Top Largest Bitcoin Mining Companies Worldwide

TL;DR: Bitcoin mining involves validators processing and securing transactions on the blockchain. Some of the largest bitcoin mining companies operate massive data centers with thousands of mining rigs. Leading miners include Bitmain, BitFury, Hut 8, Riot Blockchain, and more. But let's dive deeper to explore these major industry players.

Bitcoin mining is the process of using powerful computing hardware to verify transactions and produce new bitcoin. It maintains the integrity of the blockchain while rewarding miners with bitcoin for their efforts.

Some bitcoin mining companies have grown to operate expansive facilities housing thousands of mining rigs. These leading miners compete to validate the most blocks and earn the lion's share of mining rewards.

Here are the top largest bitcoin mining companies making a mark on the industry today:

Bitmain

Bitmain is the Bitcoin mining market leader based out of Beijing, China and founded in 2013. It operates mining pools AntPool and BTC.com which contribute over 25% of all mining power on the Bitcoin network.

Bitmain also builds and sells the Antminer line of ASIC mining hardware used in its own operations and by other miners. The company has raised billions in funding and generates over a billion dollars in yearly revenue.

BIT Mining

BIT Mining (previously 500.com) is a Chinese company that transitioned from online sports lottery services to Bitcoin mining and mining pool services. It currently has data centers in China's Sichuan province, Kazakhstan, and Texas.

In 2021, BIT Mining acquired a 57% stake in a 185 megawatt cryptomining data center in Kazakhstan for $25 million. The company also operates the BTC.com mining pool.

BitFury

BitFury is a private Bitcoin mining company and chip designer founded in 2011 and headquartered in Amsterdam. It currently operates data centers in Canada, Norway, Iceland, and the Republic of Georgia.

In 2015, BitFury completed a $20 million funding round led by venture capitalist Bill Tai. It specializes in developing and selling data center hardware and advanced ASIC chips.

Hut 8

Hut 8 is a Canadian Bitcoin mining company operating out of Alberta, Canada with locations powered by significant natural gas resources. Since its founding in 2012, Hut 8 has mined over 5000 Bitcoin.

In May 2022, Hut 8 produced 265 Bitcoin. It also operates high-performance data centers for blockchain infrastructure and cloud solutions. The company trades publicly under the ticker HUT on the TSX.

Riot Blockchain

Riot Blockchain is a NASDAQ-listed Bitcoin miner headquartered in Colorado, USA. It currently operates a 200 megawatt data center in Texas and has additional operations in upstate New York.

In 2021, Riot Blockchain acquired Whinstone US for $651 million, which was the single largest Bitcoin mining and hosting facility in North America at the time. The company aims to increase Bitcoin mining capacity to 12.8 EH/s by 2025.

Additional Major Bitcoin Mining Companies:

• Marathon Digital - A Las Vegas-based company operating data centers powered by renewable energy across the U.S.
• Core Scientific - Recently went public via SPAC and is expanding mining operations including a 100 MW facility in North Dakota.
• Bit Digital - A publicly traded miner (BTBT) with operations in China and North America including Alberta, Canada.
• Argo Blockchain - A UK listed company (ARB) operating a Helios facility in Texas along with a Quebec facility powered by hydroelectricity.
• EMCD - A subsidiary of TFU that provides hosting services for mining companies in China's Sichuan province.

As mining becomes increasingly competitive, access to cheap electricity and cutting-edge mining hardware gives certain players advantages. But bitcoin's designed decentralization ensures no single miner controls the network. Multiple companies will continue vying to solve blocks profitably and contribute to network security.

Notable Public Bitcoin Mining Stocks

For investors interested in gaining exposure to bitcoin mining, many of the companies trade publicly:

• Bitfarms (BITF) - Canada based, mines BTC, ETH, LTC, and BCH
• Marathon Patent Group (MARA) - Mines BTC across the U.S.
• Hive Blockchain (HVBT) - Mines BTC and ETH in Iceland, Sweden, and Canada
• Hut 8 Mining (HUT) - One of the largest publicly traded Bitcoin miners in North America
• Riot Blockchain (RIOT) - Expanding U.S. based BTC mining operations
• Bit Digital (BTBT) - Chinese miner operational primarily in North America

As bitcoin mining difficulty increases and operations grow in scale, larger miners leveraging efficiencies have proven the most profitable. While still decentralized, leading enterprises now make up a substantial portion of Bitcoin's global hash rate.

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