The world of Bitcoin mining has evolved dramatically over the past decade, with public companies now playing a central role in securing the network. Over 20 firms focused on extracting Bitcoin (BTC) for profit are currently listed on global stock exchanges—and the majority of them call Wall Street home. These publicly traded mining giants combine cutting-edge technology, strategic energy sourcing, and large-scale operations to remain competitive in an increasingly challenging landscape.
But which company stands at the top? Let’s explore the five largest Bitcoin mining firms by market capitalization, their business models, recent developments, and how they’re navigating post-halving realities.
Who Is the Largest Bitcoin Miner on Wall Street?
As of 2025, Marathon Digital Holdings (NASDAQ: MARA) leads the pack with a market cap approaching $6 billion, making it the most valuable publicly traded Bitcoin miner. Despite a dip in share price year-to-date, Marathon maintains its dominance through aggressive expansion, a robust fleet of ASIC miners, and one of the largest BTC holdings among public miners.
Coming in second is CleanSpark (NASDAQ: CLSK) at $3.7 billion, known for its sustainable mining practices and innovative energy solutions. The company has rapidly gained investor confidence thanks to strong operational efficiency and strategic growth initiatives.
In third place is Riot Blockchain (NASDAQ: RIOT) with a valuation of $3.1 billion. Once focused solely on mining, Riot has diversified into energy monetization—capitalizing on demand response programs to generate significant non-mining revenue.
Two younger entrants round out the list: Cipher Mining (NASDAQ: CIFR) and Core Scientific (NASDAQ: CORZ), each valued at approximately $1.7 billion. Both launched within the last few years but have quickly established themselves as key players in U.S.-based Bitcoin infrastructure.
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In-Depth Profiles of the Top 5 Bitcoin Miners
Marathon Digital Holdings
Founded in 2010 and headquartered in Las Vegas, Nevada, Marathon Digital is led by CEO Fred Thiel since April 2021. The company operates one of the largest fleets of ASIC mining hardware and focuses exclusively on Bitcoin mining.
Marathon holds over 18,536 BTC as of Q2 2024—worth nearly $1.2 billion at current prices—making it one of the biggest corporate holders of Bitcoin globally. This strategic "HODL" approach reflects long-term confidence in BTC’s value appreciation.
However, Marathon recently faced legal challenges after being ordered to pay a $138 million fine to Michael Ho, former executive at Hut 8, who claimed he developed a growth strategy for the company without compensation. Marathon denies wrongdoing and plans to appeal the decision.
Despite this setback, Marathon continues expanding its mining capacity and remains a bellwether for investor sentiment in the sector.
CleanSpark
Originally founded in 1987 under a different business model, CleanSpark pivoted fully to Bitcoin mining in recent years. Based in Henderson, Nevada, and led by CEO Zachary Bradford, the company emphasizes sustainability and energy innovation.
CleanSpark runs carbon-conscious mining operations and develops proprietary software for optimizing energy use—making it a favorite among ESG-focused investors.
In August 2024, CleanSpark made headlines by securing 75 megawatts (MW) of power contracts and acquiring its first mining facility in Wyoming, a state known for crypto-friendly regulations.
"We are thrilled to expand in a state so publicly supportive of our industry," said Bradford. "CleanSpark plans to grow its footprint beyond Cheyenne, throughout the beautiful state of Wyoming."
This move strengthens CleanSpark’s position as a leader in scalable, environmentally responsible mining.
Riot Blockchain
Established in 2000 and based in Castle Rock, Colorado, Riot Blockchain is led by CEO Jason Les. While originally involved in various tech ventures, Riot shifted focus to Bitcoin mining during the pandemic and rapidly scaled operations.
Today, Riot is not just a miner—it's also an energy player. The company earns substantial revenue through power and demand response credits, where it gets paid to reduce electricity usage during peak grid demand.
In August alone, Riot generated $31.7 million in such credits—surpassing its total for all of 2022—and equivalent to about 1,136 BTC based on average prices that month.
This dual-income model helps insulate Riot from volatility in mining profitability, especially after the April 2024 halving reduced block rewards by 50%.
