Top Bitcoin Mining Companies 2024

The Key Players Driving Bitcoin Forward, Market Trends, and Future Directions

5 min readJul 12, 2024

What is Bitcoin Mining?

Bitcoin mining involves solving complex cryptographic puzzles to validate transactions and add new blocks to the blockchain. This process, known as proof of work, requires substantial computational power and electricity, which has sparked environmental concerns and regulatory scrutiny.

Is Bitcoin mining profitable?

As of July 2024, Bitcoin mining operations globally are estimated to consume approximately 141.17 terawatt-hours of electricity annually, with a hypothetical range between 81.30 and 240.64 terawatt-hours. In 2024 alone, the cumulative electricity consumption for Bitcoin mining reached 582.24 terawatt-hours.

This level of energy consumption has drawn criticism due to its environmental impact, equivalent to the output of about 46 coal-fired power plants.

Financially, Bitcoin miners earn substantial income from mining rewards, estimated at $8.98 billion annually, which includes transaction fees. However, the operational costs are also significant, with annual electricity expenses totaling $8.61 billion, representing nearly 98.73% of total income assuming a fixed rate of 5 cents per kilowatt-hour.

Which country leads the world in Bitcoin mining hash power?

Geographically, the distribution of Bitcoin mining hash power as of 2024 shows the United States leading with 37.84%, followed by China with 21.11%, Kazakhstan with 13.22%, Canada with 6.48%, and Russia with 4.66%. Germany, Malaysia, and Ireland contribute smaller shares, reflecting the global spread of mining activities.

Notably, the United Kingdom holds a minimal share of the mining hash rate at 0.1%, while European Union countries collectively account for approximately 6%. These statistics highlight the decentralized nature of Bitcoin mining, which operates across diverse geographical locations and energy landscapes.

Which company is the top Bitcoin miner?

Despite these challenges, companies like Marathon, CleanSpark, Riot Blockchain, Iris Energy, and Core Scientific are at the forefront of innovation in mining technology and sustainability practices. Their efforts not only secure the Bitcoin network but also drive advancements in renewable energy integration and operational efficiency.

Bitcoin mining remains a cornerstone of the cryptocurrency ecosystem, powered by companies that validate transactions and secure the network while generating new Bitcoins.

As of 2024, several key players dominate this space:

Marathon Digital Holdings (MARA)

Marathon Digital Holdings leads North America’s Bitcoin mining sector with a substantial market cap of $5.38 billion and 17,857 BTC holdings totaling $1.059 billion.

As one of the pioneering companies listed on NASDAQ, Marathon continues to expand its operations, showcasing both highs and lows in Bitcoin production from January to June 2024. These fluctuations reflect the company’s ongoing efforts to optimize operations amidst evolving market conditions.

CleanSpark (CLSK)

CleanSpark, valued at $3.48 billion with 6,591 BTC holdings of $376 million, has carved a niche in sustainable Bitcoin mining. Their approach focuses on operating data centers powered by low-carbon sources, emphasizing efficiency and community development.

Throughout the first half of 2024, CleanSpark demonstrated flexibility in Bitcoin production, responding adeptly to market dynamics.

Riot Blockchain (RIOT)

Riot Blockchain boasts a market cap of $2.69 billion and 9,084 BTC holdings of $533 million, positioning itself as a key player since entering Bitcoin mining in 2018. Known for its expansion across Texas and Oklahoma, Riot Blockchain contributes significantly to the blockchain ecosystem.

Monthly Bitcoin production from January to June 2024 varied, reflecting Riot’s strategic adjustments amidst sectoral challenges.

Iris Energy (IREN)

Iris Energy, with a market cap of $2.09 billion, specializes in renewable energy solutions for Bitcoin mining. Their commitment to sustainability is evident in their operations, which have steadily grown in influence.

From January to June 2024, Iris Energy navigated market dynamics with measured Bitcoin production, showcasing their strategic mining capabilities.

Core Scientific (CORZ)

Core Scientific, valued at $1.73 billion, provides essential infrastructure and hosting services for blockchain networks, including Bitcoin mining. Their focus on technological innovation is reflected in their robust operational performance.

In early 2024, Core Scientific demonstrated significant Bitcoin production, highlighting their pivotal role in the industry.

Financial Insights and Performance Metrics

Beyond their operational prowess, these companies influence global financial markets with substantial revenue performances. Marathon Digital reported $0.50 billion in revenue for the trailing twelve months (TTM), underlining strong growth.

CleanSpark and Iris Energy stand out for their commitment to Environmental, Social, and Governance (ESG) principles, integrating sustainability into their core strategies.