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Crypto Mining Companies in the U.S.

The cryptocurrency ecosystem has grown extensively since Bitcoin, the first crypto, was launched in 2009. This growth can be attributed to several factors, with miners deserving some of this credit. This article will focus on the crypto mining companies in the United States of America.
But before then, for those who don’t know what cryptocurrency mining is or what it entails, we will start by explaining this concept before moving on to the article's focus.

What is Cryptocurrency Mining?

Cryptocurrency mining is validating transactions on a blockchain using devices with substantial computing power. Simply put, cryptocurrency mining involves using specialized computers, called nodes or mining rigs, to validate blockchain transactions for a particular crypto coin, and, in exchange, they receive a mining reward.

Source: https://www.garyfox.co

Generally, cryptocurrency mining can be done by any individual or organization with enough hardware and software resources. The only challenge for newbies and veterans is the escalating prices of mining tools and inadequate electricity sources.

Now that you know what mining is let’s talk about crypto mining companies and those in the United States.

What are crypto mining companies?

Crypto mining companies mine cryptocurrencies using computers to solve complicated computational tasks to validate transactions on a blockchain and generate new coins. Since mining the first cryptocurrency, the Cryptocurrency mining market has been growing at a robust CAGR of 28.5% and is projected to reach USD 5,293.9 Million by the end of 2028.

Types of Energies Used in Crypto Mining

Typically, there are three major sources of energy, and they are all used in crypto mining in the US. They include:

  • Fossil fuels
  • Nuclear Power
  • Renewable energy

Fossil fuels are non-renewable energy sources, including natural gas, coal, petroleum, and other gases. 

Renewable sources are preferable due to their environmentally-friendly nature and alignment with sustainable crypto-mining goals. The major renewable energy sources include wind, solar, hydropower, and geothermal.

Natural Gas

Natural gas refers to the naturally occurring mixture of gases, including methane and other low amounts of gases like carbon dioxide. It is a fossil fuel source and accounts for 38.8% of US electricity generation. In 2021, the country’s total generation capacity was 1,579 million kWh. 

Hydroelectric Power

Hydroelectric power, fondly known as hydropower, is the electrical energy produced using generator-driven turbines that turn the potential energy from fast-flowing or falling water into electrical energy. 

In the US, hydroelectric power accounts for 6.3% of the country’s electricity generation and 31.5% of the total renewable electricity generation, making it the largest power source. Going by the Energy Information Administration (EIA) report in 2021, the total US hydroelectric power generation was 80 million KW. 


Wind is a renewable energy source harnessed from wind turbines. It’s a clean energy source, which means using it for Bitcoin mining aligns with sustainability goals. According to the American Clean Power statistics, wind is the largest renewable energy source in the US, and the fourth largest electricity generation in the country, with a total capacity of about 140 GW. With nearly 70,000 wind turbines spread throughout the country, wind power accounts for more than 10% of the US’s electricity.


Solar power refers to the radiant heat and light from the sun harnessed using various technologies to convert it into electrical energy. Typically, technologies like solar photovoltaic, solar heating, thermal energy, and solar architecture harness electrical power from the sun.

According to the US Energy Information Administration’s statistics, solar power accounts for 3% of electricity in the US, with projections to reach 14% by 2035. The country’s average solar production capacity has grown consistently to an estimated 130 GW of solar power today.

Geothermal Power

Geothermal power is the electrical power generated from geothermal energy using dry cycle, flash steam, and dry steam power stations. The United States is the global leader in geothermal power production. In 2021, the total geothermal power generation was 16 billion kWh. However, this represented only about 0.4% of the country’s utility-scale electricity generation.

Nuclear Power

Nuclear power is the electrical energy produced from nuclear reactions. It’s an independent energy source that accounts for 18.9% share of total electricity generation in the US. As of 2021, the US had 93 active nuclear reactors producing about 778 million kWh. 

As a result of the growth of crypto mining in the US, many prominent names in the crypto mining sector can be found here. Some of these  include:

Riot Blockchain Inc.

Riot Blockchain is one of the largest publicly traded Bitcoin miners in the United States, focusing on proof-of-work mining to support the Bitcoin ecosystem. The company has about 335 employees and a fast-growing global team.

Riot’s self-mining operations are powered by renewable energy sources and consume less power. They have deployed a fleet of over 65,000 miners that boast a 6.9 exahash per second (EH/s). Currently, the company utilizes about 136 megawatts of energy. However, the company also owns a subsidiary in Whinstone, the biggest single crypto mining facility in the country with a capacity of 750 MW. 

