Author: Nancy, PANews

Heavy investment in chip developers to develop new products, spending huge sums to purchase mining machines/mining farms to expand computing power, renting out data centers to increase sources of income, diversifying and transforming business by exploring AI, selling a large number of company shares or bitcoins to raise funds, massively increasing shareholdings to "swallow up" competitors… Following the halving event, a series of news is presenting the true colors of mining companies under the test of survival.

In fact, since entering 2024, the movements of listed mining companies have become the focus of attention for investors. Especially recently, former U.S. President Donald Trump has openly supported Bitcoin mining activities, which has driven the market's bullish sentiment towards mining companies. According to CompaniesMarketCap data, as of June 18, the total market value of 21 listed mining companies in the United States has risen to $28.8 billion.

As mining companies face increasingly brutal reshuffling and integration, future market share will concentrate on mining companies with more robust capital, and many institutions have given investment advice for mining companies. For example, Bernstein recommends investors to buy stocks of outstanding performing crypto mining companies; 10x Research recently stated that stocks of crypto mining companies may further rise, and recommended investment under the potential bullish trend of Bitcoin.

This article from PANews takes stock of the top 10 market value mining companies listed in the United States. From the market trends, these mining companies have collectively mined over 21,000 bitcoins this year, and with the substantial compression of profit space after the halving of Bitcoin, these companies have come up with countermeasures. The expansion of computing power, business transformation, and the struggle for mergers and acquisitions among mining companies have already begun; in terms of stock performance, the top ten listed mining companies have an average highest increase of about 88.3% this year, with a total market value exceeding $24.6 billion, accounting for over 91.6% of the overall market size (the following data is as of June 17).

Marathon Digital Holdings (MARA) Market Value: $5.5 Billion

Marathon Digital Holdings is the largest publicly traded Bitcoin mining company. According to Bitcointreasuries.net, Marathon holds over 17,000 bitcoins. In 2023, Marathon mined 12,850 bitcoins, generating over $380 million in revenue. So far this year, Marathon has mined 4,277 bitcoins.

In the past few months, Marathon has been continuously optimizing its mining machine products and expanding its computing power. The company plans to increase its computing power to 50 EH/s by the end of 2024, doubling from the beginning of the year. For example, Marathon Digital acquired Applied Digital's bitcoin mining data center for $87.3 million, collaborated with NiceHash to launch custom firmware for Bitcoin ASIC mining machines optimized for the NiceHash mining platform, and introduced mining products MARAFW firmware and MARA UCB 2100 control board to improve the efficiency and performance of Bitcoin mining machines. In addition, Marathon has diversified its business, including launching Bitcoin sidechains and related development platform Anduro, and signing an agreement with Kenya to invest over $80 million to develop the energy infrastructure of the African country.

According to CompaniesMarketCap data, Marathon's market value has reached $5.5 billion, ranking 2473rd globally, a more than 14.1-fold increase from 2022. Google Finance shows that since the beginning of this year, MARA has risen by as much as 35.3%.

CleanSpark (CLSK) Market Value: $4.03 Billion

CleanSpark's market size is second only to Marathon. In the first quarter of this year, CleanSpark's net profit exceeded $126.7 million, a 163% year-on-year increase. According to Bitcointreasuries.net, CleanSpark holds 6,154 bitcoins. From 2024 to date, CleanSpark has mined 3,746 bitcoins.

In the past few months, CleanSpark has been increasing production and expanding its computing power, including plans to purchase 160,000 Bitmain S21 mining machines, with the initial order value of 60,000 machines at $193.2 million, and spending over $23 million to acquire four bitcoin mining facilities. In addition, CleanSpark also plans to launch an internal Bitcoin trading platform this year to maximize the return on its holdings of cryptocurrencies.

According to CompaniesMarketCap data, CleanSpark's market value is approximately $4.03 billion, nearly double from 2023. Google Finance shows that since the beginning of this year, CLSK has risen by as much as 103.1%, causing short sellers to lose over $100 million.

Riot Blockchain (RIOT) Market Value: $3.04 Billion

Riot Blockchain was one of the most financed mining companies in the first quarter of 2024, with a net profit of over $210 million, setting a new quarterly performance record. According to Bitcointreasuries.net, Riot currently holds 9,084 bitcoins. Riot mined 6,626 bitcoins throughout last year, setting a new record of $281 million in total revenue. So far this year, Riot has mined 1,954 bitcoins.

