Wall Street is home to some of the largest publicly traded Bitcoin (BTC) mining companies, with Marathon Digital Holdings leading the pack with a market capitalization of nearly $6 billion. Here’s a detailed look at the top five U.S.-based crypto miners listed on the stock market.
Major Bitcoin Mining Companies on Wall Street
Over 20 companies involved in Bitcoin mining are publicly listed on stock exchanges worldwide, with the majority based on Wall Street. Let’s explore the leading names in this sector.
Marathon Digital Holdings (NASDAQ: MARA) stands as the top player in the Bitcoin mining industry, boasting a market cap of approximately $6 billion. Marathon’s stock has surged more than fivefold since its low during the crypto winter, now trading at around $20 per share.
CleanSpark (NASDAQ: CLSK) follows closely with a market capitalization of $3.7 billion. Originally established in 1987, the company has successfully transitioned its focus to cryptocurrencies, demonstrating profitability in its new direction.
Riot Blockchain (NASDAQ: RIOT) holds the third position with a valuation of $3.1 billion. The company pivoted to cryptocurrency mining during the pandemic, pushing its market cap close to $5 billion at one point.
Cipher Mining (NASDAQ: CIFR) and Core Scientific (NASDAQ: CORZ), both newer entrants, have market caps of around $1.7 billion. Despite their recent market entries, these companies have quickly gained investor confidence by establishing themselves in the Bitcoin mining arena.
Key Insights on the Top Bitcoin Miners
Marathon Digital Holdings, founded in 2010 and headquartered in Las Vegas, Nevada, focuses on cryptocurrency mining with a large fleet of specialized ASIC miners. CEO Fred Thiel has led the company since April 2021. Recently, Marathon faced a legal challenge resulting in a $138 million fine related to a disputed growth strategy with a competitor, which the company plans to appeal.
CleanSpark, a pioneer in sustainable Bitcoin mining, is based in Henderson, Nevada. Under CEO Zachary Bradford, the company has expanded its environmentally friendly mining operations, announcing new power contracts and its first mining site in Wyoming.
Riot Blockchain, established in 2000 and led by CEO Jason Les, is headquartered in Castle Rock, Colorado. While focusing on expanding its mining operations, Riot also emphasizes energy sales, which have generated significant revenues for the company.
Cipher Mining, headquartered in New York City and led by CEO Tyler Page, aims to be a leader in cost-effective, large-scale Bitcoin mining in the U.S.
Core Scientific, originally based in Austin, Texas, faced challenges in recent years, including filing for Chapter 11 bankruptcy in December 2022. Currently led by CEO Adam Sullivan, the company is restructuring and recently invested $77 million in Bitcoin mining rigs from Bitmain.
Stock Market Challenges for Crypto Miners
Despite Bitcoin’s price nearing historical highs and rising over 50% this year, not all mining companies have thrived. Shares of Marathon Digital Holdings (MARA) have decreased by 18% year-to-date, while Riot Blockchain (RIOT) shares have dropped by 35%. Conversely, CleanSpark has bucked the trend, with shares gaining over 43% year-to-date, while Cipher Mining shares have increased by 25%. Core Scientific, debuting this year, has seen a 75% increase since January.
The recent Bitcoin halving in April 2024 added uncertainty to the market by reducing mining rewards by 50%, prompting some miners to sell their Bitcoin reserves in preparation. Rising energy costs have further pressured mining companies, as the energy-intensive nature of Bitcoin mining impacts operational costs and profit margins.
FAQ About Bitcoin Mining
Who is the largest Bitcoin miner on Wall Street?
As of 2024, Marathon Digital Holdings (NASDAQ: MARA) is the largest publicly traded Bitcoin miner on Wall Street, with a market cap of approximately $6 billion.
How long does it take to mine 1 Bitcoin?
The time to mine 1 Bitcoin varies based on hardware and network conditions. It takes about 10 minutes to mine one block, yielding 3.125 BTC. Individual miners may take years to mine a full Bitcoin due to competition, leading many to join pools for more consistent payouts.
How much Bitcoin does MARA hold?
According to their Q2 2024 financial report, Marathon Digital Holdings (MARA) holds 18,536 Bitcoin, equivalent to nearly $1.2 billion.
Is it legal to be a Bitcoin miner?
Bitcoin mining is legal in many countries, including the U.S., but regulations vary. Some countries have restrictions due to energy consumption or financial concerns. Checking local laws is essential before mining.
Does BTC mining really pay?
Legitimate Bitcoin mining operations pay rewards, though some apps or websites claiming to offer “BTC mining” are scams. Real mining requires specialized hardware and significant electricity, with most miners joining reputable pools for consistent payouts. Be wary of services promising unrealistic returns or “free” mining.
