List of Top Crypto Mining Companies in the US

As of 2024 there are over 70 Bitcoin mining companies in the U.S. that provide hosting services. In Bitcoin mining, hosting providers allow individuals or companies to place their mining hardware in a facility operated by a third-party service provider. While the client owns the mining hardware, it is physically housed and maintained by the hosting company in their data center or facility. The company manages the physical infrastructure, including cooling, electricity, security, and internet connectivity. Clients typically pay a fee for these services, which may be structured as a flat rate or based on factors like power consumption.

Services Offered By Hosting Companies

The core services offered by hosting companies include the deployment and operation of mining equipment. Some crypto currency mining companies in the U.S. provide in-house repair services, while others collaborate with third-party repair centers. Clients can also purchase ASIC Bitcoin miners through the hosting company. Additionally, although less common, services such as monitoring tools, advanced security features, overclocking/underclocking, insurance, immersion cooling, and customized dashboards are available.

Why Do Miners Use Hosting companies?

Clients use crypto mining hosting services to access lower electricity rates. Hosting companies often provide economies of scale, allowing clients to benefit from bulk hardware purchases and shared infrastructure costs. This can result in cost savings compared to running a mining operation independently. Hosting companies handle the infrastructure requirements of crypto mining, including power, cooling, and network connectivity. This relieves clients of the burden of setting up and maintaining their own facilities, which can be complex and costly. Additionally, clients do not need to deal with the noise, heat, maintenance, and repairs.

Wide Variety of Bitcoin Mining Companies in the U.S. Offering Hosting Services

There are many Bitcoin mining colocation companies in the U.S. offering hosting services. For instance, the best Bitcoin mining companies include Blockware Solutions, Compass Mining, Simple Mining, and EZ Blockchain. Some companies provide personalized support, competitive pricing, and real-time analytics on performance and profits, while others design and operate their own facilities independently, without third-party reliance.

Example of a Colocation Company

EZ Blockchain is a leading example of a crypto mining colocation company in the U.S. Since its launch in 2017, the company has been committed to addressing the global waste energy issue through crypto mining. As a self-funded business, EZ Blockchain has experienced remarkable growth across multiple locations, offering one of the most competitive energy pricing models for colocation services, starting at $0.069 per kWh. Recently, the company expanded its services to include retail clients.

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EZ Blockchain helps clients select and purchase miners with the highest ROI, recommends the most profitable cryptocurrencies to mine, and develops sustainable long-term mining strategies. Once a client selects a miner, it is purchased, shipped to their location, and professionally configured for optimal performance. Clients also receive access to a comprehensive mining management app, which offers a wide range of features to maximize their ROI.

The company is dedicated to sustainable crypto mining, utilizing renewable energy sources such as wind, gas, solar, and nuclear power. Additionally, it employs innovative methods to harness cheap energy from waste energy and flared gas in oil fields.

What are Publicly Traded Bitcoin Mining Companies

Some top crypto mining companies in the U.S. are publicly traded on the stock exchange. By purchasing shares of these companies, investors can gain exposure to crypto mining without directly participating in mining activities.

🔍 A table of 20 well-known publicly traded crypto mining companies, their countries, and stock exchanges.

Business Models Public Crypto Miners

Publicly traded crypto mining companies employ various business models. In the self-mining model, companies invest in and operate their own mining hardware and facilities, owning all the Bitcoins they mine. Revenue is generated directly from mining new Bitcoins and transaction fees, with profitability depending on Bitcoin prices, mining difficulty, and operational efficiency.

Some miners use a hybrid model, combining self-mining with hosting services. They dedicate part of their infrastructure to their own mining while leasing the rest to clients. Revenue comes from both direct mining and hosting fees, with the flexibility to adjust the balance between self-mining and hosting based on market conditions. This model offers diversified income, flexible operations, and optimized resource use. Core Scientific is an example of a company that operates through both mining and hosting segments.

Additionally, some public miners integrate other revenue streams to diversify and manage the risk of Bitcoin’s volatility. For example, Iris Energy focuses on high-performance computing applications, including Bitcoin mining and artificial intelligence (AI) workloads. The company’s data centres use application-specific integrated circuits (ASICs) for Bitcoin mining and graphics processing units (GPUs) for AI tasks.

Bitdeer offers cloud mining services, allowing users to rent computing power to mine various cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, and others, without purchasing and maintaining their own mining hardware. Marathon Digital has vertically integrated the Bitcoin mining tech stack by operating its own mining pool (“MaraPool”), building custom firmware, investing in hardware (Auradine), and designing infrastructure, including immersion cooling systems.

