This report provides a strategic, operational, and financial comparison of 12 leading public Bitcoin mining companies based on Q1 2023 financial data and operational data from April 2023.

Most Bitcoin mining companies try to hold their mined Bitcoins long-term. To counter liquidity issues and pay for short-term liabilities, most miners had to deviate from this strategy, but are slowly starting to accumulate BTC again.

While publicly-listed mining companies usually own their data center infrastructure, Bit Digital, and Marathon, and Argo rely on being hosted. This increases flexibility at the cost of higher OpEx. Two out of the twelve companies own and operate power plants.

With all companies having a positive gross profit* margin, the average value was +34% (excluding depreciation).