08 May 2022
How fast are the biggest bitcoin mining companies getting hashrate online?Increasing their hashrate as quickly as possible is the top priority for the public bitcoin miners. Who has added hashrate the fastest so far this year?
Source: Monthly production updates (Core Scientific, Riot, Marathon, Bitfarms, Hut 8)
Core Scientific started the year as the biggest public miner by hashrate. After expanding their hashrate by 35% in the year's first four months, they can still boast the most hashrate of any public miner by a wide margin.Even though Core is still the largest miner by hashrate, the fastest-grower is Riot, growing its hashrate by 52% so far in 2022, claiming the title as the second-largest miner by hashrate from Marathon.Riot is installing miners in the largest mining facility in North America. This flagship facility has a total power capacity of 700 MW. Theoretically, it could host almost 24 EH/s of hashrate from the Antminer S19 Pro, giving Riot more than enough room for future growth. By January 2023, Riot anticipates a total self-mining capacity of 12.8 EH/s.Marathon started the year with more hashrate installed than Riot, but after only growing 11% so far in 2022, they are now the third-largest public miner.Marathon must desperately increase their pace in getting hashrate online if they are to come anywhere close to their goal of 23.3 EH/s by 2023. We have previously written about Marathon's failure to reach its target hashrate, which is part of the reason why their stock has plummeted 60% YTD.