Who Are the Biggest Public Bitcoin Miners in 2025?

Publicly traded Bitcoin mining firms play a crucial role in validating transactions on the Bitcoin blockchain and securing the network, while also profiting from the Bitcoin rewards generated through mining. 

This article examines the largest public Bitcoin mining companies, including Marathon Digital Holdings (MARA), Riot Platforms (RIOT), Core Scientific (CORZ), CleanSpark (CLSK), Hut 8 Mining (HUT), Bitfarms (BITF), Iris Energy (IREN), Terrawulf, Bitdeer Technologies, and Cipher Mining (CIFR). 

Each of these companies has carved out a significant position in the industry, leveraging their resources, technological advancements, and strategic operations to mine Bitcoin profitably.

Top 10 Public Miners

Mara Holdings (MARA)

Hashrate: 54.3 EH/S

Bitcoin Stash: 47,600 BTC

Mara Holdings is one of the most prominent publicly traded Bitcoin mining companies, based in Las Vegas, Nevada. Founded in 2010, the company initially focused on patent licensing before shifting to Bitcoin mining in 2020. This pivot has allowed MARA to rapidly expand its operations and become one of the largest Bitcoin holders among public companies.

Mara’s strategy focuses on efficiency and scale, deploying thousands of Bitmain mining machines and establishing some of the largest mining farms in North America. The company has secured hosting agreements to sustain its rapid growth and is expanding globally with joint ventures in the UAE, Kenya, and Paraguay to access cheaper energy sources.

In addition to its core operations, Marathon has introduced proprietary technologies to enhance its mining efficiency. The company unveiled the MARA 2PIC700, a two-phase immersion cooling system designed to optimize data center operations. This system enables ASIC miners to be overclocked by 60-100% and can reduce cooling costs by up to 60%, even under extreme conditions. This innovation is part of Marathon's broader strategy to vertically integrate its technology stack and diversify its operations.

Mara is also exploring projects that utilize wasted energy from flare gas and landfill gas to power its mining operations. Additionally, the company is considering heat generation from miners to subsidize operations by selling waste heat, further enhancing cost-efficiency and sustainability.

Furthermore, Mara has expanded into altcoin mining to diversify its revenue streams. The company deployed its first Kaspa (KAS) ASIC miners in September 2023 and has since mined 93 million KAS, valued at approximately $9.7 million.

CleanSpark (CLSK)

Hashrate: 42.4 EH/s

Bitcoin Stash: 11,869 BTC

CleanSpark (CLSK) is a relatively unique player in the Bitcoin mining industry due to its focus on sustainability and energy solutions. Based in Nevada, CleanSpark is both a Bitcoin miner and a provider of energy solutions for microgrids and distributed energy systems. The company uses its expertise in renewable energy to power its mining operations with a strong focus on minimizing its carbon footprint.

CleanSpark’s mining operations are powered by a combination of traditional energy sources and renewable energy, including solar and wind. This commitment to sustainability not only addresses environmental concerns but also positions CleanSpark favorably in regulatory environments that are increasingly focused on the environmental impact of Bitcoin mining.

The company operates multiple mining facilities across the U.S., with plans to expand further. Its focus on energy-efficient mining and strategic acquisitions has helped CleanSpark grow rapidly in the Bitcoin mining sector.

Riot Platforms (RIOT)

Hashrate: 30.3 EH/s

Bitcoin Stash: 19,223 BTC

Riot Platforms (RIOT), formerly known as Riot Blockchain, is another significant player in the public Bitcoin mining sector. Based in Castle Rock, Colorado, Riot has established itself as one of the largest Bitcoin miners in the U.S. The company's strategy focuses on vertical integration, ensuring control over the various stages of its mining operations.

Riot’s primary mining facility, Whinstone, located in Rockdale, Texas, is one of the largest Bitcoin mining operations in North America, boasting a capacity of over 700 MW. This facility allows Riot to scale its mining operations, utilizing the latest-generation hardware for efficient Bitcoin mining.

