Bitcoin (BTC) mining is one of the most energy-intensive hobbies you can have. It is energy-consuming enough to set up large-scale mining facilities for this specific purpose. Some of these companies have even gone public. That can be beneficial for the reliability and scale of the companies. Crypto Oxygen has researched what hashrate these companies jointly have.
17% of total bitcoin computing power
Cointelegraph Research regularly posts worthwhile third-party surveys† It investigation in question comes from Crypto Oxygen and costs 900 USD. It describes in detail how public miners 16.6% by the total Bitcoinrepresent hashrate.
There are several ways to categorize the size of these companies. Crypto Oxygen cites hashrate and miners’ finances as two examples, but energy consumption and efficiency are also important metrics to take into account. In absolute terms, Core Scientific is the largest miner, with 8.3 exahash per second under its control. This generated USD 545 million in revenue in 2021. Riot Blockchain and Hive Blockchain Technologies were in second and third place with USD 215 million and USD 195 million in revenue, respectively.
Big investments BTC miners
Stronghold is the largest BTC miner for invested capital, with a current hashrate per dollar of 19.5 gigahash per second (per dollar invested). Greenidge is not far from here, at 14.5 GH/s per dollar. huhive was just the most profitable. Ook it is already known how large the planned investments are for this year. Stronghold also takes the cake here, which wants to double the hashrate compared to the total amount invested.
Furthermore, the report provides a picture of each company, including data on the business model, locations of the data centers and the size of the tokens they hold. This emphasizes that Marathon lean and mean is; it relies on third parties for electrical infrastructure and the like. Stronghold itself has the whole value chain owned, including the electrical infrastructure.
Still, it is striking that these companies only control 17% of the total hashrate. That is not much, especially when you consider that a large part of the rest is in countries that have a less strong base for cryptocurrencies. For example, it could be that some are still in China and secretly engaged in mining.