In this article, we will take a look at the top 15 Bitcoin mining companies in the world. Go here for more companies 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 after FTX, one of the world’s largest brokerages, filed for bankruptcy after the largest exchange, Coinbase, withdrew its holdings in FTX’s FTT token. This leads to user panic and large-scale withdrawals that cause the company to default on its payment obligations.
Cryptocurrency itself has a storied past. Its origins can be traced back to the early 2000s, when talk began to emerge of electronic money being created from proof-of-work concepts rather than any physical value base. The world’s first cryptocurrency, Bitcoin, was created in 2009 by the still unknown developer Satoshi Nakamoto. In its early years, Bitcoin would trade below the $500 mark, and in 2017, the currency would hit its first peak when the price reached almost $20,000. This growth occurred as the currency began to gain global popularity, and companies began to accept it as a means of payment.
However, next year the market will experience its first significant crash as exchanges are hacked and the growing momentum links Bitcoin to criminal activity. The price will be reduced by 65% for one month only (between January and February). However, Bitcoin’s fortunes will rise again in 2020 as the coronavirus pandemic reshapes global markets and capital flows into the currency. This increase will see one bitcoin worth $61,283 in 2021, an all-time high. However, reflecting its volatility, the price would fall to $31,576 in just four months, and as if that 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 one-year record high, it will painfully fall to $15,757 after the FTX crash. Although the price has recovered some of those losses since then, there is serious debate over whether it will hit record highs again, especially as the Federal Reserve raises interest rates this year and lower global investor risk.
Cryptocurrency waves have also led to the emergence of firms that base their operations solely on Bitcoin mining. Research firm Infiniti Research Limited estimates that this industry will grow at a compound annual growth rate (CAGR) of $12 billion between 2022 and 2027, Infiniti Research Limited and some of the top players operating there include 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 Bitcoin mining firms out there and then selected the top players ranked by 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 headquartered in Hong Kong. The firm also has a cryptocurrency wallet and it was founded in 2001.
BIT Mining Limited’s (NYSE:BTCM) data center in Ohio has a 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 a mining capacity of 1.4 megawatts.
Four of the 920 hedge funds surveyed by Insider Monkey in Q3 2022 bought shares of BIT Mining Limited (NYSE:BTCM).
The largest investor in BIT Mining Limited (NYSE:BTCM) is the Israeli company Millennium Management, which owns 790,473 shares worth $221 million.
Riot Blockchain, Inc. (NASDAQ:RIOT), Canaan Inc. (NASDAQ:CAN) and Marathon Digital Holdings, Inc. Along with (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 capitalization as of November 30, 2022: $26.58 million
Greenidge Generation Holdings Inc. (NASDAQ: GREE) is an American company founded in 1937. The firm produces energy and also mines Bitcoin. Headquartered in Fairfield, Connecticut.
Greenidge Generation Holdings Inc. (NASDAQ: GREE ) mined approximately 866 bitcoins during the third quarter of this year as it operates 24,500 mining centers and has a mining capacity of 2.4 EH/s. The firm built on its third-quarter performance by mining another 269 bitcoins in October 2022.
Insider Monkey surveyed 920 hedge fund portfolios for investments in the third quarter of 2022, and found three of them to be Greenidge Generation Holdings Inc. (NASDAQ:GREE) revealed that it has bought shares.
Greenidge Generation Holdings Inc. (NASDAQ: GREE)’s largest investor is Jim Simons’ Renaissance Technologies, which owns 380,000 shares 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 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. The centers of Helios, Baie Comeau and Mirabel. Of these, Mirabel is the oldest facility of Argo Blockchain plc (OTCMKTS:ARBKF), while Helios is the largest. Helios is located in Texas and uses 200 megawatts of energy.
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 processing transactions. The firm is headquartered in Austin, Texas.
Core Scientific, Inc. (NASDAQ:CORZ) mines many 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 open-source mining company in terms of computing power.
Insider Monkey’s Q3 2022 survey of 920 hedge funds found that nine held shares 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 company founded in 1969 and headquartered in Las Vegas, Nevada. The firm not only mines Bitcoin, but is also a defense contractor and 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 employed 1,705 miners with a hash rate of 170.5 PH/s as of January 2022, and Alliance has a large data center for bitcoin mining and cloud hosting solutions.
Five of the 920 hedge funds surveyed by Insider Monkey bought shares of BitNile Holdings, Inc. (NYSE:NILE) at the end of the third quarter this year.
10. Bit Digital, Inc. (NASDAQ:BTBT)
Market capitalization as of November 30, 2022: $70.62 million
Bit Digital, Inc. (NASDAQ:BTBT) is an American company founded in 2017 and headquartered in New York, New York, USA.
Bit Digital, Inc. (NASDAQ:BTBT) mines both Bitcoin and Ethereum, and the majority of transactions are focused on the former. The firm’s mining fleet has 38,866 Bitcoin miners with a hash rate of 2.7 EH/s. As of June 2022, Bit Digital, Inc. (NASDAQ:BTBT) mined 3,967 bitcoins.
In Q3 2022, three of the 920 hedge funds surveyed by Insider Monkey 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 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 company founded in 2018 and headquartered in Sydney, Australia. The firm has operations in the US, Canada and the Asia Pacific region.
Iris Energy Limited (NASDAQ:IREN) has 530 megawatts or 15.2 EH/s of operating 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 run on renewable energy and produced 448 bitcoins in October 2022.
Insider Monkey surveyed 920 hedge fund portfolios for Q3 2022 investments to find that six have bought Iris Energy Limited (NASDAQ:IREN) shares.
Robert MP Luciano’s VGI Partners is the largest investor in Iris Energy Limited (NASDAQ:IREN) with a $13 million stake that comes with 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) Lake Miner data center is located right next to Lake Ontario. It aims to generate up to 500 megawatts of electricity and 91% zero carbon energy. The firm’s Nautilus Cryptomine is located near a nuclear power plant capable of generating 2.5 gigawatts of electricity.
Four out of 920 hedge funds surveyed by Insider Monkey invested in TeraWulf Inc. (NASDAQ: WULF ) as part of their September 2022 holdings.
7. Bitfarms Ltd. (NASDAQ:BITF)
Market capitalization 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 located in Toronto, Canada.
Bitfarms Ltd. (NASDAQ:BITF) has ten Bitcoin mining farms in the United States, Canada, Paraguay and Argentina. Most of them are powered by hydroelectric power and have a total planned capacity of 229 megawatts by the end of 2022. Bitfarms Ltd. (NASDAQ:BITF) mined 15.7 bitcoins daily and held 2,064 bitcoins until October 2022.
Insider Monkey’s Q3 2022 survey of 920 hedge funds found that three held stakes 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 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 pure bitcoin miner with operations in Canada, Sweden and Iceland. The firm’s Canadian mine has 30 megawatts, its Swedish mine has 17 megawatts, and its Icelandic facility, which also uses geothermal electricity, has four megawatts.
One of 920 hedge funds in Insider Monkey’s research covering the third quarter of this year held stakes in HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE).
HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE) Canaan Inc. (NASDAQ:CAN), Riot Blockchain, Inc. (NASDAQ:RIOT) and Marathon Digital Holdings, Inc. (NASDAQ:MARA) joins the list of the world’s best. Bitcoin mining companies.
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Disclosure: None. Top 15 Bitcoin Mining Companies in the World was originally published on Insider Monkey.