Top Cryptocurrency Mining Companies in the U.S.

In June, the capitalization of American mining companies that are traded on the stock market reached a historic high of $22.8 billion. Companies in the United States independently mine Bitcoins and keep them on balance. They regularly publish financial statements, including the number of Bitcoins mined. In this article, we will talk about top mining companies in the U.S.

Marathon Digital Holdings (MARA)

Marathon Digital Holdings was founded in 2010 in Las Vegas. It is the largest US mining company with a capitalization of $5.73 billion as of June 2024. It owned 17,867 BTC worth $1.157 billion as of the end of May. The company manages 11 cryptocurrency mining enterprises with a total capacity of 29.3 EH/s (almost 5% of the total hashrate of the Bitcoin network). EH/s stands for exahashes per second, which is a measure of the computational power used in cryptocurrency mining, specifically Bitcoin mining. When we say the company has a total capacity of 29.3 EH/s, it means that all its mining operations combined can perform 29.3 quintillion hashes per second.

Marathon is one of the largest cryptocurrency holders among public companies. It is second only to MicroStrategy, which has a balance of 214.4 thousand BTC worth $13.9 billion. Elon Musk's automaker Tesla, which owns 9.72 thousand BTC with a total value of $631 million, is on the third line.

The miner owns the MaraPool, creates custom firmware for ASIC devices, invests in hardware, and designs the infrastructure for its location. The company also uses renewable energy sources for data centers, such as wind, solar energy and hydropower. In addition, the enterprises operate on electricity generated by nuclear power plants and using biofuels.

CleanSpark (CLSK)

CleanSpark ranks as the second among the best Bitcoin mining companies by market capitalization, boasting a valuation exceeding $4.43 billion. In mid-June, the company strategically acquired five mining data centers in Georgia for $25.8 million, aiming to boost its operational hashrate to 20 EH/s.

CleanSpark's data centers are situated in Georgia, Mississippi, and upstate New York, with potential expansion into Wyoming. The company's infrastructure is notable for its utilization of low-carbon energy sources, aligning with environmental sustainability goals.

As of May 31, CleanSpark operated 134,464 connected ASICs, generating a hashrate of 17.97 EH/s. Additionally, the company holds 6,154 BTC on its balance sheet, valued at $400 million as of June 19.

Riot Platforms (RIOT)

Riot Platforms took third place among the largest Bitcoin mining companies. Its value exceeds $3.07 billion. In January 2023, the Bitcoin miner was rebranded, before that the word Blockchain was used in the name, which was replaced by Platforms.

In June 2023, the company increased its stake in the Canadian miner Bitfarms to 14%. After that, it will appoint several highly qualified and independent directors to the board of directors of Bitfarms.

Riot's data centers are located in Texas and Denver. The company plans to expand the hashrate volume under its management to 31 EH/s by the end of 2024. In this case, it will become the first public company in the world if competitors do not outpace it in terms of growth rates. At the same time, the company does not clearly disclose the current indicators, limiting itself to forecasts for the current and next year.

It is known that Riot owns 9 thousand Bitcoins worth $584 million.

Core Scientific (CORZ)

Core Scientific is in fourth place among the largest American miners by capitalization ($1.58 billion). In 2022, it filed for bankruptcy protection under Chapter 11 of the U.S. Code of Bankruptcy. At the same time, the company was not liquidated, it continued to operate as usual, having reached an agreement with shareholders.

Its operations were negatively affected by the downtrend in the crypto market, the rising cost of electricity and the increased complexity of mining. Core Scientific's main client was also the Celsius crypto lender, which went bankrupt after the collapse of the Terra ecosystem.

At that time, the value of CORZ shares was falling by 98%, and its capitalization was reduced to $98 million. Despite the fact that by now the quotes have leveled off, the company's valuation remains below peak values, since in July 2021 the capitalization was $4.3 billion.

According to Bitcointreasuries, Core Scientific has 21 Bitcoins on its balance sheet with a total value of $1.36 million.

Cipher Mining (CIFR)

Cipher Mining closes the top 5 Bitcoin mining companies by market capitalization, valued at $1.55 billion. The company anticipates its computing capacity to reach 13.5 EH/s by the end of this year and aims to expand to 35 EH/s by 2025. To achieve this, Cipher is upgrading its hardware to the highly efficient Bitmain Antminer S21 Pro and the next-generation A1566 miners from Canaan.

Currently, Cipher Mining holds 2,142 BTC, with a total value of $139 million, ranking 12th among all public companies by the volume of cryptocurrencies on their balance sheets.

Launched in 2021, Cipher Mining quickly established itself as a global leader in Bitcoin mining. It operates as a subsidiary of Bitfury Top HoldCO BV, with a focus on the U.S. market. The company went public through a SPAC merger, reinforcing its presence in the competitive cryptocurrency mining industry.

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