Having a clear picture on miners’ mining capacity is crucial for analyzing their operational efficiency and future growth potential.
However, mining operations updates vary significantly in terms of how companies disclose their information. Some miners report their total mining capacity, total hash rate under management, installed hash rate, operating hash rate, energized hash rate, or self-mining hash rate.
To make sense of this, I categorized the data as follows:
Operating Hash Rate = Energized Hash Rate
Mining Capacity = Total Hash Rate Under Management = Installed Hash Rate
When calculating percentage changes over time, I focused on the installed hash rate, as this metric is most indicative of a miner's capacity. Analysts are generally more interested in this because it reflects the miner's potential, even if not fully utilized due to factors like energy curtailment programs, fleet upgrades, or extreme weather conditions. However, miners have the capability to ramp up operations when conditions permit.
Iris Energy (IREN) and DMG Blockchain Solutions (DMGI) are exceptions; I used their operating hash rate for calculations, as only this data is available.
Key Metrics:
- Installed Hash Rate: Indicates the miner's mining capacity.
- Operating Hash Rate and Bitcoin Production: Provide insights into operational efficiency, such as BTC produced per EH/s. For Core Scientific, Bitdeer, and Hut 8 (highlighted in blue), the operating hash rate reflects their self-mining operations, along with the associated Bitcoin production.
Observations:
- Detailed Disclosures: Miners with larger market caps tend to provide more detailed operational data. Conversely, it's challenging to obtain comprehensive data on miners listed outside the US, though some basic (possibly outdated) information is available.
- Year-over-Year Growth: Miners who disclose their mining capacity show significant YOY growth, averaging 60.77%. Leading this growth are:
- CleanSpark: 204.48%
- Bitfarms: 115.09%
- Riot: 105.61%
Public miners are actively involved in financing and M&A activities, indicating potential for further growth.
