Top 15 Bitcoin Mining Companies in the World
In this piece, we will take a look at the top 15 Bitcoin mining companies in the world. For more companies, go to Top 5 Bitcoin Mining Companies in the World.
The cryptocurrency industry has been in the spotlight throughout November 2022 and not for good reasons. The market was thrown into turmoil, when one of the largest brokerage firms in the world, FTX, declared bankruptcy after the largest exchange Coinbase withdrew its holdings of FTX’s FTT token. This led to user panic and large withdrawals that mean the company cannot meet its payment obligations.
Cryptocurrency itself has had a history. Its origins can be traced to the early 2000s, when talk began to emerge of electronic money created not from any physical basis of value, but instead from proof of work concepts. The world’s first cryptocurrency, Bitcoin, appeared in 2009, when it was created by the still unknown developer Satoshi Nakamoto. In the early years, Bitcoin would trade below the $500 mark and the currency would reach its first peak in 2017 when the price almost reached $20,000. This growth came as the currency began to gain global popularity, with companies starting to accept it as a means of payment.
The very next year, however, the market would experience its first significant crash, as exchanges were hacked and a growing momentum linked Bitcoin to criminal activity. The price would fall by as much as 65% in just one month (between January and February). However, Bitcoin’s fortunes would rise again in 2020 as the coronavirus pandemic reshaped global markets and capital flowed into the currency. This growth will cause a single bitcoin to be worth a whopping $61,283 in 2021, an all-time high. Still, reflecting the volatility, the price would fall to $31,576 in just four months, and as if this wasn’t enough excitement, it would jump to a new record high of $64,400 in another four months.
Since then, the trend has been downward for Bitcoin, and after a year of the all-time high price, it would come to a painful $15,757 in the wake of the FTX bankruptcy. While the price has recovered some of those losses since then, there is considerable debate over whether it will reach record levels again, especially since the Federal Reserve has raised interest rates this year and global investor risk sentiment is low.
The tide of cryptocurrency has also led to the emergence of firms that base their business solely on the mining of Bitcoin. This industry will grow by $12 billion between 2022 and 2027 at a compound annual growth rate (CAGR) of 11.35%, according to research firm Infiniti Research Limited, and some of the top players operating in it are Canaan Inc. (NASDAQ:CAN) , Riot Blockchain, Inc. (NASDAQ:RIOT) and Marathon Digital Holdings, Inc. (NASDAQ:MARA).
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Our methodology
We took a look at all the companies out there mining Bitcoin and sifted out the top players who were then ranked according to their market capitalization.
Top 15 Bitcoin Mining Companies in the World
15. BIT Mining Limited (NYSE:BTCM)
Market value as of November 30, 2022: $22.66 million
BIT Mining Limited (NYSE:BTCM) is a cryptocurrency mining company headquartered in Hong Kong. The firm also has a cryptocurrency wallet, and it was established in 2001.
BIT Mining Limited’s (NYSE:BTCM) data center in Ohio has a power capacity of 82.5 megawatts. It mines Bitcoin and Ethereum and its theoretical maximum Bitcoin hash rate is 971.1 PH/s. The firm’s Hong Kong data center has mining power of 1.4 megawatts.
Four of the 920 hedge funds in Insider Monkey’s Q3 2022 poll had bought BIT Mining Limited (NYSE:BTCM)’s shares.
BIT Mining Limited (NYSE:BTCM)’s largest investor is Israel Englander’s Millennium Management which owns 790,473 shares worth $221 million.
Along with Riot Blockchain, Inc. (NASDAQ:RIOT), Canaan Inc. (NASDAQ:CAN) and Marathon Digital Holdings, Inc. (NASDAQ:MARA), BIT Mining Limited (NYSE:BTCM) is one of the largest Bitcoin miners companies in the world.