Riot is expanding its market share. On one hand, Riot raised $559 million through stock issuance, used for the large-scale purchase of WhatsMiner mining machines from MicroBT, and spent $97.4 million to purchase 31,500 Shenma mining machines. On the other hand, Riot plans to acquire competitor Bitfarms for $950 million in stock value, but was rejected by the latter and attempted to reject the acquisition through a "poison pill" strategy. Subsequently, Riot began to significantly increase its holdings of the latter's stock, with the current shareholding increasing to 14%. Riot is also considered by Bernstein to be the most suitable mining company for industry consolidation, with over $1.3 billion in cash and bitcoins on its balance sheet.

According to CompaniesMarketCap data, Riot's current market value is $3.04 billion, with no significant change from last year. Google Finance shows that since the beginning of this year, RIOT has risen by as much as 14.5%.

Phoenix Group (PHX.AE) Market Value: $2.96 Billion

Phoenix Group completed a $371 million IPO on the Abu Dhabi Securities Exchange at the end of last year, attracting $12 billion in funds, oversubscribed 33 times. Reports indicate that International Holding Co., the largest corporate group in Abu Dhabi controlled by important members of the UAE royal family, purchased 10% of its shares.

According to Phoenix Group's financial report for the first quarter of this year, its total assets surged 237% year-on-year, from $261 million to $879.3 million; net profit reached $66.2 million, a 166% year-on-year increase. Phoenix Group is also continuously expanding its mining machine scale, announcing at the beginning of the year the purchase of $187 million worth of bitcoin mining machines from Bitmain.

According to CompaniesMarketCap data, Phoenix Group's current market value is $2.96 billion. Google Finance shows that since the beginning of this year, PHX.AE has risen by as much as 4.6%.

Iris Energy (IREN) Market Value: $1.93 Billion

Iris Energy, referred to by JPMorgan as an early entrant into high-performance computing, has the right to develop over 2 GW of power. Currently, Iris Energy holds over $320 million on its balance sheet and disclosed that the company has mined 1,592 bitcoins this year. According to Iris Energy's latest financial report for the third quarter of the 2024 fiscal year, its bitcoin mining revenue reached $53.4 million, with a profit of $8.6 million for the quarter. Iris Energy plans to increase its computing power to 30 EH/s this year through revising and signing new agreements with Bitmain, as well as additional construction of 50MW data center capacity in the Childress area.

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CompaniesMarketCap data shows that Iris Energy has a market value of $1.93 billion, which is about 4.1 times higher than last year. Google Finance shows that since the beginning of this year, IREN has had a maximum increase of 232.1%.

Core Scientific (CORZ) Market Value: $1.83 Billion

Core Scientific is one of the largest Bitcoin mining companies in the United States and had previously filed for Chapter 11 bankruptcy protection. In January of this year, Core Scientific's restructuring plan was approved by the U.S. Bankruptcy Court and the company relisted on Nasdaq. The company also began to expand into the AI field, including signing a multi-year contract with AI supercomputing company CoreWeave to provide up to 16MW of data center infrastructure to support AI and HPC workloads, with potential revenue exceeding $100 million. Core Scientific also announced a 12-year contract with CoreWeave, expected to generate an average annual revenue of about $290 million, with total revenue exceeding $3.5 billion over the 12-year period. Additionally, Core Scientific rejected a proposal from CoreWeave to acquire the mining company for approximately $1 billion.

According to Core Scientific's financial performance data for the first quarter of the 2024 fiscal year, the company generated net revenue of $210.7 million. So far this year, Core Scientific has produced 4,076 bitcoins. Despite facing bankruptcy issues last year, Core Scientific still mined 19,274 bitcoins.

CompaniesMarketCap data shows that Core Scientific's market value has reached $1.83 billion, a 70.3-fold increase from 2023. Google Finance shows that since the beginning of this year, CORZ has risen by over 3 times.

Cipher Mining (CIFR) Market Value: $1.53 Billion

Cipher Mining, formerly a subsidiary of Bitfury, announced a share distribution plan in January of this year, intending to reduce its ownership from 75% to less than 20%. Before the Bitcoin halving, Cipher Mining purchased 16,700 new mining machines and planned to deliver them in the second quarter, increasing the company's total self-mining capacity to 8.4 EH/s.

