Report on listed mining companies

Cointelegraph Research Terminal, the leading provider of premium databases and institutional research on blockchain and digital assets, has added a new report to its growing library. The latest paper looks at a specific group of players in the Bitcoin (BTC) mining industry. The report, published by crypto consulting firm Crypto Oxygen, highlights the current landscape of publicly traded crypto miners, which control about 17% of the total hash rate of the entire Bitcoin network.

The crypto mining industry is a fast growing and developing sector. In January of this year, a US-based company Core Scientific went public via a special purpose vehicle merger (SPAC), becoming the largest publicly traded crypto mining company in terms of revenue and hash rate. Core Scientific’s hash rate leads all publicly traded companies at 8.3 exahashes per second (Eh/s), and 5,769 BTC were mined in 2021, generating approximately $545 million in revenue. In second and third place in terms of revenue are Riot Blockchain and Hive Blockchain Technologies with revenues of $215 million and $195 million, respectively.

Strategic, operational and financial collapse

Hash rate and revenue are just a few ways to differentiate between companies, but they don’t paint the whole picture as some companies have revenue models that are separate from their core mining activity. The report analyzes such key statistics and provides a more detailed comparison that includes the strategic, operational and financial performance of each company.

Download the full report with charts and infographics from the Cointelegraph Research Terminal

For example, the report compares each company’s operations based on their current hash rate per $1 invested. This makes it easier to see which company offers investors more investment value, which in this case is Stronghold Digital Mining at 46.56 gigahashes per second (GH/s) to lead the field.

Apart from that, the report also provides a quick snapshot of each company’s operations, including operational key performance indicators (KPIs), business model, data center locations, BTC holdings and other relevant information.

In particular, large players like Marathon have lean setups and rely entirely on being hosted by external providers, while others like Stronghold own assets along with the entire value chain, including electrical infrastructure.

Additionally, instead of just relying on financial reports and public statements, Crypto Oxygen conducted a survey to include direct feedback from the analyzed companies in its research.


A major concern of bitcoin mining in general is environmental, social and governance, or ESG. Sustainability has always been a key talking point in the crypto mining industry, and publicly traded companies in particular are under increased scrutiny. However, despite the different approaches, the companies in the report appear to be focused on limiting the carbon footprint of their operations.