14. Greenidge Generation Holdings Inc. (NASDAQ:GREE)
Market value as of November 30, 2022: $26.58 million
Greenidge Generation Holdings Inc. (NASDAQ:GREE) is an American company that was established in 1937. The company generates power and also mines Bitcoin. It is headquartered in Fairfield, Connecticut.
Greenidge Generation Holdings Inc. (NASDAQ:GREE) mined approximately 866 bitcoins during the third quarter of this year, when it operated 24,500 mining centers and had a mining capacity of 2.4 EH/s. The firm built on its third-quarter results by mining an additional 269 bitcoins in October 2022.
Insider Monkey surveyed 920 hedge fund portfolios for their Q3 2022 investments to discover that three had bought Greenidge Generation Holdings Inc. (NASDAQ:GREE) shares.
Greenidge Generation Holdings Inc. (NASDAQ:GREE)’s largest investor is Jim Simons’ Renaissance Technologies owning 380,000 shares worth $618,000.
13. Argo Blockchain plc (OTCMKTS:ARBKF)
Market value as of November 30, 2022: $37.44 million
Argo Blockchain plc (OTCMKTS:ARBKF) is a British company headquartered in London, United Kingdom. The firm mines Bitcoin from its facilities in North America.
Argo Blockchain plc (OTCMKTS:ARBKF) has three Bitcoin mining facilities. These Helios, Baie Comeau and Mirabel centers. Of these, Mirabel is Argo Blockchain plc’s (OTCMKTS:ARBKF) oldest facility, while Helios is the largest. Helios is located in Texas and uses 200 megawatts of electricity.
12. Core Scientific, Inc. (NASDAQ:CORZ)
Market value as of November 30, 2022: $46.47 million
Core Scientific, Inc. (NASDAQ:CORZ) is an American company that mines digital assets and provides blockchain networks for transaction processing. The company is headquartered in Austin, Texas.
Core Scientific, Inc. (NASDAQ:CORZ) mines a number of different cryptocurrencies. These include Bitcoin, Ethereum, Monero, Nervos and Litecoin. The firm also offers hosting facilities for mining operations. Core Scientific, Inc. (NASDAQ:CORZ) is the world’s largest publicly traded mining company in terms of computing power.
Insider Monkey’s Q3 2022 survey covering 920 hedge funds revealed that nine had a stake in Core Scientific, Inc. (NASDAQ:CORZ).
11. BitNile Holdings, Inc. (NYSE:NILE)
Market value as of November 30, 2022: $48.16 million
BitNile Holdings, Inc. (NYSE:NILE) is a Bitcoin company established in 1969 and headquartered in Las Vegas, Nevada. The firm not only mines Bitcoin, but it is also a defense contractor and a hotel and data center operator.
BitNile Holdings, Inc. (NYSE:NILE) owns two Bitcoin mining companies. These are Alliance Cloud Services and Bitcoin Miners. Bitcoin Miners operated 1,705 miners in January 2022 with a hash rate of 170.5 PH/s and Alliance owns a large data center for bitcoin mining and cloud hosting solutions.
At the end of the year’s third quarter, five of the 920 hedge funds polled by Insider Monkey had bought BitNile Holdings, Inc. (NYSE:NILE) shares.
10. Bit Digital, Inc. (NASDAQ:BTBT)
Market value as of November 30, 2022: $70.62 million
Bit Digital, Inc. (NASDAQ:BTBT) is an American company that was established in 2017 and is headquartered in New York, New York, USA.
Bit Digital, Inc. (NASDAQ:BTBT) mines both Bitcoin and Ethereum, with the bulk of its operations focused on the former. The firm has a whopping 38,866 Bitcoin miners in its mining fleet with a hash rate of 2.7 EH/s. As of June 2022, Bit Digital, Inc. (NASDAQ:BTBT) had mined 3,967 Bitcoins.
Three of the 920 hedge funds polled by Insider Monkey during Q3 2022 had invested in Bit Digital, Inc. (NASDAQ:BTBT).