The company has heavily invested in modern mining equipment, particularly Antminers from Bitmain, enhancing its hashrate and profitability. Riot's approach emphasizes efficiency and scale, ensuring that its cost per Bitcoin mined remains competitive even during market downturns. This strategic focus has positioned Riot as one of the top Bitcoin producers globally.

In line with its commitment to sustainability, Riot has made significant strides in exploring renewable energy solutions to mitigate the environmental impact of its operations. In March 2024, Riot invested in Reformed Energy, a waste-to-energy company specializing in plasma gasification technology. This process converts waste into synthesis gas, which can be used for sustainable power generation, aligning with Riot's strategy to integrate renewable energy sources into its Bitcoin mining operations.

Iris Energy (IREN)

Hashrate: 30.3 EH/s 

Bitcoin Stash: 0 BTC

Iris Energy (IREN) is a Bitcoin mining company with a strong focus on sustainability and renewable energy. Headquartered in Sydney, Australia, Iris Energy operates mining facilities powered entirely by renewable energy sources, including hydroelectric power. The company’s commitment to sustainability sets it apart in an industry often criticized for its environmental impact.

Iris Energy has expanded its mining operations into North America, with facilities in Canada and the U.S. The company’s focus on energy-efficient mining and sustainable practices has positioned it as a leader in the green mining movement.

In addition to Bitcoin mining, Iris Energy is exploring opportunities in other areas of blockchain technology, including decentralized computing and data storage. The company’s forward-thinking approach has made it a key player in the public Bitcoin mining space.

Core Scientific (CORZ)

Hashrate: 19.1 EH/s

Bitcoin Stash: 21.02 BTC

Core Scientific (CORZ) is a major player in both Bitcoin mining and blockchain infrastructure services, headquartered in Austin, Texas. The company operates several data centers across the U.S., focusing on high-performance computing solutions and blockchain hosting services for institutional clients.

With access to over 800 MW of power, Core Scientific has become one of the largest Bitcoin mining companies by capacity. It mines Bitcoin both for itself and for clients through its hosting services, diversifying its revenue streams and offering resilience against the volatility of Bitcoin prices. The company’s emphasis on renewable energy for its mining operations further strengthens its commitment to sustainability.

In a landmark deal, Core Scientific recently signed an agreement with CoreWeave to host AI infrastructure within its existing Bitcoin mining facilities. This partnership, worth $6.7 billion over 12 years, positions Core Scientific to diversify further by integrating AI infrastructure alongside its mining operations. This move capitalizes on the company’s large-scale, energy-efficient data centers, broadening its reach beyond Bitcoin mining and into the growing field of artificial intelligence.

Bitfarms (BITF)

Hashrate: 19.5 EH/s

Bitcoin Stash: 1,152 BTC

Bitfarms (BITF) is another prominent Canadian Bitcoin mining company. Headquartered in Toronto, Bitfarms operates several mining facilities in Quebec, taking advantage of the region's abundant and affordable hydroelectric power. This focus on renewable energy has allowed Bitfarms to position itself as a sustainable and cost-efficient Bitcoin miner.

In August 2024, Bitfarms announced a definitive agreement to acquire Stronghold Digital Mining in a stock-for-stock merger valued at approximately $125 million, with an additional $50 million in assumed debt. This acquisition is expected to add up to 307 megawatts (MW) of power capacity, potentially increasing Bitfarms' energy portfolio to over 955 MW by the end of 2025.

Beyond its Canadian operations, Bitfarms has expanded into the U.S. and South America, diversifying its geographic footprint. The company's strategy focuses on maximizing mining efficiency while maintaining low operational costs. By utilizing renewable energy sources, Bitfarms minimizes its environmental impact and remains profitable, even during periods of low Bitcoin prices.

Cipher Mining (CIFR)

Hashrate: 13.5 EH/s

Bitcoin Stash: 1,344 BTC

Cipher Mining (CIFR) is a U.S.-based Bitcoin mining company that focuses on large-scale, energy-efficient operations. The company operates mining facilities in Texas, where it benefits from low-cost energy and favorable regulatory conditions.

