The Bitcoin mining landscape has undergone a dramatic transformation in 2024, especially following the April halving event that slashed block rewards from 6.25 to 3.125 BTC. With profit margins under pressure, publicly traded mining companies are responding with aggressive strategies—scaling infrastructure, diversifying into AI and data centers, upgrading hardware, and even acquiring rivals. These moves aren’t just survival tactics; they’re reshaping the industry into a more centralized, capital-intensive ecosystem where only the strongest players survive.
According to CompaniesMarketCap, the combined market capitalization of 21 U.S.-listed Bitcoin miners reached $28.8 billion by mid-June 2024. The top 10 firms alone account for over **91.6%** of this value, with a collective market cap exceeding **$246 billion and mining output surpassing 21,000 BTC** year-to-date. These numbers reflect not only operational scale but also growing investor confidence in well-capitalized, publicly listed miners as long-term plays on Bitcoin’s adoption.
This article explores the performance, strategic moves, and future outlook of the top 10 public Bitcoin mining companies, highlighting how they’re adapting to post-halving realities and positioning themselves for sustained growth.
Marathon Digital Holdings (MARA) – Market Cap: $5.5 Billion
Marathon Digital Holdings remains the largest publicly traded Bitcoin miner by market cap and holdings. According to Bitcointreasuries.net, Marathon holds over 17,000 BTC, one of the largest corporate Bitcoin treasuries globally.
In 2024 alone, Marathon mined 4,277 BTC, contributing significantly to its industry-leading status. The company aims to reach 50 EH/s of hash rate by year-end—doubling its capacity from early 2024—through strategic acquisitions and partnerships.
Recent developments include:
- Acquiring a Bitcoin mining data center from Applied Digital for $87.3 million.
- Collaborating with NiceHash to develop optimized firmware for ASIC miners.
- Launching its own mining products: MARAFW firmware and MARA UCB 2100 control board to boost miner efficiency.
Beyond mining, Marathon is diversifying with Anduro, a Bitcoin sidechain development platform, and investing over $80 million in energy infrastructure in Kenya—an ambitious step toward sustainable mining.
👉 Discover how institutional-grade mining operations are shaping the future of Bitcoin.
Despite market volatility, MARA stock saw a peak gain of 35.3% in 2024, reflecting strong investor sentiment.
CleanSpark (CLSK) – Market Cap: $4.03 Billion
CleanSpark ranks second in market capitalization and has delivered exceptional financial results. In Q1 2024, it posted a net profit of $126.7 million, a 163% year-over-year increase.
The company has mined 3,746 BTC so far in 2024 and continues expanding its footprint:
- Ordered 160,000 Bitmain S21 miners (first tranche: 60,000 units for $193.2 million).
- Acquired four mining facilities for over $23 million.
- Planning to launch an internal crypto trading desk to optimize returns on holdings.
CleanSpark’s aggressive expansion has paid off: CLSK stock surged nearly 103.1% YTD, forcing short sellers to cover positions amid mounting losses.
Riot Blockchain (RIOT) – Market Cap: $3.04 Billion
Riot Blockchain emerged as one of the best-financed miners in early 2024, raising **$559 million** through equity offerings. This capital fueled large-scale purchases of MicroBT’s WhatsMiner devices and the acquisition of **31,500** new miners for $97.4 million.
Riot currently holds 9,084 BTC and has mined 1,954 BTC in 2024. It also made headlines with its attempted $950 million takeover of Bitfarms—a move blocked by Bitfarms’ "poison pill" defense. Undeterred, Riot increased its stake in Bitfarms to 14%, signaling continued interest.
With over $1.3 billion in cash and Bitcoin on its balance sheet, Bernstein analysts view Riot as a prime candidate to lead industry consolidation.
While RIOT stock rose modestly by 14.5% YTD, its strong fundamentals suggest long-term upside potential.
Phoenix Group (PHX.AE) – Market Cap: $2.96 Billion
Listed on the Abu Dhabi Securities Exchange in late 2023, Phoenix Group raised **$371 million** in an IPO that attracted $12 billion in demand—oversubscribed by 33x. The company secured backing from International Holding Co., linked to UAE royalty.
