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.

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 lead to user panic and large scale withdrawals leaving the company unable to meet its payment obligations.

Cryptocurrency itself has had a storied past. Its origins can be traced to the early 2000s, when talk of electronic money created not from any physical value base but instead from proof of work concepts started to emerge. The world’s first cryptocurrency, Bitcoin, emerged in 2009, when it was created by the still unknown developer Satoshi Nakamoto. In its early years, Bitcoin would trade below the $500 mark, and the currency would reach its first peak in 2017 when the price almost touched $20,000. This growth came as the currency started to gain global popularity, with companies starting to accept it as a means of payment.

However, in the very next year, the market would experience its first significant crash, as exchanges were hacked and a growing momentum linked Bitcoin to criminal activity. The price would drop by a whopping 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 to the currency. This growth would see a single bitcoin become worth a whopping $61,283 in 2021, an all time record high price. Yet, reflecting its volatility, the price would fall to $31,576 in just four months, and as if this was not enough excitement, it would then jump to another new record of $64,400 in another four months.

Since then, the trend has been downward for Bitcoin, and after a year of the record high price, it would tank to a painful $15,757 in the wake of the FTX bankruptcy. While the price has recovered some of these losses since then, there is significant debate around whether it will touch record levels again, especially since the Federal Reserve has increased interest rates this year and global investor risk sentiment is low.

The tides of cryptocurrency have also led to firms emerging that base their operations solely on mining Bitcoin. This industry will grow by $12 billion between 2022 and 2027 at a compounded annual growth rate (CAGR) of 11.35%, believes the 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).

Photo by Executium on Unsplash

Our Methodology

We took a look at all the firms out there that mine Bitcoin and sifted out the top players which were then ranked according to their market capitalization.

Top 15 Bitcoin Mining Companies in the World

15. BIT Mining Limited (NYSE:BTCM)

Market Capitalization as of November 30, 2022: $22.66 million

BIT Mining Limited (NYSE:BTCM) is a cryptocurrency mining company that is headquartered in Hong Kong. The firm also has a cryptocurrency wallet and it was set up in 2001.

BIT Mining Limited (NYSE:BTCM)’s data center in Ohio has a power capacity of a whopping 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 out of the 920 hedge funds part of 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 that are 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 mining companies in the world.

14. Greenidge Generation Holdings Inc. (NASDAQ:GREE)

Market Capitalization as of November 30, 2022: $26.58 million

Greenidge Generation Holdings Inc. (NASDAQ:GREE) is an American firm that was set up in 1937. The firm generates power and also mines Bitcoin. It is headquartered in Fairfield, Connecticut.

Greenidge Generation Holdings Inc. (NASDAQ:GREE) mined roughly 866 bitcoin during the third quarter of this year, as it operated 24,500 mining centers and had a mining capacity of 2.4 EH/s. The firm built on the third quarter performance, by mining another 269 bitcoins in October 2022.

Insider Monkey surveyed 920 hedge fund portfolios for their third quarter of 2022 investments to discover that three had bought Greenidge Generation Holdings Inc. (NASDAQ:GREE)’s shares.

Greenidge Generation Holdings Inc. (NASDAQ:GREE)’s largest investor is Jim Simons’ Renaissance Technologies which owns 380,000 shares that are worth $618,000.

13. Argo Blockchain plc (OTCMKTS:ARBKF)

Market Capitalization as of November 30, 2022: $37.44 million

Argo Blockchain plc (OTCMKTS:ARBKF) is a British company that is headquartered in London, the 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. Out of these, Mirabel is Argo Blockchain plc (OTCMKTS:ARBKF)’s oldest facility, while Helios is the largest. Helios is located in Texas and it uses 200 megawatts of power.

12. Core Scientific, Inc. (NASDAQ:CORZ)

Market Capitalization as of November 30, 2022: $46.47 million

Core Scientific, Inc. (NASDAQ:CORZ) is an American firm that mines digital assets and provides blockchain networks for transaction processing. The firm is headquartered in Austin, Texas.

Core Scientific, Inc. (NASDAQ:CORZ) mines a host of different cryptocurrencies. These include Bitcoin, Ethereum, Monero, Nervos, and Litecoin. The firm also provides hosting facilities for mining. Core Scientific, Inc. (NASDAQ:CORZ) is the world’s largest publicly traded mining firm in terms of computing power.

