In a recent research report by CoinGecko, the top 14 Bitcoin mining companies collectively hold 38,903 BTC. It might sound impressive, but in the grand scheme, it’s just a mere 0.18% of the maximum Bitcoin supply of 21 million BTC. To put it into perspective, this is significantly less than the colossal 152,333 BTC holdings of MicroStrategy, a company renowned for its substantial Bitcoin investments.
Marathon Digital Dominates the Bitcoin Race
Marathon Digital Holdings takes the crown as the BTC mining company with the most significant BTC holdings, boasting an impressive 13,726 BTC in its treasury. It accounts for 35% of all publicly-known mining companies’ BTC holdings.
Marathon Digital also operates a massive fleet of over 150,000 mining rigs and reports an installed hashrate of 23.1 exahash per second (EH/s), contributing to 4.8% of the global Bitcoin network. With a market capitalization of $1.64 billion, Marathon Digital sits at the top, rivaling even Riot Platforms.
Speaking of Riot Platforms, it’s worth noting that despite being the leader in market capitalization among Bitcoin mining companies with a staggering $1.94 billion, it ranks third in BTC holdings, with 7,309 BTC. It pales in comparison to Marathon Digital’s holdings and raises questions about the efficiency of Riot’s operations.
The top three publicly-listed Bitcoin mining companies, which include Marathon Digital, Hut 8 Mining Corp, and Riot Platforms, collectively possess 78% of the total BTC holdings among the leading mining companies. Each holds over 3,000 BTC, while the remaining 11 companies have less, totaling 8,502 BTC.
Some companies, such as CleanSpark Inc., Hive Digital Technologies, and Canaan Inc., fall into the intermediate BTC holdings category, owning between 1,000 and 3,000 BTC. CleanSpark stands out with the highest market capitalization of $625 million, while Canaan Inc. boasts the highest revenue at $270 million, significantly surpassing its counterparts.
In contrast, several companies own less than 1,000 BTC, with Bit Digital Inc., Bitfarms Limited, and Cipher Mining holding 821, 760, and 553 BTC, respectively. Bit Digital is notable for running a substantial portion of its miners on carbon-free energy sources, making it a standout in terms of sustainability.
Lastly, Argo Blockchain and Core Scientific Inc. possess the least Bitcoin holdings, at 32 and 10 BTC, respectively. Core Scientific, once a giant in the mining industry, has faced financial troubles and bankruptcy proceedings, leading to a decline in its Bitcoin holdings.
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