Who are the world’s leading mining companies?

Original title: "What are the top ten cryptocurrency mining companies in the world by market value?"

Original source: Juan Technology

As the price of Bitcoin continues to break through historical highs, the activity of the cryptocurrency market has begun to rise, and the market value of global cryptocurrency-related listed companies has also increased. Currently, there are more than 20 companies related to cryptocurrency mining among global listed companies. The top cryptocurrency mining companies by market value are as follows:

1. Bitfarms Ltd.

Bitfarms is a Canadian mining company. The company operates five mining farms in Quebec, Canada, all powered by renewable energy, with an average electricity cost of 4 cents per kWh. Bitfarms raised a round of funding from Dominion Capital in 2019. The company has a dedicated ASIC monitoring and management platform. The company was founded on October 11, 2018 and listed on the Toronto Stock Exchange Venture Exchange (TSXV) in 2019. The current market value is approximately US$160 million.

2. Ebang

Ebang International was founded in January 2010. Its main businesses are divided into two categories: telecommunications services and ASIC mining machine sales. Ebang's first mining business was to manufacture equipment for Canaan Technology. It is rumored that Ebang has cooperated with TSMC and Samsung to develop chips. Ebang also has a hosting business, which accounted for 15% of its revenue last year. Ebang went public in June 2020 and its current market value is about more than 400 million US dollars.

3. Hut 8 Mining

Hut 8 is a Canadian bitcoin mining company that had an exclusive equipment cooperation agreement with Bitfury in Canada, but renegotiated in 2020 to allow it to purchase mining machines from other manufacturers. Hut 8 has mining machine models such as BlockBoxes and Shenma mining machines, with an operating capacity of 107 megawatts. The company has worked with Genesis Global Capital for debt financing. Hut 8 uses an intelligent response system that can shut down inefficient mining machines when mining profitability is low. In January 2018, the company was listed on the Toronto Stock Exchange through a reverse merger. The current market value is about more than 400 million US dollars.

4. Canaan, Inc.

Canaan Technology is a well-known domestic Bitcoin ASIC mining machine manufacturer, with the well-known brand Avalon mining machine. Canaan Technology was founded in 2013 and first developed FPGA products based on the SHA-256 algorithm, and later released the Avalon ASIC mining machine. Canaan has cooperated with SMIC, Samsung and TSMC, and now has a branch dedicated to AI research. Canaan was listed on the New York Stock Exchange in November 2019. Canaan's current market value is approximately US$590 million.

5. Marathon Patent Group Co., Ltd

Marathon Patent is a professional cryptocurrency mining company that focuses on the blockchain ecosystem and digital assets. It operates a mining farm in Quebec, Canada. The company was founded in February 2010 and Marathon Patent is headquartered in Las Vegas, Nevada. The current market value of the listed mining company is approximately US$760 million.

6. Riot Blockchain

Riot Blockchain is a Bitcoin mining company that previously mined Bitcoin Cash and Litecoin, but now puts all its computing power into Bitcoin mining. In 2020, Riot announced a partnership with Coinmint, a North American hosting company. In 2018, the company began to transform by acquiring a mining farm and 7,500 Antminer S9s in Oklahoma City, USA. Founded on July 24, 2000, Riot Blockchain is headquartered in Castle Rock, Colorado, and currently has a market value of approximately $820 million.

7. HIVE Blockchain

HIVE Blockchain is one of the world's leading mining companies, with Bitcoin mines located in Canada, Sweden, Iceland, etc. In addition to Bitcoin, the company also mines Ethereum and ETC. HIVE Blockchain started trading on the TSX Venture Exchange in September 2017. Its current market value is about US$1 billion.

8. Northern Data AG

Northern Data merged with the American mining farm Whinstone in 2019. The company is engaged in Bitcoin mining and hosting as well as high-performance computing (HPC). It is worth noting that Northern Data provides hosting services to Japanese conglomerates SBI and GMO. In late 2019, the company changed its name from Northern Bitcoin to Northern Data. Northern Bitcoin was publicly listed in Germany in April 2015. The company's current market value is about more than $1 billion.

As the two largest Bitcoin ASIC mining machine manufacturers in the world, Bitmain and Microbit are regarded as the two most competitive companies in the cryptocurrency mining industry. The industry generally believes that if these two mining companies become listed companies, they will occupy two of the top ten positions in the market value of listed mining companies in the world. Microbit has not yet announced its listing plan, and Bitmain will continue its listing journey after resolving its internal disputes. It is reported that the co-founder of Bitmain has promised to complete the compliance listing of the US stock market before December 31, 2022, with a valuation of no less than US$5.5 billion.