Bit Digital, Inc. (NASDAQ:BTBT)’s largest investor is Paul Marshall and Ian Wace’s Marshall Wace LLP owning 74,499 shares worth $91,000.
9. Iris Energy Limited (NASDAQ:IREN)
Market value as of November 30, 2022: $80.83 million
Iris Energy Limited (NASDAQ:IREN) is an Australian company established in 2018 and headquartered in Sydney, Australia. The company has operations in the USA, Canada and Asia Pacific.
Iris Energy Limited (NASDAQ:IREN) has 530 megawatts or 15.2 EH/s of operated and contracted capacity. The firm’s Canadian data center has a capacity of 30 megawatts and a hash rate of 0.7 EH/s. Iris Energy Limited’s (NASDAQ:IREN) data centers are powered by renewable energy and they mined 448 Bitcoins in October 2022.
Insider Monkey studied 920 hedge fund portfolios for their Q3 2022 investments to discover that six had bought Iris Energy Limited (NASDAQ:IREN)’s shares.
Robert MP Luciano’s VGI Partners is Iris Energy Limited’s (NASDAQ:IREN) largest investor through a $13 million stake that comes via 3.2 million shares.
8. TeraWulf Inc. (NASDAQ:WULF)
Market value as of November 30, 2022: $93.43 million
TeraWulf Inc. (NASDAQ:WULF) is an American company with Bitcoin mining facilities in New York and Pennsylvania. The company is headquartered in Easton, Maryland.
TeraWulf Inc. (NASDAQ:WULF)’s Lake Miner data center is located right on Lake Ontario. It aims to provide up to 500 megawatts of electricity and 91% zero carbon power. The firm’s Nautilus Cryptomine is located near a nuclear power plant capable of generating 2.5 gigawatts of electricity.
As part of their September 2022 holdings, four of the 920 hedge funds polled by Insider Monkey had invested in TeraWulf Inc. (NASDAQ:WULF).
7. Bitfarms Ltd. (NASDAQ:BITF)
Market value as of November 30, 2022: $122.47 million
Bitfarms Ltd. (NASDAQ:BITF) is a Canadian cryptocurrency mining company that operates blockchain server farms. It is based in Toronto, Canada.
Bitfarms Ltd. (NASDAQ:BITF) has ten Bitcoin mining farms in the United States, Canada, Paraguay and Argentina. Most of these are powered by hydropower and have a total planned capacity of 229 megawatts for the end of 2022. Bitfarms Ltd. (NASDAQ:BITF) mined 15.7 Bitcoins daily in October 2022 and had 2064 Bitcoins.
Insider Monkey’s Q3 2022 study of 920 hedge funds revealed that three had a stake in Bitfarms Ltd. (NASDAQ:BITF).
Bitfarms Ltd. (NASDAQ:BITF)’s largest investor is Ken Griffin’s Citadel Investment Group which owns 503,746 shares worth $529,000.
6. HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE)
Market value as of November 30, 2022: $166.95 million
HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE) is another Canadian cryptocurrency mining company. The company is headquartered in Vancouver, British Columbia.
HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE) is a pure-play Bitcoin miner with operations in Canada, Sweden and Iceland. The firm’s Canadian mining center has 30 megawatts of capacity, the miner in Sweden has 17 megawatts of capacity, and the Island plant, which also uses geothermal electricity, has four megawatts of capacity.
One hedge fund of the 920 that was part of Insider Monkey’s study covering the third quarter of the year had a stake in HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE).
HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE) joins Canaan Inc. (NASDAQ:CAN), Riot Blockchain, Inc. (NASDAQ:RIOT) and Marathon Digital Holdings, Inc. (NASDAQ:MARA) on our list of the world’s top Bitcoin mining companies.
Click to continue reading and see Top 5 Bitcoin Mining Companies in the World.
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Disclosure: None. Top 15 Bitcoin Mining Companies in the World is originally published on Insider Monkey.
