Original author ｜CoinGeckoWinifred Amase

Translation ｜Odaily Planet Daily Jessica

Bitcoin Mining Enterprise BTC Holdings

The Bitcoin mining enterprise with the most BTC holdings is Marathon Digital Holdings, holding 13,726 BTC, accounting for 35% of the total BTC holdings of all well-known Bitcoin mining enterprises.

It operates over 150,000 mining devices, with a total hash rate of 23.1 EH/s, accounting for 4.8% of the global Bitcoin network. Marathon Digital has a market value of 1.64 billion US dollars.

This leading Bitcoin mining enterprise had a TTM revenue of 17 million US dollars in the past 12 months, a 47.8% increase from the previous period.

Currently, the top 14 Bitcoin mining enterprises collectively hold 38,903 BTC. However, this only accounts for 0.18% of the maximum Bitcoin supply (21 million), far lower than MicroStrategy's 152,333 BTC holdings.

Marathon Digital, Hut 8 Mining Corp, and Riot Platforms are the top three listed Bitcoin mining enterprises with the most BTC holdings. These three companies collectively hold 30,401 BTC, accounting for 78% of the total BTC holdings of leading mining enterprises.

The top three Bitcoin mining enterprises each hold over 3000 BTC. In contrast, the remaining 11 companies each hold less than 3000 BTC, totaling 8502 BTC.

Riot has the highest market value, but only holds 7309 BTC

Riot Platforms has the highest market value among Bitcoin mining enterprises, reaching 1.94 billion US dollars, 18% higher than Marathon Digital. Although Riot Platforms' disclosed TTM revenue is 250 million US dollars, 47% higher than Marathon Digital, Riot Platforms only holds 7309 BTC, about half of Marathon Digital's Bitcoin holdings.

Among the listed mining enterprises holding between 1000 and 3000 BTC, CleanSpark (2240 BTC) has the highest market value of 625 million US dollars, more than double the value of the other two companies (Hive Digital Technologies—2032 BTC, Canaan Inc.—1125 BTC). However, Canaan Inc. has the highest revenue, at 270 million US dollars TTM, 93% higher than CleanSpark and 226% higher than Hive Digital Technologies.

It is worth noting that CleanSpark produced a total of 5327 BTC throughout the year. This indicates that they actively utilized their Bitcoin holdings in operations. In contrast, Hive Digital Technologies produced 1889 BTC during the same period, but holds a slightly higher amount of BTC.

The remaining 9 listed Bitcoin mining enterprises hold the least amount of BTC, each holding less than 1000 BTC. Bit Digital Inc., Bitfarms Limited, and Cipher Mining hold 821, 760, and 553 BTC, respectively.

Bit Digital stands out for operating a large fleet of 44,886 mining machines, with approximately 99% of the machines using carbon-free energy. In comparison, Bitfarms has 62,300 miners, with 78% of the energy coming from hydroelectric power. In September 2023, despite having fewer miners and lower hash power (1.19 EH/s), Bit Digital still produced 821 BTC, while Bitfarms, with higher hash power of 6.3 EH/s, produced 411 BTC in the same month.

Looking at companies holding 500 BTC or less, DMG Blockchain Solutions holds 468 BTC, followed closely by Neptune Digital Assets Corp with 250 BTC, 46% less than DMG's holdings. Bit Mining Limited holds 210 BTC. The market value of these three companies is less than 50 million US dollars.

Meanwhile, Argo Blockchain and Core Scientific Inc. hold the least amount of Bitcoin, with 32 and 10 BTC, respectively. Core Scientific was once the largest listed mining enterprise but has been in bankruptcy proceedings since December 2022, leading to a decrease in its Bitcoin holdings.

Note: This study investigated the Bitcoin holdings of publicly listed Bitcoin mining companies based on SEC filings, financial reports, and the latest company news articles as of November 1, 2023. The study excluded Bitcoin mining companies for which public data was not available, including but not limited to private companies, Bitdeer Technologies Group, TeraWulf, BIGG Digital Assets, BitNile Holdings, and Iris.

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