Bitcoin Mining Industry Report
May 2023
A comparative analysis of the 12 largest publicly listed crypto-mining companies.
Institutional Investors
Primary Target Audience
44
Pages
12
Mining Companies
Current data
as of May 2023
Key Takeways
- This report provides a strategic, operational, and financial comparison of 12 leading Bitcoin mining companies based on Q4 2022 financial data and operational data from April 2023.
- While Bitcoin mining companies are usually trying to HODL most of their mined Bitcoin long-term, all of the companies in this report had to sell parts of their holdings in recent months. These decisions were taken to counter liquidity issues, driven by higher electricity prices, higher interest rates and lower collateral values of their Bitcoin and mining rigs.
- Total network growth is consistently outperformed by large Bitcoin mining institutions, signaling a centralization of hash rate and therefore network control. Since Q3 2022, mining companies in this report were able to increase their hash rate by 49 %.
- In late-December, Core Scientific, the largest publicly-listed Bitcoin mining company in terms of hash rate, had to file for Chapter 11 bankruptcy. However, the company is still mining Bitcoin to this date with the goal of paying back to their creditors.
Author
Contact
Headquarters
Crypto Oxygen GmbH
Weißenburger Str. 25
81667 Munich
Germany