford, CEO of CleanSpark
At the beginning
of August 2024, the 2nd biggest BTC miner on Wall Street announced the
execution of 75 megawatts (MW) of power contracts and
the acquisition of its first Bitcoin mining site in Wyoming.
“We
are thrilled to expand in a state so publicly supportive of our industry,” Bradford
stated. “Working together with local, state and national leaders, CleanSpark
plans to grow its footprint beyond Cheyenne, throughout the beautiful state of
Wyoming.”
Riot
Blockchain, established in 2000, is one of North America’s largest Bitcoin
mining companies. Based in Castle Rock, Colorado, Riot
is led by CEO Jason Les. The company focuses on expanding its mining
operations and developing blockchain technologies.
Jason Les, CEO of Riot Blockchain
Nevertheless,
the
company is seeking profitability beyond its mining operations. Riot is
concentrating on energy sales, generating record revenues for the company.
“Riot
achieved a new monthly record for Power and Demand Response Credits, totaling
$31.7 million in August, which surpassed the total amount of all Credits
received in 2022,” Les commented last year. “Based on the average
Bitcoin price in August, Power and Demand Response credits received equated to
approximately 1,136 Bitcoin.”
|
Company |
Incorporation |
Headquarters |
Current |
|
Marathon |
2010 |
Las Vegas, |
Fred Thiel |
|
CleanSpark |
1987 |
Henderson, |
Zachary |
|
Riot |
2000 |
Castle Rock, |
Jason Les |
|
Cipher |
2021 |
New York City, New York |
Tyler Page |
|
Core |
2017 |
Austin, Texas |
Adam Sullivan |
Tyler Page, CEO of of Ciper Mining
Cipher
Mining, founded in 2021, is a US-based Bitcoin mining company headquartered in
New York City. Tyler
Page serves as the CEO. Cipher Mining aims to become a leader in low-cost,
large-scale Bitcoin mining operations in the United States.
Core
Scientific, incorporated in 2017, was a major player in blockchain
infrastructure and hosting services. Based in Austin, Texas, the company was
led by CEO Michael Levitt. However, it’s important to note that Core Scientific
filed for Chapter 11 bankruptcy in December 2022 and has since undergone
significant restructuring. Currently the company is run by
Adam Sullivan.
Adam Sullivan, CEO of Core Scientific
In 2023, the
company purchased 27,000 Bitcoin mining rigs from Bitmain in a significant
deal worth $77 million. The transaction includes $23.1 million in cash and
$53.9 million in common stock.
“Core
Scientific is an important contributor to the strength and stability of the
Bitcoin Network, and we look forward to working closely with their team to help
realize Bitcoin’s full potential,” the company commented on the transaction.
Tough Times on the Stock
Exchange for Crypto Miners
Although
the price of Bitcoin has been close to its historical highs for many months,
rising more than 50% this year, not all cryptocurrency miners are equally
fortunate. Year-to-date (YTD), MARA shares have fallen by 18% and RIOT has
dropped by as much as 35%.
The
situation looks better for CleanSpark, which is bucking this trend with a YTD
gain of over 43%. Shares of CIFR are also on the rise, increasing in value by
25%. On the chart for CORZ, a company that debuted this year, we see a movement
of 75% since the end of January.
Source: Tradingview.com
The recent
Bitcoin halving event, which took place April 2024, created some uncertainty in
the market. The halving reduced the block reward for miners by 50%, cutting
into their revenues. Some miners were selling off their Bitcoin inventories to
prepare for this event, which can be seen as a bearish signal by investors.
Rising
energy costs have also put pressure on mining companies. Bitcoin mining is an
energy-intensive process, and increased electricity prices can significantly
impact operational costs and profit margins. This has made it challenging for
some miners to maintain profitability, especially during periods of lower
Bitcoin prices.
FAQ about Bitcoin mining
Who is the largest Bitcoin miner on Wall Street?
As of 2024, Marathon Digital Holdings (NASDAQ: MARA) is the largest publicly traded Bitcoin miner on Wall Street, with a market capitalization of approximately $6 billion. Over 20 companies engaged in Bitcoin mining are currently listed on global stock exchanges, with the majority being on Wall Street.
How long does it take to
mine 1 Bitcoin?
The time to
mine 1 Bitcoin varies greatly depending on mining hardware and network
conditions. On average, it takes about 10 minutes to mine one block, which
currently yields 3.125 BTC in block rewards. However, for an individual miner,
it could take years to mine 1 full Bitcoin due to the high competition and
network difficulty. Most miners join pools to receive smaller but more frequent
payouts.
How much Bitcoin does MARA
hold?
As of their
latest financial
report in Q2 2024, Marathon Digital Holdings (MARA) held a total of 18,536
Bitcoin. This amounts to nearly $1.2 billion in dollar terms.
Is it legal to be a
bitcoin miner?
Bitcoin
mining is legal in many countries, including the United States. However,
regulations vary by jurisdiction. Some countries have banned or restricted
cryptocurrency mining due to concerns about energy consumption or financial
regulations. It’s important to check local laws before engaging in mining
activities.
Does BTC miner really pay?
Legitimate
Bitcoin mining operations do pay out rewards to miners. However, many mobile
apps or websites claiming to be “BTC miners” are often scams. Real
Bitcoin mining requires specialized hardware (ASICs) and significant
electricity. Most individual miners join reputable mining pools to receive more
consistent payouts. Be cautious of any service promising unrealistic returns or
“free” Bitcoin mining.
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