14 Mar 2022

The publicly listed bitcoin miners are relentlessly expanding operations

Publicly listed bitcoin miners are expanding their operations, leading the North American share of the Bitcoin mining network to increase.
Source: Public filings (Core Scientific, Riot, Marathon, Northern Data, Hive, Hut 8, Bitfarms, CleanSpark, Argo, Greenidge)
Core Scientific is the largest publicly listed bitcoin miner by hashrate, with its 8.2 EH/s making up 4.1% of Bitcoin's total hashrate (200 EH/s). Riot follows behind with 3.9 EH/s, and Marathon is the third largest with 3.8 EH/s.To increase their bitcoin production, miners should expand hashrate faster than the whole network. We have previously estimated the network hashrate to reach 300 EH/s by the end of 2022, corresponding to a 50% growth from today’s level. We see that all the ten largest public miners by hashrate plan to increase hashrate faster than the whole network in 2022.Marathon aims to be the fastest expander by increasing its hashrate 500% to 23.3 EH/s by the end of 2022, while Core Scientific targets its self-mining fleet to produce 20.5 EH/s, corresponding to a growth of 150%.Riot is also planning massive growth with a scheduled 12.8 EH/s by the end of 2022. The company is currently developing the largest bitcoin mining facility in North America, with a total power capacity of 750 MW.All these miners primarily operate in the US and Canada. Since they aim to grow their capacities much faster than the whole network, the US and Canada's share of the total hashrate will likely increase from Cambridge's 35.4% and 9.6% August 2021 estimate.
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