Key differences Between Investing in Hosting Companies and Crypto Mining Stocks

Investing in crypto mining can be approached in various ways: using a hosting service for mining or buying shares in a publicly traded crypto mining company are common approaches. Each method has its own unique features, benefits, and risks. Here are the key differences between these two approaches:

1. Ownership and Control

Using a hosting service for mining you own the mining hardware and have control over its operations. You can choose the mining pool, monitor the performance of the hardware, and decide on reinvestment strategies. It allows for more flexibility to upgrade or modify hardware and software configurations.

When buying shares in a publicly traded mining company you own shares in the company but not the mining hardware itself. There is no influence on the company’s operations, mining pools, and reinvestments are made by the management. Investors have no direct influence on the technical or operational aspects of mining.

2. Financial Considerations

If you purchase ASIC miners and have these hosted the upfront investment required to purchase mining equipment is significant. Often you need to add capital for deposits and set-up fees as well. Next to the initial investment there are ongoing hosting fees and repairs. Revenue might also fluctuate due to direct exposure to Bitcoin price volatility, and mining difficulty adjustments.

Buying shares of a public miner has a lower entry barrier. Shares can be purchased with relatively lower initial capital compared to buying mining equipment. Shares can be bought and sold on the stock market, offering better liquidity. Share prices are influenced by broader market conditions, company performance, and investor sentiment.

3. Risk Factors

There are operational risks involved in hosting service for mining like hardware failures and facility downtime. Possible changes in regulations can potentially affecting mining operations. Miners are also directly affected by Bitcoin price drops and increasing mining difficulty.

The most important risk factor when buying shares in a publicly traded company is market volatility as stock prices can be highly volatile and influenced by factors beyond Bitcoin prices. There are also risks associated with the company’s management decisions, financial health, and operational efficiency. Company-specific regulatory issues and compliance requirements can impact stock performance.

4. Expertise and Involvement

Hosting service require minimal technical knowledge but does require an ongoing involvement in monitoring and managing the mining process.

When buying shares investors do not need to understand the technical aspects of mining. Involves less active management and monitoring compared to direct mining. Understanding company stock valuation is important.

5. Time Horizon

Hosting service typically involves a longer-term commitment due to the upfront investment in hardware. The payback period may take time to realize, depending on Bitcoin prices and operational efficiency.

Investing in a public company provides more flexibility to adjust investment based on market conditions; can be short-term or long-term.

🔍 Summary of Key Differences:
Investing in Hosting Companies vs. Crypto Mining Stocks

Top 10 Bitcoin Mining Companies Based on Hashrate

Over the years, the Bitcoin mining industry has evolved significantly, transitioning from home-based mining to large-scale professional mining farms. These operations have grown in size and have attracted investment from individuals and entities not directly involved in mining operations.

In 2017, Hive Blockchain became the first publicly traded Bitcoin mining company in North America, listed on the Toronto Venture Exchange. Since then, the number of publicly traded Bitcoin mining stocks has grown to over 20. Actually, here’s the relevant Bitcoin mining companies list.

Marathon Digital Holding Site in Granbury Texas

1. Marathon Digital Holdings

• Ticker Symbol: MARA
• Headquarters: United States
• Exchange: NASDAQ
• Hashrate: 29.9 EH/s
• Market Cap: $5.48 B

Marathon Digital Holdings (formerly Marathon Patent Group) was founded 2010. The company focuses on the blockchain ecosystem and the generation of digital assets. In the beginning of 2020 they became an important player by aggressively upgrading mining portfolio. Marathon has ambitious growth plans for 2024, aiming to double its hashrate to 50 EH/s by the end of the year through orders of the latest generation ASIC miners and increased capacity from recent acquisitions​. Marathon has a global fleet, they operate in various states in the US, Paraguay and UAE. The company is vertically integrating the Bitcoin mining tech stack as they operate their own mining pool (“MaraPool”), build custom firmware, invest in hardware (Auradine), and design infrastructure (e.g., immersion cooling systems).

