What Bitcoin Mining Company Holds the Most Bitcoin?
The top Bitcoin mining company with the most Bitcoin (BTC) holdings is Marathon Digital Holdings, which has 13,726 BTC. Marathon Digital accounts for 35% of all publicly-known Bitcoin mining companies’ BTC holdings.
It operates over 150,000 mining rigs and reports an installed hashrate of 23.1 Exahash per second (EH/s), accounting for 4.8% of the global Bitcoin network.
Marathon Digital is also among the top Bitcoin mining companies by market capitalization, with a $1.64 billion market cap that is on par with Riot Platforms. This is almost twice of the next largest mining company by market cap.
The top Bitcoin mining company generated $17 million in revenue for the trailing twelve months (TTM), marking a 47.8% increase compared to the previous period.
How Many Bitcoins do the Top Bitcoin Mining Companies Own?
The top 14 Bitcoin mining companies currently hold a combined 38,903 BTC. However, this is just 0.18% of the maximum 21 million BTC supply, and significantly less than MicroStrategy’s 152,333 BTC holdings.
Marathon Digital, Hut 8 Mining Corp, and Riot Platforms are the top three publicly-listed Bitcoin mining companies with the most Bitcoins owned. The three companies collectively hold 30,401 BTC or 78% of the total BTC holdings among the leading mining companies.
Each of the top three Bitcoin mining companies holds more than 3,000 BTC. In contrast, the remaining 11 companies each hold less than 3,000 BTC, amounting to a combined total of 8,502 BTC.
Riot Platform #1 in Market Cap, But #3 in Bitcoin Holdings
Riot Platforms Inc. has the largest market cap among Bitcoin mining companies, at $1.94 billion or 4% bigger than Marathon Digital. However, Riot Platforms only holds 7,309 BTC, which is around half of Marathon Digital’s Bitcoin holdings.
This comes even as Riot Platforms reported $250 million in TTM revenue, which is 47% higher than Marathon Digital.
Bitcoin Mining Companies With Moderate BTC Holdings
Three of the leading public Bitcoin mining companies hold intermediate BTC amounts ranging from 1,000 to 3,000 BTC: CleanSpark Inc. (2,240 BTC), Hive Digital Technologies (2,032 BTC), and Canaan Inc. (1,125 BTC).
Among the mining companies with intermediate Bitcoin holdings, CleanSpark has the highest market capitalization at $625 million, which is more than double the other two companies. However, Canaan Inc. generated the highest revenue at $270 million TTM, which is 93% higher than CleanSpark and 226% more than Hive Digital Technologies.
Notably, CleanSpark has mined a total of 5,327 BTC throughout the year. This suggests an active utilization of their Bitcoins for operational purposes in relation to their BTC holdings. In contrast, Hive Digital Technologies has mined 1,889 BTC during the same period, as per quarterly reports but holds a marginally higher number of Bitcoins.
Bitcoin Mining Companies with Lowest BTC Holdings
The remaining nine public Bitcoin mining companies own the least Bitcoin at less than 1,000 BTC each. Noteworthy in this group are Bit Digital Inc., Bitfarms Limited and Cipher Mining, which hold 821, 760 and 553 BTC, respectively.
Bit Digital distinguishes itself by operating a substantial fleet of 44,886 miners with approximately 99% of their miners running on carbon-free energy sources. In comparison, Bitfarms operates with 62,300 miners with 78% of their energy sourced from hydro-power. In September 2023, Bit Digital mined 821 BTC despite having fewer miners and a lower hashrate of 1.19 EH/s, whereas Bitfarms, with a higher hashrate of 6.3 EH/s, mined 411 BTC in the same month.
Looking at companies with less than 500 BTC, DMG Blockchain Solutions holds 468 BTC, while Neptune Digital Assets Corp follows with 250 BTC, representing 46% less than DMG's holdings. Bit Mining Limited, holds 210 BTC. All three companies are the only mining companies that individually have a market capitalization of less than $50 million.
Meanwhile, Argo Blockchain and Core Scientific Inc. hold the least Bitcoin, at 32 and 10 BTC respectively. Core Scientific, formerly the largest public miner, has been entangled in bankruptcy proceedings since December 2022, leading to a decline in its Bitcoin holdings.
Top 14 Bitcoin Mining Companies by Bitcoins Owned
The top publicly-listed Bitcoin mining companies ranked by the number of Bitcoins held are:
| Rank | Company | Total Bitcoin Holdings |
|---|---|---|
| 1 | Marathon Digital Holdings | 13,726 |
| 2 | Hut 8 Mining Corp | 9,366 |
| 3 | Riot Platforms, Inc | 7,309 |
| 4 | CleanSpark Inc | 2,240 |
| 5 | Hive Digital Technologies | 2,032 |
| 6 | Canaan Inc. | 1125 |
| 7 | Bit Digital, Inc | 821 |
| 8 | Bitfarms Limited | 760 |
| 9 | Cipher Mining | 553 |
| 10 | DMG Blockchain Solutions Inc. | 469 |
| 11 | Neptune Digital Assets Corp. | 250 |
| 12 | BIT Mining Limited | 210 |
| 13 | Argo Blockchain plc | 32 |
| 14 | Core Scientific, Inc | 10 |
Methodology
The study examined Bitcoin holdings of publicly-listed Bitcoin mining companies based on SEC filings, financial reports and the latest company news articles as of November 1, 2023. The study excluded Bitcoin mining companies where public data was not available, including but not limited to private companies, Bitdeer Technologies Group, TeraWulf, BIGG Digital Assets, BitNile Holdings and Iris Energy.
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Curious to find out more about our previous research studies & statistics? Check out this one we did on MicroStrategy’s Bitcoin holdings.
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