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!
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
