Publicly Traded Bitcoin Mining Firms Account for 25% of Total Bitcoin Hash Rate: Up from 10% a Year Ago

This chart shows how the public miners’ hashrate share has steadily grown during the last year. The public hashrate first surged in January 2022 when Core Scientific, the world’s biggest bitcoin mining company by hashrate, went public. This number has since gradually increased, now sitting at 25%.Core Scientific’s 13 EH/s make up almost 5% of the total Bitcoin hashrate. This massive share makes it the by far biggest public miner and most likely also the largest private miner. The company is far from done expanding, planning to add 4 EH/s before the end of the year, bringing its total capacity to 17 EH/s.The driving force for the public miners’ rapid capacity increases is that they could access cheap capital during the bull market of 2021, which soon became funneled into massive mining rig purchases. The private miners couldn’t access that capital and were thus unable to fund these expansions. In hindsight, the private miners proved to be the lucky ones, as the public miners’ mining purchases have gone far underwater as the market turned sour.

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