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!
Who is the Largest Bitcoin
Miner on Wall Street?
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
Name
Incorporation
Year
Headquarters
Current
CEO
Marathon
Digital Holdings
2010
Las Vegas,
Nevada
Fred Thiel
(since April 2021)
CleanSpark
1987
Henderson,
Nevada
Zachary
Bradford
Riot
Blockchain
2000
Castle Rock,
Colorado
Jason Les
Cipher
Mining
2021
New York City, New York
Tyler Page
Core
Scientific
2017
Austin, Texas
Adam Sullivan
(current)
Tyler Page, CEO of of Ciper Mining
Cipher
Mining,
