Bitcoin Mining Leading Companies
![Bitcoin Mining Leading Companies Photo - Bitcoin Mining Leading Companies](https://s3.eu-central-1.amazonaws.com/gncrypto.news/0852-img-top-global-companies-in-the-industrial-mining-sector-site-archived-in-1692377758COaJM.jpg)
The landscape of industrial mining has seen considerable shifts between 2021-2022. Who's leading the pack now?
In 2021, the industrial mining sphere experienced a seismic shakeup. Following China's crackdown on cryptocurrency activities, many sector giants vacated China, seeking more cryptocurrency-friendly havens. This exodus saw a host of Chinese mining heavyweights relinquishing their top spots, primarily to American rivals.
Moreover, 2022's extended market downturn dealt a blow to all mining entities, resulting in a sharp decline in their profits across the board.
This market slump was glaringly evident when looking at the Valkyrie Bitcoin Miners ETF (WGMI). Throughout 2022, it shed over 80% of its value. By December 30th, its value plummeted to a record low of just $4.47. However, with Bitcoin's price rebounding in 2023, things are looking up; the ETF now trades on NASDAQ for roughly $13.
Leading Public Corporations in the Mining Domain
According to insights from CompaniesMarketCap, the top-tier publicly-listed mining firms on NASDAQ include Marathon Digital (USA), Riot Blockchain (USA), Cipher Mining (USA), Hut 8 Mining (Canada), and Canaan (China).
![Snapshot: Market Cap Leaders in Industrial Mining. Source: companiesmarketcap.com](https://s3.eu-central-1.amazonaws.com/gncrypto.news/image1-1692377881o3Pr9.png)
Snapshot: Market Cap Leaders in Industrial Mining. Source: companiesmarketcap.com
Marathon Digital Holdings
Boasting a market cap of $2.12 billion, Marathon Digital (MARA) has its roots in Las Vegas, Nevada. It's intriguing that they once focused on exploring uranium and vanadium. However, 2017 marked a turning point when they acquired Global Bit Ventures, directing their efforts toward Bitcoin mining.
Now, Marathon Digital operates mining sites across South Dakota, Nebraska, Montana, and Texas. Over the past year, their stock has made headlines with a staggering 80.28% rise.
Riot Blockchain
Riot Blockchain (RIOT) holds the second position with a market capitalization of $2.06 billion. Their largest mining farm is situated in Rockdale, Texas. By the end of 2022, the company operated 88,556 mining units and had close to 7,000 BTC in reserve.
In 2022, they reported revenues exceeding $250 million. Over the past year, Riot Blockchain's stock value shot up by 134.82%, the highest among the top five. They currently employ 335 people.
Cipher Mining
Cipher Mining (CIFR) is ranked third in Bitcoin mining but is significantly behind the first two in market capitalization, which stands at $720 million. The company's premiere mining farm in the U.S. commenced operations in February 2022 and is committed to harnessing energy solely from renewable sources.
After merging with Good Works, Cipher Mining went public in August 2021. They now utilize 87,000 mining machines from Bitmain and SuperAcme, with the bulk of their mining capacity based in Texas.
Hut 8 Mining
Established in 2017, Hut 8 Mining (HUT) has its headquarters in British Columbia, Canada. It's fourth in market capitalization, coming in at $650 million.
By 2022's end, Hut 8 Mining had accumulated more than 9,000 BTC in reserve. Their two primary mining facilities are located in Alberta, Canada. On February 7, 2023, they announced a merger with US Bitcoin Corp, and over the last year, their stock price has grown by 81.99%.
Canaan Inc.
Canaan Inc. (CAN), originally a Chinese enterprise, relocated its main office to Singapore and set up a subsidiary in the Cayman Islands to access the U.S. and global investment scenes. With a capitalization of $380 million, they close the list of the top five industry leaders. Canaan has been manufacturing mining gear under the Avalon brand since 2013, a brand well-demanded in the market.
Currently, Canaan has a team of 346, with its 2022 revenues touching $650 million. A substantial part of this income came from the sale of their flagship ASIC equipment. However, in contrast to their high earnings, their stock price declined by 39.64% over the year.
The Leading Transnational Mining Company
Bitfury, a seasoned player in industrial mining from the Netherlands, operates in nine countries globally. They have major mining operations in Canada, Georgia, Iceland, and Kazakhstan. Beyond that, Bitfury extends equipment leasing services to private clients. Since 2011, Bitfury has secured over 600,000 BTC. Although it's a private entity and didn't make our primary list, it's undeniably a dominant force in the global industrial mining sphere.
![Bitfury](https://s3.eu-central-1.amazonaws.com/gncrypto.news/image3-1692378155DQf72.png)
Bitfury's official representation. Source: bitfury.com