Who are the biggest bitcoin mining companies?
Bitcoin mining plays a central role in maintaining the security and integrity of the bitcoin network, but it has also evolved into a competitive global industry.
The recovery in miners’ equity performance has been equally notable. A broad index such as the Valkyrie Bitcoin Miners ETF (WGMI) has reflected renewed investor interest since early 2023, accompanied by rising market capitalisations across leading mining firms.
Past performance is not a reliable indicator of future results.
What is bitcoin mining?
Bitcoin mining involves solving complex mathematical equations to process transactions on the blockchain and receive rewards. In doing so, new BTC tokens are created, and miners are compensated for their computing resources and energy costs as part of the proof-of-work (PoW) consensus mechanism.
Specialised hardware is required to mine bitcoin profitably. As the difficulty of these calculations increases, it helps regulate the rate of new BTC issuance. The largest mining companies operate thousands of machines capable of performing these tasks faster and more efficiently than individuals. The total value of the BTC mined forms part of each company’s revenue.
Operating costs for large bitcoin miners include electricity, maintenance, cooling systems, staffing and other business expenses. In 2024–2025, both hashrate and difficulty reached new records, while ‘hashprice’ – revenue per unit of computing power – fell to multi-month lows, placing pressure on profit margins despite higher BTC prices.
Largest public bitcoin mining companies 2025
Below is an updated overview of some of the largest publicly listed bitcoin mining companies by market capitalisation as of late 2025. Figures change frequently; always refer to the latest company filings and market data.
| Company | Location | Market cap (USD) | BTC holdings | Description |
|---|---|---|---|---|
| Iris Energy | Australia | ≈$17.1bn | See filings | Fastest-growing; investor focus on clean energy |
| Cipher Mining | USA | ≈$8.1bn | ~1,500 | Major US expansion; cost-focused |
| Riot Platforms | USA | ≈$7.9bn | ~19,287 | Expanding among top North American operators |
| Marathon Digital | USA | ≈$7.2bn | ~52,850 | Largest BTC treasury among miners; increasing hashpower |
| Core Scientific | USA | ≈$5.9bn | ~1,612 | Recovery after restructuring; equipment upgrades |
| TeraWulf | USA | ≈$5.6bn | See filings | ~90% renewable power; expanding AI/HPC capacity |
| CleanSpark | USA | ≈$5.4bn | ~13,011 | Investing in AI and data-centre operations |
| Hut 8 | Canada/USA | ≈$5.0bn | ~10,278 | Merged with US Bitcoin Corp; broader North American footprint |
| Bitfarms | Canada/Paraguay | See filings | ~1,402 | Long-standing operator |
| Bitdeer Technologies | US/Norway | See filings | ~2,127 | Hosting and mining; growth-oriented |
Sources: Analytics Insight, TaxTMI, CarbonCredits.com, Bitbo (accessed 12 November 2025).
ETFs and sector performance
The Valkyrie Bitcoin Miners ETF (WGMI) provides diversified exposure to listed mining companies. As of 2025, its expense ratio is around 0.75%, and its performance broadly mirrors the sector’s rebound observed through 2024–2025.
Broader industry changes
Several leading miners are expanding beyond bitcoin into high-performance computing (HPC), artificial intelligence (AI) and cloud-based services, using existing power-dense infrastructure to host GPU workloads.
Examples include CleanSpark’s new AI data-centre division and TeraWulf’s Lake Mariner project, designed for dual HPC/AI operations. Hut 8’s merger with US Bitcoin Corp has created an integrated platform spanning self-mining, hosting and managed infrastructure, reflecting the sector’s wider shift towards digital infrastructure services.
Sustainability
Many major miners now emphasise low-cost, lower-carbon energy sources, including hydro, nuclear and grid-balancing operations, as power efficiency becomes increasingly critical amid record network difficulty and hashrate.
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FAQ
How many bitcoin mining companies are there?
As of November 2025, CompaniesMarketCap tracks over 20 major publicly listed bitcoin mining firms worldwide, alongside numerous smaller public and private operators active across North America, Asia and other regions. The number continues to evolve as new companies list and industry consolidation progresses.
What are the leading bitcoin mining companies?
The five largest publicly traded bitcoin miners are Marathon Digital Holdings, Iris Energy, Riot Platforms, CleanSpark and Core Scientific. These companies lead the sector not only in hashrate and BTC holdings but also through their focus on renewable energy use, sustainability initiatives and diversification into AI and high-performance computing (HPC) services.
How do bitcoin mining companies make money?
Bitcoin mining firms generate revenue by validating transactions on the blockchain and earning block rewards and transaction fees in BTC. Their profitability depends on several factors, including bitcoin’s market price, electricity and equipment costs, network difficulty and operational efficiency. Some firms also lease computing power or offer hosting services, creating additional income streams.
What risks do bitcoin mining companies face?
The mining industry faces several key risks, including price volatility, rising energy costs, hardware inefficiency, and regulatory changes that can affect operations or profitability. Environmental concerns and shifts in policy towards carbon-intensive energy use can also influence where and how companies operate. As competition grows, smaller miners may struggle to remain profitable.