Nearly 20% of Bitcoin’s hashrate now belongs to publicly-listed miners

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—by Protos Staff
The share of Bitcoin’s hashrate owned by publicly listed mining companies has surged 16% since early last year, according to new research.
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The share of Bitcoin’s hashrate owned by publicly listed mining companies has surged 16% since early last year, according to new research.

A report from Arcane Research shows that their share jumped from just 3% in January 2021 to 19% by April 2022. The number of publicly listed mining firms now stands at 26.

More miners are opting to go public, due in part to the increased access to capital it affords. This, in turn, allows them to bolster their operations much more quickly than their privately-owned competitors.

Some mining outfits, like Marathon Digital Holdings, are also selling stock to raise funds for expansion — rather than sell their Bitcoin.

North American miners winning the hashrate race

According to Arcane’s research, publicly-listed miners in North America are continuing to grow their Bitcoin hashrate capacity at a rate that outstrips the wider market.

Arcane reports that the three largest public mining stocks, Core Scientific, Riot, and Marathon, boast a hashrate of 8.2 EH/s, 3.9 EH/s, and 3.8 EH/s respectively.

The network’s total hashrate currently stands at 215.45 EH/s, meaning that these three companies alone make up 7.4%.

Bitcoin mining stocks generally track the price of Bitcoin.

Read more: [Bitcoin mining CEO predicts energy companies will dominate crypto]

The network’s total hashrate is estimated by Arcane to reach 300 EH/s by the end of the year. This translates to a more than 70% increase.

However, this pales in comparison to the likes of Marathon. The company plans to increase its hashrate by 500% to 23.3 EH/s in the same period.

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H/T: [Cointelegraph]