Cipher Mining
Launched in 2021 and headquartered in New York City, Cipher Mining is one of the newest but fastest-growing public miners. Under CEO Tyler Page, Cipher aims to become a leader in low-cost, large-scale Bitcoin mining across the U.S.
Unlike legacy firms that transitioned into crypto, Cipher was built from the ground up with mining as its core mission. Its modern infrastructure and focus on cost efficiency make it attractive to institutional investors looking for pure-play exposure.
With a market cap near $1.7 billion and steady operational improvements, Cipher represents the next generation of American-led mining innovation.
Core Scientific
Founded in 2017 and based in Austin, Texas, Core Scientific once dominated blockchain infrastructure before filing for Chapter 11 bankruptcy in December 2022. After restructuring, it relisted under new leadership—now led by CEO Adam Sullivan.
Despite past turbulence, Core Scientific remains a major force. In 2023, it acquired 27,000 Bitcoin miners from Bitmain in a $77 million deal involving both cash and stock—a move signaling long-term commitment to scaling operations.
“Core Scientific is an important contributor to the strength and stability of the Bitcoin Network,” the company stated following the purchase.
Now leaner and more focused, Core Scientific is working to rebuild trust while increasing hash rate and improving margins.
Market Challenges Facing Public Miners
While Bitcoin’s price has surged over 50% since the start of 2024—hovering near all-time highs—not all miners have benefited equally.
Year-to-date:
- MARA shares down 18%
- RIOT shares down 35%
- CLSK up over 43%
- CIFR up 25%
- CORZ up 75% since January
This divergence highlights how factors beyond BTC price affect performance—including energy costs, operational efficiency, debt levels, and revenue diversification.
The Impact of the 2024 Bitcoin Halving
The halving event in April 2024 cut block rewards from 6.25 BTC to 3.125 BTC per block, directly reducing miner income by half unless offset by higher BTC prices or lower costs.
Some miners responded by selling portions of their BTC reserves ahead of the event—raising concerns among investors about sustainability.
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Rising Energy Costs
Bitcoin mining consumes vast amounts of electricity. As energy prices rise—driven by inflation and geopolitical factors—profit margins shrink for less efficient operators.
Companies like CleanSpark and Riot are countering this by:
- Securing low-cost power agreements
- Using renewable or stranded energy sources
- Monetizing energy flexibility via grid programs
Those unable to optimize energy usage may struggle to survive prolonged bearish conditions.
Frequently Asked Questions (FAQ)
Who is the largest Bitcoin miner on Wall Street?
Marathon Digital Holdings (MARA) is currently the largest publicly traded Bitcoin miner by market capitalization, valued at approximately $6 billion as of 2025.
How long does it take to mine 1 Bitcoin?
It takes about 10 minutes to mine one block (currently yielding 3.125 BTC), but individual miners rarely earn full BTC due to high network difficulty. Most join mining pools for regular, smaller payouts.
How much Bitcoin does MARA hold?
As of Q2 2024, Marathon Digital Holdings held 18,536 BTC, worth close to $1.2 billion at prevailing market rates.
Is Bitcoin mining legal?
Yes, Bitcoin mining is legal in many countries including the United States. However, regulations vary—some regions restrict or ban mining due to energy concerns or financial oversight rules.
Do Bitcoin mining apps really work?
Most mobile "BTC miner" apps are scams. Real Bitcoin mining requires specialized hardware (ASICs), reliable power supply, and technical know-how. Be wary of services promising free or easy Bitcoin earnings.
Can public miners remain profitable after the halving?
Profitability depends on multiple factors: BTC price, energy costs, efficiency of hardware, and access to capital. Miners with strong balance sheets and diversified revenue streams (like CleanSpark and Riot) are better positioned to thrive post-halving.
Bitcoin mining has matured into a capital-intensive industry where scale, strategy, and sustainability determine success. The top Wall Street-listed miners—Marathon Digital, CleanSpark, Riot Blockchain, Cipher Mining, and Core Scientific—are shaping the future of decentralized finance while adapting to evolving economic realities.
As institutional interest grows and technological innovation accelerates, these companies will continue influencing both the crypto ecosystem and traditional financial markets.
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