The Daily Dive #145 - Public Miners January Update

Public Miner Holdings And Hash Rate

January was yet another positive “up and to the right” type of month for the top publicly-traded miners across their bitcoin holdings and their hash rate. This group of eight miners now hold 36,159 bitcoin, up 12.35% from December 2021. In the charts below, we collect reported figures from company financials, monthly production updates, investor presentations, and press releases when available. 

Like bitcoin holdings, hash rate capacity continues to grow across all miners. The largest month-over-month change in hash rate came from Core Scientific increasing to 7.5 EH/s from 6.6 EH/s in December. Current hash rate is 2.84x from the 2.64 EH/s they had in October 2021. They now lead public bitcoin miners in hash rate capacity. 

That hash rate comprises a 75,000-machine fleet of top-tier ASICs that produced over 1,000 bitcoin for the month. In 2022, Core Scientific has approximately 90,000 more machines under contract for delivery. 

Trading under the ticker, $CORZ, Core Scientific went public last month on the Nasdaq. It currently has a market capitalization of $3.6 billion which makes it the largest public miner on the market. Marathon’s market capitalization is currently $2.84 billion. As most mining stocks are, Core Scientific is highly correlated with bitcoin with a 14-day rolling correlation coefficient of 0.74.  

Marathon Digital Holdings now has 32,710 machines running, with another 60,290 machines delivered from Bitmain, waiting to be deployed. With construction of new facilities underway, Marathon still projects 13.3 EH/s by mid-2022. By 2023, their aim is to have 23.3 EH/s across 199,000 machines. 

With Marathon deploying 13.3 EH/s by midyear, Riot is aiming to be right behind them projecting 12.8 EH/s online by end of the year. That would be across approximately 120,000 machines and 276% growth from their 3.4 EH/s hash rate today. 

Bitfarms is projecting 8 EH/s by the end of the year as well, up from 2.3 EH/s. Most top public bitcoin miners are investing in and planning for 2022 as a year of scaling out operations on a massive scale. 

As a result of all of this recent expansion over the last month, the mean hash rate of the network is up 8.78% since the start of the year. Over the last 30 days, mean hash rate growth is back to accelerating at 8.42%.