19 June 2024

Eight Bitcoin miners cross $1 billion market cap

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Marathon Digital, Cleanspark, and Riot dominate billion-dollar Bitcoin miner ranks.

Quick Take

Recent data from Farside reveals that 8 out of the top 30 publicly traded Bitcoin miners have achieved market capitalizations exceeding $1 billion.

Marathon Digital Holdings leads the pack with a market cap of $5.5 billion, followed by Cleanspark at $3.6 billion and Riot at $2.9 billion. Other notable miners include IREN and Core Scientific, each valued at $1.5 billion, Northern Data at $1.4 billion, Cipher Mining at $1.3 billion, and Terawulf at $1 billion. Bitfarms, Hut 8, and Bitdeer Technologies are also approaching the $1 billion mark. Collectively, the total market cap of these 30 miners stands at $23 billion.

Bitcoin Miners Market Cap: (Source: Farside)
Table showing the market capitalization of publicly-traded Bitcoin mining companies (Source: Farside)

The Bitcoin Miners ETF, WGMI, has risen 9% this year, a significant recovery from its earlier 26% year-to-date decline. WGMI’s performance diverged from MicroStrategy (MSTR) in late February — MSTR has surged 134% YTD, while Bitcoin itself has increased by over 53%. In comparison, MSTR boasts a market cap of slightly over $28.

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