Cipher Mining reported net revenue of $40 million in the first quarter of 2024. So far this year, Cipher Mining has produced 1,483 bitcoins. According to Cipher Mining's latest plan, the company will undergo a significant upgrade of its mining equipment to increase its hash rate to 13.5 EH/s by the end of 2024, with a mining machine efficiency of 18.6 J/TH.

CompaniesMarketCap data shows that Cipher Mining has a market value of $1.53 billion, an increase of 44.3% from last year. Google Finance shows that since the beginning of this year, CIFR has had a maximum increase of about 29.1%.

Bitdeer Technologies Group (BTDR) Market Value: $1.38 Billion

Bitdeer announced unaudited financial performance and operational updates for the first quarter of 2024, with total revenue of $119.5 million, a 64.6% year-on-year increase, and a net profit of $600,000, compared to a net loss of $9.5 million in the first quarter of 2023. The revenue growth was mainly due to the increase in self-mining computing power and bitcoin production, leading to an increase in the company's self-mining business revenue. As of March 31, 2024, the company's cash and cash equivalents amounted to $118.5 million. Bitdeer has produced 1,360 bitcoins so far this year.

Bitdeer has increased its research and development efforts for mining machines this year. For example, in March, Bitdeer announced that the energy efficiency ratio of the designed Bitcoin mining chip SEAL01 can reach 18.1 J/TH, reducing operating costs and reducing miners' environmental footprint. This month, Bitdeer announced plans to acquire ASIC chip design company Desiweminer for $140 million in an all-stock transaction to enhance its hardware development capabilities. Bitdeer also announced the technical roadmap for the SEALMINER Bitcoin mining machine, aiming to improve mining transparency. The first batch of SEAL01 chips is scheduled for mass production and delivery in the third quarter of 2024, and the second generation SEALMINER mining machine is expected to begin mass production and delivery in the fourth quarter. The third generation SEAL03 and fourth generation SEALMINER mining machines are expected to start delivery in 2025. Bitmain has also launched two new mining machines, the Antminer S21XP and S21XP Hydro, among others.

At the end of May, Bitdeer announced the completion of a $150 million private placement, which will be used to fund the expansion of its data centers, ASIC-based mining machine development, as well as for operating funds and other general corporate purposes. According to Tether Holdings Limited, it has disclosed that it holds a 25% stake in Bitdeer, making it the second largest shareholder of the Bitcoin mining company.

CompaniesMarketCap data shows that Bitdeer has a market value of $1.38 billion, an increase of over 26.6% from last year. Google Finance shows that since the beginning of this year, BTDR has had a maximum increase of about 12%.

TeraWulf (WULF) Market Value: $1.3 Billion

According to TeraWulf's latest announcement, as of May 31, 2024, the company's operational infrastructure capacity includes 160MW for the Lake Mariner facility and 50MW for the Nautilus facility, with the company's total self-mining hash rate at approximately 8.0 EH/s, an 82% year-on-year increase. TeraWulf is also constructing a data center with a capacity of 30MW, and it is expected that the total mining capacity in the second half of this year will exceed 10.0 EH/s. Additionally, TeraWulf is advancing a 2.0 MW AI pilot at Lake Mariner, aiming to adapt to next-generation GPU technology.

TeraWulf has produced 1,590 bitcoins so far this year. CompaniesMarketCap data shows that TeraWulf has a market value of $1.3 billion, an increase of nearly 2.4 times from last year. Google Finance shows that since the beginning of this year, WULF has had a maximum increase of 123.3%.

Bitfarms (BITF) Market Value: $1.18 Billion

Bitfarms, the target of Riot's planned acquisition, is currently taking "poison pill" measures to prevent the company from being subject to unsolicited acquisitions and attempting to reduce its attractiveness.

According to Bitfarms' financial performance for the first quarter of 2024, as of March 31, the company's computing power reached 7.0 EH/s, producing an average of 10.4 bitcoins per day, with total financial revenue reaching $50 million, a 9% increase from the fourth quarter of 2023. So far this year, Bitfarms has mined 1,368 bitcoins. The company is also expanding its computing power and upgrading its mining equipment, including investing nearly $240 million to upgrade its Bitcoin mining equipment to triple its computing power to 21 EH/s to maintain profitability after the Bitcoin halving in 2024.

CompaniesMarketCap data shows that Bitfarms has a market value of $1.18 billion, an increase of 26.8% from last year. Google Finance shows that since the beginning of this year, BITF has had a maximum increase of 28.9%.

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