As the unit price of Bitcoin continues to break new historical highs, the activity of the cryptocurrency market has begun to rise, and the market value of listed companies related to global cryptocurrencies is also rising. At present, there are more than 20 companies related to cryptocurrency mining in the world’s listed companies. The top cryptocurrency mining companies by market capitalization are as follows:
1.Bitfarms Ltd.
Bitfarms is a Canadian mining company. The company operates five mines in Quebec, Canada, all of which use renewable energy, with an average electricity cost of kWh/4 cents. Bitfarms raised a round of funding from Dominion Capital in 2019. The company has a dedicated ASIC monitoring and management platform. The company was established on October 11, 2018, and was listed on the TSXV (TSXV) in 2019. The current market value is approximately $160 million.
2.Ebang
Yibang International was established in January 2010. The main business is divided into two categories: telecom services and ASIC mining machine sales. Yibang’s first mining business was to manufacture equipment for Canaan Technology. It is rumored that Ebon has cooperated with TSMC and Samsung to develop chips. Yibang also has a custody business, which accounted for 15% of revenue last year. Yibang went public in June 2020, and its current market value is more than US$400 million.
3.Hut 8 Mining
Hut 8 is a Bitcoin mining company in Canada. It signed an exclusive equipment cooperation agreement with Bitfury in Canada, but allowed it to purchase mining machines from other manufacturers after renegotiating in 2020. Hut 8 has mining machine models such as BlockBoxes and Shenma mining machine, and has an operating capacity of 107 MW. The company has worked with Genesis Global Capital for debt financing. Hut 8 uses an intelligent response system, which can shut down inefficient miners 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 more than 400 million US dollars.
4.Canaan, Inc.
Canaan (CAN) Technology is a well-known Bitcoin ASIC mining machine manufacturer in China, and it has a well-known brand Avalon mining machine. Founded in 2013, Canaan Technology first developed FPGA products based on the SHA-256 algorithm, and later released the Avalon ASIC mining machine. Canaan has worked with SMIC, Samsung and TSMC, and now has a branch specializing in AI. Canaan was listed on the New York Stock Exchange in November 2019. The current market value of Canaan is approximately US$590 million.
5.Marathon Patent Group Co.,Ltd
Marathon Patent is a professional cryptocurrency mining company, focusing on the blockchain ecosystem and digital assets. It operates a mine 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. It used to mine Bitcoin Cash and Litecoin, but now it puts all the computing power on Bitcoin mining. In 2020, Riot announced a partnership with North American hosting company Coinmint. In 2018, the company began to transform by acquiring a mine in Oklahoma City and 7,500 Antminer S9s. Founded on July 24, 2000, Riot Blockchain is headquartered in Fort Rock, Colorado, and its current market value is approximately US$820 million.
7.HIVE Blockchain
HIVE Blockchain is one of the world’s leading mining companies, and its Bitcoin mines are located in Canada, Sweden and Iceland. In addition to Bitcoin, the company also mines Ethereum and ETC. HIVE Blockchain was opened for trading on the TSX Venture Exchange in September 2017. The current market value is about 1 billion US dollars.
8.Northern Data AG
Northern Data merged with the US mining farm Whinstone in 2019. The company is engaged in Bitcoin mining and custody and high performance computing (HPC). It is worth noting that Northern Data provides hosting services for Japanese conglomerates SBI and GMO. At the end of 2019, the company changed its name from Northern Bitcoin to Northern Data. Northern Bitcoin was publicly issued in Germany in April 2015. The company’s market value is currently more than $1 billion.
As the two largest manufacturers of Bitcoin ASIC mining machines in the world, Bitmain and Weibit are regarded as the two most competitive companies among cryptocurrency mining companies. The industry generally believes that if these two mining companies become listed companies, they will surely occupy the top ten positions in the world’s mining listed companies by market value. At present, Weibit has not yet announced a listing plan, and Bitmain will continue its listing journey after the internal dispute is resolved. It is reported that the co-founder of Bitmain promised to complete the compliant listing of U.S. stocks before December 31, 2022, with a valuation of not less than 5.5 billion US dollars.