Insider Monkey’s third quarter of 2022 survey that covered 920 hedge funds revealed that nine had held a stake in Core Scientific, Inc. (NASDAQ:CORZ).

11. BitNile Holdings, Inc. (NYSE:NILE)

Market Capitalization as of November 30, 2022: $48.16 million

BitNile Holdings, Inc. (NYSE:NILE) is a Bitcoin firm that was set up in 1969 and is 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 as of 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.

By the end of this year’s third quarter, five out of the 920 hedge funds polled by Insider Monkey had bought BitNile Holdings, Inc. (NYSE:NILE)’s shares.

10. Bit Digital, Inc. (NASDAQ:BTBT)

Market Capitalization as of November 30, 2022: $70.62 million

Bit Digital, Inc. (NASDAQ:BTBT) is an American firm that was set up in 2017 and is headquartered in New York, New York, the United States.

Bit Digital, Inc. (NASDAQ:BTBT) mines both Bitcoin and Ethereum, and the bulk of operations focus 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 out 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 which owns 74,499 shares that are worth $91,000.

9. Iris Energy Limited (NASDAQ:IREN)

Market Capitalization as of November 30, 2022: $80.83 million

Iris Energy Limited (NASDAQ:IREN) is an Australian firm that was set up in 2018 and is headquartered in Sydney, Australia. The firm has operations in the U.S., 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 30 megawatts capacity and a hash rate of 0.7 EH/s. Iris Energy Limited (NASDAQ:IREN)’s data centers are powered by renewable energy and it 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 M. P. Luciano’s VGI Partners is Iris Energy Limited (NASDAQ:IREN)’s largest investor through a $13 million stake that comes via 3.2 million shares.

8. TeraWulf Inc. (NASDAQ:WULF)

Market Capitalization as of November 30, 2022: $93.43 million

TeraWulf Inc. (NASDAQ:WULF) is an American firm with Bitcoin mining facilities in New York and Pennsylvania. The firm is headquartered in Easton, Maryland.

TeraWulf Inc. (NASDAQ:WULF)’s Lake Miner data center is located right beside Lake Ontario. It aims to source up to 500 megawatts of electricity and 91% of zero carbon power. The firm’s Nautilus Cryptomine is located close to a nuclear power plant that is capable of generating 2.5 gigawatts of electricity.

As part of their September 2022 holdings, four out of the 920 hedge funds polled by Insider Monkey had invested in TeraWulf Inc. (NASDAQ:WULF).

7. Bitfarms Ltd. (NASDAQ:BITF)

Market Capitalization as of November 30, 2022: $122.47 million

Bitfarms Ltd. (NASDAQ:BITF) is a Canadian cryptocurrency mining firm that operates blockchain server farms. It is based in Toronto, Canada.

Bitfarms Ltd. (NASDAQ:BITF) has ten Bitcoin mining farms in the U.S., Canada, Paraguay, and Argentina. Most of these are powered by hydroelectricity and have a total planned capacity of 229 megawatts for 2022 end. Bitfarms Ltd. (NASDAQ:BITF) mined 15.7 Bitcoins daily as of October 2022 and held 2,064 Bitcoins.

Insider Monkey’s Q3 2022 study of 920 hedge funds revealed that three had held 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 that are worth $529,000.

6. HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE)

Market Capitalization as of November 30, 2022: $166.95 million

HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE) is another Canadian cryptocurrency mining company. The firm is headquartered in Vancouver, British Columbia.

HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE) is a pureplay Bitcoin miner with operations in Canada, Sweden, and Iceland. The firm’s Canadian mining center has 30 megawatts of capacity, its Sweden miner has 17 megawatts of capacity, and its Iceland facility, which uses geothermal electricity as well, has four megawatts of capacity.

One hedge fund out of the 920 that were part of Insider Monkey’s study covering this year’s third quarter had held 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) in our list of the world’s top Bitcoin mining companies.

5. Hut 8 Mining Corp. (NASDAQ:HUT)

Market Capitalization as of November 30, 2022: $219.61 million

Hut 8 Mining Corp. (NASDAQ:HUT) is a Canadian firm with large scale Bitcoin mining operations. The firm is based in Toronto, Canada.