2. Core Scientific

• Ticker symbol: CORZ
• Headquarters: United States
• Exchange: NASDAQ
• Hashrate: 20.4 EH/s
• Market Cap: $860 M

When it comes to hashrate, Core Scientific is one of the largest industrial-scale bitcoin miners in North America with facilities in Georgia, Kentucky, North Carolina, North Dakota, and Texas. Founded in 2017 and headquartered in Delaware, the company went public in 2022. The company operates through two primary segments: Mining and Hosting. They provide blockchain infrastructure, software solutions, and data center operations for digital asset mining. Their services include self-mining, where they use their own fleet of miners to earn Bitcoin, and hosting services, which involve managing mining equipment for other clients​. Core Scientific filed for Chapter 11 bankruptcy protection on December 21, 2022, due to financial struggles exacerbated by the drop in Bitcoin prices and rising energy costs​. The U.S. Bankruptcy Court for the Southern District of Texas approved their Chapter 11 reorganization plan, allowing the company to exit bankruptcy and relist its shares on Nasdaq by the end of January 2024.

3. CleanSpark Inc.

• Ticker Symbol: CLSK
• Headquarters: United States
• Exchange: NASDAQ
• Hashrate: 2.400 PH/s
• Market Cap: 163M USD

CleanSpark, Inc. is headquartered in Nevada. Initially founded as an energy technology firm, CleanSpark transitioned to Bitcoin mining in 2020, leveraging its expertise in renewable energy to power its mining operations. The company is committed to sustainable practices, sourcing energy from low-carbon sources like wind, solar, nuclear, and hydroelectric power​​. CleanSpark owns and operates several data centres across the United States (Texas, Georgia and New York), primarily running on renewable energy.

4. Riot Platforms, Inc.

• Ticker Symbol: RIOT
• Headquarters: United States
• Exchange: NASDAQ
• Hashrate: 12.6 EH/s
• Market Cap: $2.8 B

Riot Platforms, Inc. (formerly known as Riot Blockchain) is based in Colorado. The company operates through several segments, including self mining, data center hosting, and engineering. Riot focuses on large-scale Bitcoin mining operations, primarily situated in central Texas. It uses both air-cooled and immersion-cooled mining technologies to enhance efficiency and performance.  Riot is expanding its mining capacity significantly. By the end of 2024, it anticipates achieving a total self-mining hash rate capacity of 31 EH/s, with plans to reach 41 EH/s by 2025. This growth is supported by major investments in new mining hardware and facility expansions, particularly at their Corsicana and Rockdale facilities in Texas​. The Corsicana Facility, once fully developed, will become one of the largest Bitcoin mining facilities globally, with a total capacity of 1 GW (1000 MW)​. The end of May 2024, Riot submitted an unsolicited proposal to buy Bitfarms for $2.30 per share in a deal that would create the world’s largest bitcoin miner.

5. Iris Energy Ltd.

• Ticket Symbol: IREN
• Headquarters: Australia
• Exchange: NASDAQ
• Hashrate: 9.4 EH/s
• Market Cap: $1.23 B

Iris Energy is an Australian-based company that specializes in operating data centers powered by 100% renewable energy. Founded in 2019 and headquartered in Sydney, Iris Energy focuses on high-performance computing applications, including Bitcoin mining and artificial intelligence (AI) workloads. The company’s data centers use application-specific integrated circuits (ASICs) for Bitcoin mining and graphics processing units (GPUs) for AI tasks. Iris Energy owns and operates multiple data center facilities located in Canal Flats, Mackenzie, and Prince George in Canada, as well as Childress in Texas, USA. The company has been expanding aggressively with plans to achieve 20 (EH/s) by the end of 2024.

6. Bitdeer Technologies Group

• Ticket Symbol: BTDR
• Headquarters: Singapore
• Exchange: NASDAQ
• Hashrate: 8.7 EH/s
• Market Cap: $750 M

Bitdeer Technologies Group was founded in 2018 and is headquartered in Singapore. It operates as a subsidiary of BitDeer Group, a global leader in the computing power-sharing industry. Bitdeer offers cloud mining services, allowing users to rent computing power to mine various cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and others, without having to purchase and maintain their own mining hardware. Bitdeer has a close relationship with Bitmain, one of the largest manufacturers of ASIC mining equipment. While Bitdeer is not a subsidiary of Bitmain, the two companies have formed strategic partnerships to leverage each other’s expertise and resources in the mining space.

7. TeraWulf Inc.

• Ticket Symbol: WULF
• Headquarters: United States
• Exchange: NASDAQ
• Hashrate: 8.0 EH/s
• Market Cap: $700 M

The company was founded in 2021 and is headquartered in Maryland. Using more than 90% zero carbon energy today, their goal is that every kilowatt hour of energy we consume will come from a zero-carbon energy source. With a total operational capacity of 210 MW, the mining fleet is divided between two locations in New York and Pennsylvania (nuclear-powered).

