CoinGecko ranks miners by bitcoin holdings

Marathon Digital took first place in the CoinGecko list among mining companies by the volume of mined assets. It holds 13,726 BTC.

This amount accounts for about 35% of all bitcoins under management by mining firms. Marathon’s fleet includes more than 150,000 mining rigs with a total hashrate of 23.1 EH/s — 4.8% of the network’s total capacity.

The company also ranked among the leaders by market capitalization, at $1.64 billion. Over the last 12 months Marathon earned $17 million in revenue, up 47.8% from the previous period.

Riot Platforms became the most valuable company with a market cap of $1.94 billion, holding 7,309 BTC. The miner reported annual revenue of $250 million.

Analysts noted that the 14 largest bitcoin mining firms together own 38,903 BTC — only 0.18% of the maximum bitcoin supply of 21 million coins. The figure is also well below запасов MicroStrategy в 158 400 BTC.

The highest annual revenue went to Canaan, at $270 million. Its figure was 93% higher than CleanSpark and 226% higher than Hive Digital Technologies.

Notably, over the past 12 months CleanSpark mined a total of 5,327 BTC. This suggests active use of coins for operating purposes relative to holdings. In the same period Hive Digital Technologies mined 1,889 BTC, but holds a larger stock of bitcoins.

The smallest holdings are with Argo Blockchain and Core Scientific — 32 and 10 BTC respectively. The latter was once the largest public miner, but in December 2022 filed for bankruptcy.

Among smaller mining firms, CoinGecko highlighted Bit Digital, which owns 821 BTC. The company stands out for running a fleet of 44,886 devices, of which 99% run on carbon-free energy sources.

In ranking the firms, researchers used publicly available documents for the SEC, financial statements and recent press releases. Due to a lack of public data, the study excluded several major players such as Bitdeer Technologies Group, TeraWulf, BIGG Digital Assets, BitNile Holdings and Iris Energy.

Analysts at JPMorgan described the upcoming халвинг in the Bitcoin network as a решающим испытанием for miners, given the lower block rewards and rising costs.

At the end of October, mining difficulty for bitcoin rose to an all-time high after another recalculation of 62.4 T.