Cipher Mining’s strategy emphasizes scalability and efficiency, with plans to become one of the largest Bitcoin miners in the world. The company has secured partnerships with leading energy providers to ensure a reliable and cost-effective energy supply for its mining operations.

Cipher Mining’s focus on energy efficiency and large-scale operations has made it a key player in the public Bitcoin mining space.

Terrawulf (WULF)

Hashrate: 9.7 EH/s

Bitcoin Stash: 15 BTC

Terrawulf is a U.S.-based Bitcoin mining company focused on sustainable, large-scale mining operations. The company is committed to using 100% zero-carbon energy to power its mining facilities, which sets it apart as one of the most environmentally conscious Bitcoin miners.

Terrawulf operates mining facilities in New York and Pennsylvania, utilizing both nuclear and hydropower to achieve its zero-carbon goals. The company’s large-scale operations and focus on sustainability have made it a major player in the Bitcoin mining industry.

Terrawulf’s leadership team includes experienced professionals from the energy and finance sectors, which has helped the company secure favorable energy contracts and scale its operations rapidly.

Bitdeer Technologies

Hashrate: 24.2 EH/s (of which 12.1 EH/s is proprietary hash rate)

Bitcoin Stash: 1,173 BTC

Bitdeer Technologies is a global Bitcoin mining company with operations in North America, Europe, and Asia. Founded by Jihan Wu, one of the co-founders of Bitmain, Bitdeer has quickly become one of the largest Bitcoin mining companies in the world.

Bitdeer operates mining facilities in multiple countries, leveraging its global footprint to maximize efficiency and profitability. The company offers cloud mining services, allowing individuals and institutions to participate in Bitcoin mining without the need for physical hardware.

Bitdeer’s strategic partnerships and access to cutting-edge mining technology have positioned it as a leader in the public Bitcoin mining sector.

Hut 8 Mining (HUT)

Hashrate: 16.9 EH/s

Bitcoin Stash: 10,273 BTC

Hut 8 Mining (HUT) is a Bitcoin mining and digital infrastructure company headquartered in Miami, Florida, following its merger with US Bitcoin Corp. The company operates mining facilities across North America, leveraging both renewable and grid-based energy sources to optimize efficiency.

Hut 8 has significantly expanded beyond Bitcoin mining into high-performance computing (HPC) and AI infrastructure services. The company provides cloud computing, machine learning, and data center services, catering to enterprise clients in industries such as gaming, finance, and AI research. This diversification strategy allows Hut 8 to generate revenue outside of Bitcoin mining, making it more resilient to market fluctuations.

The company remains committed to its long-term “hodl” strategy, maintaining one of the largest Bitcoin reserves among public mining firms. With its growing focus on AI and digital infrastructure, Hut 8 is positioning itself as a leader in the convergence of Bitcoin mining and emerging computing technologies.

Final Thoughts

Bitcoin mining has evolved into a highly competitive and capital-intensive industry, with publicly traded companies leading the charge. Firms like Mara Holdings, Riot Platforms, CleanSpark, Core Scientific, and Iren have established themselves as dominant players, leveraging large-scale infrastructure, technological advancements, and strategic expansions to remain profitable.

As the industry faces increasing regulatory scrutiny, energy concerns, and the ongoing impact of Bitcoin halving events, these miners are adapting by embracing renewable energy, vertical integration, and diversification into high-performance computing (HPC) and artificial intelligence (AI). Companies like Core Scientific and Hut 8 are already expanding beyond Bitcoin mining, positioning themselves as key players in the broader data infrastructure market.

Looking ahead, the future of public Bitcoin mining will be shaped by energy efficiency, geopolitical shifts, and the broader adoption of Bitcoin as a global asset. The largest miners will continue to push innovation and scale, securing their place in this rapidly evolving industry.

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