Hut 8 Mining Corp. (NASDAQ:HUT) has three mining centers. Two of these are located in Alberta and one is located in Ontario. Hut 8 Mining Corp. (NASDAQ:HUT) mined 982 Bitcoins during the third quarter of this year, which marked for 8.5% annual growth fueled by hash rate efficiency and facility expansion.

Two out of the 920 hedge funds part of Insider Monkey’s Q3 2022 survey had held a stake in Hut 8 Mining Corp. (NASDAQ:HUT).

Ken Griffin’s Citadel Investment Group is Hut 8 Mining Corp. (NASDAQ:HUT)’s largest hedge fund shareholder. It owns 21,239 shares that are worth $750,000.

4. Cipher Mining Inc. (NASDAQ:CIFR)

Market Capitalization as of November 30, 2022: $219.97 million

Cipher Mining Inc. (NASDAQ:CIFR) is an American Bitcoin mining firm that is a relatively younger company since it was set up in 2021. The company is based in New York, New York, United States.

Cipher Mining Inc. (NASDAQ:CIFR) mined 196 Bitcoins during the third quarter of this year, and the firm is aiming to reach a hash rate of 7 EH/s by early 2023. The company also began operations in its Odessa data center in November 2022, with its four data centers aimed to expand capacity to 267 megawatts by early 2023.

Insider Monkey’s third quarter of 2022 survey covering 920 hedge funds revealed that 13 had invested in Cipher Mining Inc. (NASDAQ:CIFR).

3. Canaan Inc. (NASDAQ:CAN)

Market Capitalization as of November 30, 2022: $412.38 million

Canaan Inc. (NASDAQ:CAN) is a Chinese firm that assembles, designs, and sells Bitcoin mining equipment. The firm is based in Beijing, the People’s Republic of China.

Canaan Inc. (NASDAQ:CAN) sells Bitcoin mining machines such as the A1366 with a whopping 130TH/s hash rate and 3250 Watts of power consumption. The firm sold 3.5 million TH/s of computing power during the third quarter of this year, for marked decreases over the second quarter and the year ago quarter.

As part of their September quarter of 2022 investments, nine of the 2022 hedge funds polled by Insider Monkey had held a stake in Canaan Inc. (NASDAQ:CAN).

Out of these, Douglas Harold Hart Polunin’s Polunin Capital is Canaan Inc. (NASDAQ:CAN)’s largest investor. It owns 1.4 million shares that are worth $4.6 million.

2. Marathon Digital Holdings, Inc. (NASDAQ:MARA)

Market Capitalization as of November 30, 2022: $688.20 million

Marathon Digital Holdings, Inc. (NASDAQ:MARA) is an American firm that was set up in 2010 and is headquartered in Las Vegas, Nevada. The company mines Bitcoin and has a blockchain platform.

Marathon Digital Holdings, Inc. (NASDAQ:MARA) mined 616 Bitcoins during the third quarter of this year, and year to date the firm has produced 2,582 Bitcoins. These add to the 8,115 Bitcoins that Marathon Digital Holdings, Inc. (NASDAQ:MARA) by the end of December 2021.

Insider Monkey’s Q3 2022 survey of 920 hedge funds revealed that eight had bought Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s shares.

1. Riot Blockchain, Inc. (NASDAQ:RIOT)

Market Capitalization as of November 30, 2022: $709 million

Riot Blockchain, Inc. (NASDAQ:RIOT) focuses on Bitcoin mining, data center operations, and electrical products. The company is headquartered in Castle Rock, Colorado.

Riot Blockchain, Inc. (NASDAQ:RIOT) had a strong year last year when it grew its Bitcoin balance sheet by 353% to 4,884 Bitcoins. The firm is also aiming to deploy a staggering 116,150 Antminer application specific integrated circuits (ASICs) by January 2023 for a total power capacity of 370 megawatts.

13 out of the 920 hedge fund portfolios analyzed by Insider Monkey for their September quarter of 2022 investments had held a stake in Riot Blockchain, Inc. (NASDAQ:RIOT).

Out of these, Dmitry Balyasny’s Balyasny Asset Management is Riot Blockchain, Inc. (NASDAQ:RIOT)’s largest shareholder. It owns 1.2 million shares that are worth $8.8 million.

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Disclosure: None. Top 15 Bitcoin Mining Companies in the World is originally published on Insider Monkey.