Who Is the Largest Bitcoin Miner on Wall Street?

Over 20 companies engaged in Bitcoin (BTC) mining, the process of extracting the oldest cryptocurrency for profit, are now listed on global stock exchanges.

With Bitcoin (BTC) prices hovering around all-time highs for many months now, up over 50% YTD, one might expect the largest cryptocurrency miners to be reaping the benefits of this rally. However, that doesn’t seem to be the case, at least not for the publicly traded mining companies in the United States.

While the price of BTC has soared to new heights, not all cryptocurrency miners are equally fortunate. Year-to-date, MARA shares have dropped by 18% and RIOT has seen a decline of as much as 35%.

The situation looks better for CleanSpark, which is bucking this trend with a YTD gain of over 43%. Shares of CIFR are also on the rise, increasing in value by 25%. On the chart for CORZ, a company that debuted this year, we see a movement of 75% since the end of January.

The recent Bitcoin halving event, which occurred in April 2024, created some uncertainty in the market. This event saw a 50% reduction in the block reward for miners, impacting their revenues. Some miners were reportedly selling off their Bitcoin inventories in preparation for this halving, which could be interpreted as a bearish signal by investors.

Rising energy costs also put pressure on mining companies. Bitcoin mining is an energy-intensive process, and increased electricity prices can significantly impact operational costs and profit margins. This made it challenging for some miners to maintain profitability, especially during periods of lower Bitcoin prices.

Here is a closer look at the largest Bitcoin miners on Wall Street:

1. Marathon Digital Holdings (NASDAQ: MARA)

Incorporated: 2010

Headquarters: Las Vegas, Nevada

CEO: Fred Thiel (since April 2021)

A digital asset technology company based in Las Vegas, Marathon Digital Holdings (MARA) is engaged in Bitcoin mining operations. The company was founded in 2010 and is one of the largest publicly traded Bitcoin miners in the United States. Marathon Digital Holdings is mainly focused on mining cryptocurrencies, particularly Bitcoin, using a large fleet of specialized ASIC miners.

The company recently faced a setback and had to pay a $138 million fine to the founder of a competing mining company. It is alleged that Michael Ho from Hut 8 developed a growth strategy for Marathon, but was not properly compensated.

"There was no wrongdoing on the company’s part," Marathon Digital commented in an emailed statement. "We also believe that the damages awarded have no legal basis. We intend to challenge this verdict and commence the appeal process as soon as practicable.”

2. CleanSpark (NASDAQ: CLSK)

Incorporated: 1987

Headquarters: Henderson, Nevada

CEO: Zachary Bradford

Operating out of Henderson, Nevada, CleanSpark (NASDAQ: CLSK) is a sustainable Bitcoin mining and energy technology company that was founded in 1987. Currently led by CEO Zachary Bradford, CleanSpark runs environmentally-conscious Bitcoin mining facilities and develops software solutions for energy management and optimization.

At the beginning of August 2024, the 2nd biggest BTC miner on Wall Street announced the execution of 75 megawatts (MW) of power contracts and the acquisition of its first Bitcoin mining site in Wyoming.

"We are thrilled to expand in a state so publicly supportive of our industry,” Bradford stated. “Working together with local, state and national leaders, CleanSpark plans to grow its footprint beyond Cheyenne, throughout the beautiful state of Wyoming."

3. Riot Blockchain (NASDAQ: RIOT)

Incorporated: 2000

Headquarters: Castle Rock, Colorado

CEO: Jason Les

One of North America's largest Bitcoin mining companies, Riot Blockchain (NASDAQ: RIOT) is based in Castle Rock, Colorado. Established in the year 2000, the company is now headed by CEO Jason Les and focuses on expanding its mining operations and developing blockchain technologies.

Nevertheless, the company is seeking profitability beyond its mining operations. Riot is concentrating on energy sales, generating record revenues for the company.

"Riot achieved a new monthly record for Power and Demand Response Credits, totaling $31.7 million in August, which surpassed the total amount of all Credits received in 2022," Les commented last year. "Based on the average Bitcoin price in August, Power and Demand Response credits received equated to approximately 1,136 Bitcoin."

4. Cipher Mining (NASDAQ: CIFR)

Incorporated: 2021

Headquarters: New York City, New York

CEO: Tyler Page

Cipher Mining (NASDAQ: CIFR) is a US-based Bitcoin mining company that was founded in 2021 and is headquartered in New York City. The company is led by CEO Tyler Page and aims to become a leader in low-cost, large-scale Bitcoin mining operations in the United States