It should be noted that there are plenty of public companies mining Bitcoin today. Many of them are located in North America, and this region accounted for almost 45 percent of the first cryptocurrency’s network hash rate in mid-March 2022.

Most importantly, these companies have an important advantage over other market players. In general, it’s about the ability to hold a cryptocurrency for an extended period of time. In other words, they mine BTC and walk the resulting coins, waiting for the asset to grow significantly.

ASIC miner for Bitcoin mining

Moreover, the publicity of such companies helps them to stick to the strategy. That is, the giants do not need to sell their bitcoins to cover operating costs such as equipment maintenance and electricity bills, as regular “home” miners do. Instead, they can raise capital through the exchange and in addition not touch their own BTC. Read more about this peculiarity of behavior of public mining companies in a separate article.

It is now clear that such giants are accumulating not only digital assets, but also hardware itself. As a result, their presence in the BTC mining niche is becoming more and more visible.

Who mines Bitcoin?

Hash rate percentages and company revenues are just a few ways to distinguish the success of market players from each other. However, they don’t give a complete picture, as some companies have revenue models separate from their core crypto mining activities. Overall, the report looks at such key statistics and offers a more detailed comparison, covering each company’s strategic, operational and financial performance.

According to Cointelegraph’s sources, the experts compare each company’s performance in terms of current hash rate per dollar invested. This makes it easier to understand which company offers more investment value to investors. First place in this category went to Stronghold Digital Mining with 46.56 gigahes per second per dollar invested in the business.

Hash rate of publicly traded mining companies per dollar invested

In addition, the report also provides a brief overview of each company’s operations, including key performance indicators (KPIs), business model, location of data centres, the amount of BTC mined and other relevant information.

In particular, large players like Marathon have an inefficient structure, in addition to relying entirely on hosting from external providers, while others – like Stronghold – own assets along the entire value chain, including power supply.

Rather than relying solely on financial statements and public statements, Crypto Oxygen additionally conducted a survey to include direct feedback from representatives of the analyzed companies in its research.

Bitcoin’s hash rate

One of the main concerns about mining in general remains its environmental, social and emission standards. Despite differences in how they approach their business models, the companies featured in the report seem to focus on limiting the carbon footprint of their operations. This gives hope of improving their position in the eyes of investors, for whom concern for the environment remains an important investment principle.


Note that the trend towards renewables is indeed strong. According to recent data from the Bitcoin Mining Council, 58.4 per cent of all miners on the Bitcoin network are powered by renewable energy sources. As such, they expect BTC to return as a payment instrument for Tesla cars, as it was the lack of sustainability in Bitcoin mining that led to criticism of the cryptocurrency from Ilon Musk in the spring of 2021. Read more about the story in a separate piece.


Selling Tesla for bitcoins

Overall, Bitcoin’s network hash rate has remained high, even despite the current market crash. Today, the figure stands at 205 hashes per second. At the same time, its record of 269 hashes per second was recorded relatively recently, on May 2, 2022. Here is the hash rate graph for the last six months.

Bitcoin network hash rate graph


We believe that the cryptocurrency mining niche will remain attractive to investors even in the current market conditions. Especially mining will be good for those investors who can afford to accumulate assets for the long term, as quality crypto projects show excellent returns over the long term. If anything, you can connect to alts mining - and that includes a single video card - at the 2Miners pool. Inside are the necessary software, settings and a description of how to prepare for coin mining.