Leading Bitcoin Mining Companies

By  Yuliia Rokytska 915 27 Jul 2023
Photo - Leading Bitcoin Mining Companies

Mining companies are showing incredible resilience, persisting with their activities and even expanding their Bitcoin mining operations with new farms.

Let's explore the market's top five players, setting the pace in the Bitcoin mining sector.

Riot Platforms (formerly known as Riot Blockchain)

Riot Platforms sits at the top of the charts, having reached a value of $3 billion in 2023. In addition to BTC mining, the company is involved in data processing and manufactures electrical equipment. Its main headquarters are located in Castle Rock, Colorado, USA, while its mining facilities are situated in Rockdale, Texas.

By the end of 2022, Riot had 88,000 miners under its management, and the number of BTC in its balance grew to 5,554 coins. In the same year, Riot Blockchain generated an annual revenue of $156.9 million from cryptocurrency mining, but unfortunately, it also incurred losses exceeding $500 million.

In 2023, Riot made further strides by acquiring 116,000 ASICs, with a combined power exceeding 300 MW, resulting in the total hash rate under its control reaching 10.5 EH/s. As a result, during the first quarter, Riot successfully mined 2,115 BTC, leading to a profit of $48 million. 

Marathon Digital Holdings

Marathon Digital, with a market capitalization of $2.95 billion, is closely trailing Riot. The company entered the mining industry in 2017 after acquiring the technological firm Global Bit Ventures. Before that, Marathon Digital was involved in exploring uranium and vanadium deposits.

Their production facilities are located in the states of South Dakota, Texas, Nebraska, and Montana. Additionally, they have plans to establish mining farms in Abu Dhabi.

As of the end of 2022, Marathon held 12,232 BTC in reserves. The company generated $117.75 million in revenue the previous year but faced a record loss of $686 million. In the first quarter of 2023, they earned $51.1 million in revenue, though they also incurred losses of $7.2 million. The total number of bitcoins mined in 2023 reached 2,195 coins.

According to Marathon Digital's reports, during the first three months of 2023, they paid off $50 million in debts and made early repayments on their loans from Silvergate Bank. 


Cipher Mining Inc is a relatively young American company whose shares have been traded on the stock market since 2021. The company's mining operations are headquartered in New York, with equipment-based farms situated in Alborz and Odessa, Texas. As of 2023, the market value of the company has reached $1 billion.

According to Cipher's financial reports, the company achieved a profit of $37.22 million in 2022, but also incurred a net loss of $39.05 million.

Nevertheless, in 2023, Cipher made significant strides by acquiring 21,000 new miners from Bitmain and MicroBT. This brought their total number of equipment units to 65,000. However, in June 2023, the company's mining output experienced a 27% decline, with 360 BTC mined, compared to the previous month of May.

Hut 8

One of the earliest mining companies hailing from Canada was founded in 2017 and currently holds a market capitalization of $0.82 billion. Hut 8 operates three mining farms located in Alberta and Ontario. 

As of the end of 2022, the company had accumulated 9,086 BTC in reserves. Its annual revenue reached CAD 150.7 million while incurring a loss of CAD 242.8 million. Hut 8 managed to increase its BTC holdings compared to the previous year by acquiring 21,455 MicroBT miners, which boosted the company's hash rate to 2.5 EH/s.

In the first quarter of 2023, the company's revenue amounted to $19 million. As of the end of March, Hut 8's total BTC holdings reached 9,133 coins. 


The company specializes in eco-friendly Bitcoin mining, with its farms operating on zero-carbon energy. TeraWulf emerged in 2021, with its main office located in Easton, Maryland, and production facilities concentrated in the states of New York and Pennsylvania. The company's current market capitalization stands at $0.72 billion.

In 2022, TeraWulf generated $15 million in revenue, with expenses totaling $47.7 million. It had a fleet of 18,000 miners by the end of the previous year, with a combined hash rate of 2 EH/s, and the total number of mined BTC increased by 524 coins.

As of June 30, 2023, the hash rate has grown by 25% to reach 5.5 EH/s. During the second quarter of 2023, the company acquired 909 BTC, and a total of 1441 BTC within the first half of the year.

The top ten mining companies based on market capitalization in 2023 also include Canaan ($0.57 billion), HIVE Blockchain Technologies ($0.47 billion), Bitfarms ($0.47 billion), Iris Energy ($0.38 billion), and Bit Digital ($0.34 billion).