04 Apr 2022

Bitcoin’s hashrate is going public

An increasing share of Bitcoin's hashrate is controlled by publicly-listed companies, driven by private miners going public and faster capacity expansion among public miners.
public miners share of bitcoin hashrate.svg
Source: Public miners’ investor materials,
Publicly listed miners' share of the Bitcoin hashrate is 19%, up from only 3% in January 2021.Many mining companies have gone public during this period, bringing private hashrate to the public markets. An example is Core Scientific, with a self-mining capacity of 8.2 EH/s, going public this January.While there were only a handful of publicly listed mining companies in January 2021, there are 26 now.Another reason for the growth in public hashrate is that publicly listed miners have great access to capital and can expand their mining fleets faster than most private companies.Most of the hashrate of public miners is stationed in North America, a region with enormous growth in mining capacity over the previous year.The public miners' share of the hashrate will likely continue to increase since even more mining companies aim to go public. Also, the miners who are already public continue to expand their capacity faster than the overall market, as we show in this article.
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