(The following is a section from the 'Public Mining Companies' chapter in the 2024 Bitcoin Mining Review. This report is a collaborative effort with Digital Mining Solutions and is proudly sponsored by NiceHash ❤ )
Did you know that public Bitcoin mining companies collectively account for more than 35.26% of the Bitcoin Network’s total hash rate at the end of Dec 2024 (with the actual figure likely higher when missing data is included). This represents a significant rise from approximately 21% in 2023.
Key Drivers of Hash Rate Growth
Public miners have achieved remarkable growth through upgrading ASIC fleets, expanding data center capacity and strategic acquisitions.
Leading the pack in year-over-year hash rate growth are:
- Iris Energy (IREN): +453.57%
- CleanSpark (CLSK): +262.04%
- Riot Platforms (RIOT): +154.03%
Meanwhile, several companies have met or exceeded their annual expansion targets:
- MARA Holdings (MARA): 50 EH/s (Target); 53.2 EH/s (Actual)
- CleanSpark (CLSK): 37 EH/s (Target); 39.1 EH/s (Actual)
- Iris Energy (IREN): 31 EH/s (Target); 31 EH/s (Actual)
What’s Next for Public Miners?
While many companies continue to focus on scaling their hash rate, others are exploring ways to diversify revenue streams. Some are leveraging their infrastructure to enter high-performance computing (HPC) or artificial intelligence (AI) workloads.
By re-allocating a portion of their resources, these firms aim to:
- Hedge against Bitcoin price volatility.
- Mitigate the impact of rising mining difficulty.
- Embrace rising HPC/AI opportunities.
This shift might see some miners pivoting to HPC computing and maintain or scale back their hash rate, while others remain committed to further expanding their Bitcoin mining operations.
Visit this page to gain up-to-date insights on public miners’ hash rate growth.
Enjoy the read? You can download a full copy of 2024 Bitcoin Mining Review from here.