8. Cipher Mining Inc.

• Ticker Symbol: CIFR
• Headquarters: Germany
• Exchange: NASDAQ
• Hashrate: 7.7 EH/s
• Market Cap: $1.14 B

The company was incorporated in 2020 and is based in New York. Cipher Mining Inc. was formed as a result of a merger between Bitfury, a leading blockchain technology company, and Good Works Acquisition Corp., a special purpose acquisition company (SPAC), in early 2021. The company focuses on the development and operation of bitcoin mining data centers in the United States. Cipher on track to reach ~9.3 EH/s by end of Third Quarter 2024, with plans to grow to ~25.1 EH/s by end of 2025

9. Bitfarms Ltd.

• Ticker Symbol: BITF
• Headquarters: Canada
• Exchange: TSX Venture Exchange & NASDAQ
• Hashrate: 7.0 EH/s
• Market Cap: $880 M

Bitfarms as one of the largest crypto mining companies was founded in 2018 and is headquartered in Canada. The company went public in 2019 and is listed on various stock exchanges, including the NASDAQ.  They own and operate eight farms in Canada with ongoing buildout. In addition, Bitfarms also operates mining facilities in the US, Paraguay and Argentina. Their biggest operation is currently being developed and will be located in Argentina. Bitfarms focuses on surplus hydroelectricity and private locally-sourced natural gas.

10. HIVE Digital Technologies

• Ticker Symbol: HIVE
• Headquarters: Canada
• Exchange: TSX Venture Exchange & NASDAQ
• Hashrate: 5.0 EH/s
• Market Cap: $240 M

Hive Blockchain Technologies is a Canadian digital currency mining firm specialized in building and operating cutting-edge data centres. By combining its expertise in data center operations with Bitcoin mining, HIVE is fueling the advancement of Web3, AI and HPC by actively participating in the decentralized digital economy. Next to Bitcoin, they also mine Ethereum Classic (ETC). Hive was launched in 2017 as a partnership between Foire Group and leading cloud mining services provider Genesis Mining. The company runs mining operations in Canada, Iceland, Norway, and Sweden.

Top Bitcoin Mining Companies in U.S. By State

Since the China mining ban in 2021, the amount of Bitcoin mining companies in the U.S. has growth rapidly. The U.S. currently houses the most hashrate in the world. The states in the U.S. with the most Bitcoin mining activity are primarily those with access to cheap electricity and favourable regulatory environments. Let’s have a look at some of the top states.

Top 3 States in Terms of Hashrate

Based on publicly available data, TheMinerMag compiled the map below, identifying the active Bitcoin mining power capacities in North America managed by 20 public mining companies and 2 private operators. Altogether, these companies operate with a combined capacity of 5.42 GW across the U.S. and Canada, with approximately 50% of this capacity located in Texas. Georgia ranks second for the number of the largest Bitcoin mining companies in the U.S., followed by New York. Close runner ups are North Dakota, and Pennsylvania.

Texas

Texas has become a dominant force in the Bitcoin mining industry due to several key factors. The state boasts abundant energy resources, including wind and solar power, as well as a well-established oil and gas sector, making it an attractive location for mining operations. Energy costs in Texas are relatively low, thanks in part to its deregulated energy market, which allows consumers to choose their electricity providers. Additionally, Texas features a robust energy infrastructure with power plants, transmission lines, and substations that can support large-scale mining activities. The state’s business-friendly regulatory environment, with supportive policies for emerging industries like mining, fosters investment and innovation. Moreover, Texas has a skilled workforce in technology and energy-related fields, providing mining companies with the talent needed to operate and maintain advanced mining infrastructure.

Texas is home to several top Bitcoin mining companies that are publicly traded, including Riot Platforms, Galaxy Digital, Bitdeer, Cipher Mining, Core Scientific, Hut 8, Applied Digital, and Iris Energy. Recently, Marathon Digital Holdings joined this group by acquiring a 300 MW site in Granbury.