Its Q1 2024 results were stellar:
- Assets surged 237% to $879.3 million.
- Net profit hit $66.2 million, up 166% YoY.
- Announced a $187 million order for Bitmain miners.
Phoenix exemplifies how regional capital is fueling global Bitcoin mining growth. Though PHX.AE stock gained only 4.6% in 2024, its strong financials and strategic location offer stability in volatile markets.
Iris Energy (IREN) – Market Cap: $1.93 Billion
Iris Energy stands out for its access to renewable energy and high-performance computing (HPC) ambitions. With rights to develop over 2 GW of power capacity, it’s well-positioned for sustainable scaling.
In Q3 FY2024:
- Generated $53.4 million in mining revenue.
- Achieved a net profit of $8.6 million.
- Mined 1,592 BTC year-to-date.
Iris plans to reach 30 EH/s by expanding its Childress data center by 50 MW and renewing contracts with Bitmain.
The stock has been a standout performer, soaring 232.1% YTD—the highest among major miners—driven by improved margins and clean energy appeal.
Core Scientific (CORZ) – Market Cap: $1.83 Billion
Once under Chapter 11 bankruptcy protection, Core Scientific completed restructuring in January 2024 and relisted on Nasdaq. It’s now pivoting toward AI and high-performance computing (HPC), signing a landmark 12-year, $3.5 billion contract with AI firm CoreWeave for data center services.
Despite past turmoil, Core Scientific mined 19,274 BTC in 2023 and has produced 4,076 BTC in 2024. Its transformation from pure miner to hybrid infrastructure provider highlights a key trend: mining firms leveraging excess capacity for AI workloads.
CORZ stock exploded over 3x in early 2024, reflecting renewed investor confidence.
Other Notable Miners
Cipher Mining (CIFR) – Market Cap: $1.53 Billion
Mined 1,483 BTC in 2024; targeting 13.5 EH/s by year-end with upgraded efficiency (18.6 J/TH). Stock up 29.1% YTD.
Bitdeer Technologies (BTDR) – Market Cap: $1.38 Billion
Launched in-house chip SEAL01 (18.1 J/TH) and plans full vertical integration via acquisition of ASIC designer Desiweminer ($140M all-stock deal**). Raised **$150M privately; mined 1,360 BTC YTD.
👉 See how next-gen ASIC chips are revolutionizing mining efficiency.
TeraWulf (WULF) – Market Cap: $1.3 Billion
Operates two major facilities (Lake Mariner + Nautilus) totaling 210 MW, with hash rate up 82% YoY to 8.0 EH/s. Also piloting a 2 MW AI computing project. Stock up 123.3% YTD.
Bitfarms (BITF) – Market Cap: $1.18 Billion
Facing takeover attempts from Riot, Bitfarms deployed a “poison pill” defense while investing $240M to triple hash rate to 21 EH/s post-halving. Mined 1,368 BTC YTD.
Frequently Asked Questions (FAQ)
Why are public Bitcoin miners becoming attractive investments?
Publicly traded miners offer regulated exposure to Bitcoin without holding the asset directly. They benefit from scale, access to capital, and operational transparency—making them appealing during market upcycles.
How has the Bitcoin halving affected mining profitability?
The halving cut block rewards in half, compressing margins. Only miners with low electricity costs, efficient hardware, and strong balance sheets can remain profitable—accelerating industry consolidation.
Are Bitcoin miners diversifying beyond mining?
Yes. Many top firms like Core Scientific and TeraWulf are repurposing data centers for AI and HPC workloads—creating new revenue streams amid tighter mining economics.
What role does energy efficiency play in mining success?
Efficiency—measured in joules per terahash (J/TH)—is critical. Lower J/TH means reduced power consumption and higher margins. Firms like Bitdeer and Cipher are investing heavily in next-gen chips to gain an edge.
Can small miners survive post-halving?
It’s increasingly difficult. High electricity costs and capital requirements favor large-scale operators with access to cheap power and bulk hardware discounts—leading to market concentration.
Is now a good time to invest in mining stocks?
With BTC price support strengthening and institutional interest rising, well-positioned miners could see further upside—especially those expanding efficiently and managing costs prudently.
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