Riot Platforms

Although Riot Platforms has Bitcoin mining operations in other US states, it’s still a leader in Bitcoin mining in Texas. The Lone Star State is home to Riot Platforms’s Rockdale Facility, boasting a total power capacity of 700 MW. This facility is believed to be the largest single facility, measured by developed capacity, in North America. Additionally, Riot has initiated the development of a 1 gigawatt (GW) site in Navarro County, Texas. The Rockdale facility features seven data centres, two of which utilize immersion-cooled technology, while the other five are equipped with air-cooled technology. Riot is known for participating in demand response programs provided by the Electric Reliability Council of Texas. In August 2023, Riot set a record by earning $31.7 million in power credits after selling pre-purchased electricity back to the grid.

Riot’s Rockdale Facility with a total power capacity of 700 MW

Marathon Digital Holdings

Marathon Digital Holdings is a significant player in the Bitcoin mining industry with a major presence in Texas. They recently acquired a 300 MW site in Granbury, enhancing their operational capacity and solidifying their footprint in the state. Marathon’s expansion strategy in Texas includes leveraging the state’s abundant and affordable energy resources, as well as its favourable regulatory environment. The company is committed to increasing its use of renewable energy, reflecting broader industry trends toward more sustainable practices. 

Core Scientific

Core Scientific’s Nine Facilities over 6 states. 

Georgia

Bitcoin mining in Georgia, U.S., has gained traction due to its favourable conditions for large-scale operations. The state hosts prominent companies like Core Scientific and CleanSpark, which operates multiple data centres there, alongside other notable players such as Bitdeer and Marathon Digital Holdings. Georgia’s appeal lies in its relatively low electricity costs and the availability of surplus power, as the state benefits from a diverse energy mix that includes natural gas, nuclear, and renewable sources like hydro and solar. The regulatory environment in Georgia is supportive of cryptocurrency mining, with policies that encourage investment and infrastructure development.

CleanSpark

CleanSpark is a Bitcoin mining company known for its emphasis on sustainable and cost-effective operations. The company operates over 21 EH/s spread across key locations in the U.S., including significant facilities in states like Georgia and Texas. Eight out of eighteen facilities are located in Georgia and CleanSpark’s first ever Bitcoin mining facility is in College Park, Georgia. 

Bitdeer

Bitdeer is a leading Bitcoin mining company that provides cloud mining services and operates large-scale mining facilities. As a spin-off from Bitmain, Bitdeer has expanded its operations to various locations, including significant facilities in Georgia, where it capitalizes on the state’s favorable energy costs and supportive regulatory environment. The company’s Georgia operations are part of its broader strategy to leverage low electricity prices and robust infrastructure to enhance mining efficiency. Bitdeer offers a platform for users to rent mining hardware, making it easier for individuals and institutions to participate in Bitcoin mining. Their focus on advanced technology and scalable solutions helps optimize performance and profitability across their global operations.

EZ Blockchain

EZ Blockchain™ was founded in 2017 with a mission to deliver cutting-edge technology to cryptocurrency miners. The company began by offering data centre hosting solutions tailored for high-density computing, specifically for crypto mining. Today EZ Blockchain has grown to a company offering a variety of product. Next to hosting services the company provides containers (mobile data centres), smart grid-, immersion cooling- and grid balancing solutions. EZ Blockchain built and operates fully owned facilities and sites for clients. Three out of the six fully owned sites are located in Georgia representing a total of 32 MW. In South Carolina EZ Blockchain owns two sites, totalling 14MW and in Kansas a 12MW facility.

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New York State 

Despite some regulatory challenges, New York has been a popular state for Bitcoin mining, particularly in upstate areas where electricity is cheap due to hydroelectric power generated by the Niagara River. In New York State, several notable Bitcoin mining companies have established operations. These include CleanSpark, Bitdeer, Greenidge Generation, Coinmint and Bit Digital Mining.

Coinmint

Coinmint was founded in 2016 as a private Bitcoin mining firm, exclusively for high net worth private clients. Coinmint operates one of the largest digital currency data centers in the world, in a former Alcoa Aluminum smelter in Massena, NY. With 435MW of transformer capacity at its Massena complex and additional capacity at another facility in Plattsburgh, they provide co-location services to third party miners and also conducts self-mining operations.

Bit Digital Mining

Based in New York, Bit Digital has institutional-quality bitcoin mining operations are diversified across the United States, Canada and Iceland. In the US, the company has its Bitcoin mining operations in New York, Kentucky and Texas. Bit Digital is infrastructure-light, capital investment focused primarily on ASIC miners, not physical infrastructure (data centres and power generation)​. The company plans to grow its operating fleet of miners to reach 6.0 EH/s in 2024.