The company’s goal is to become the most prominent Bitcoin network supporter. Riot, with a market capitalization of $1.8 billion and a share price of approximately $16, is an excellent approach to gathering exposure to Bitcoin without actually investing in the cryptocurrency. The performance of crypto stocks is typically associated with Bitcoin’s price, which is down about 20% yearly. As a result, Riot’s stock price has declined by 29% since February 2022.

Also, when reviewing the revenue generated, Riot boosted its 2021 total revenue by 1,665%, from $12.1 million in 2020 to $213,2 million. Although  In 2021, the company reported a net loss of $7.9 million, compared to a net loss of $12.7 million in 2020. The fiscal year 2021 net loss was significantly influenced by a non-cash stock-based compensation expense of $68.5 million and a non-cash, unrealized loss on cryptocurrency impairment of $36.5 million.

The audited financial statements can be found on their website for more information on Riot’s revenue.

EZ Blockchain

Even though it was founded in 2017, the Ez Blockchain mining company is already at the top among mining companies. As a company, its objective is to tackle the global waste energy problem with crypto mining.

It is a self-funded company with a phenomenal growth rate in multiple locations. EZ Blockchain’s largest facility in the United States focuses on reinventing waste management through cryptocurrency mining.

The company focuses on sustainable crypto mining using renewable energy sources of Wind, Gas, Solar, and Nuclear energy. They use innovative techniques to access cheap energy from wasted energy and flared gas in oil fields. It has accomplished numerous projects across the US, including a flaring mitigation solution in North Dakota and transforming underutilized energy in Georgia, among other locations. 

Additionally, EZ Blockchain prides itself in having innovative products that include a mobile data center that is completely plug-and-play and with a 3.5KWh capacity. They also have an immersion cooling system and hosting services at $0.7-$0.8 per kWh.

Marathon Digital Holdings Inc.

Marathon Digital is another U.S.-based Bitcoin mining company of considerable size. The company’s objective is to increase the hash rate or the amount of computer power used by Bitcoin miners to mine new Bitcoins and validate network transactions while increasing Bitcoin production.

According to the latest data, Marathon Holdings has 37,000 active miners that achieve a hash rate of 5.7 exahash per second. Its maximum power capacity stands at 105 megawatts. Much of its energy comes from fossil fuels, although the company intends to transition to 100% carbon-free mining by the end of 2022. 

As of February 1, MARA held 8,595 Bitcoins worth more than $300 million. The deployment of over 32 thousand Bitcoin miners has contributed to an increase in the company’s hash rate and Bitcoin production. Marathon Digital has substantial access to finance, with total liquidity of $1.1 billion, including over $620 million in cash and Bitcoin assets. MARA’s market capitalization is $2.3 billion. Its shares are priced at approximately $22, down 31 percent in 2022.

When considering the company’s revenue generation, Marathon’s revenue grew to $51.7 million, representing an increase of $42.6 million, or 465 percent, from the prior-year quarter and a decline of $8.6 million, or 14 percent, from the previous quarter. 

Bitfarms Ltd. (BITF)

Bitfarms is a blockchain infrastructure company and one of the largest self-mining cryptocurrency firms in the United States. The company provides computing power to crypto networks, such as Bitcoin, and earns fees by securing and processing transactions from each network it services.

Although it achieves a lower hash rate of 4.2 EH/s compared to Marathon Holdings and Riot, Bitfarms has a higher energy capacity of 176 megawatts. 

Bitfarms use “farms,” or mining facilities, that are powered by hydroelectricity, thereby decreasing their carbon impact. This miner has a market capitalization of $603 million and an estimated share price of $3.

Also, comparing Q4 2021 to Q4 2020, the Company’s revenue increased by $48 million, or 426 %, to $60 million. 

Compass Mining 

Compass Mining is basically an intermediary between individuals or organizations and hosting facilities, as well as mining hardware. What Compass does is make deals with facilities that have spare capacity to host mining equipment and connect them with individuals in need of this space or equipment.

The majority of the company’s facilities are located in the United States and Canada, with others in other countries. The typical cost for hosting ranges from $0.060 to $0.065 per kWh, which covers the rack space, the power (which accounts for the majority of the cost), and the technician’s time spent installing and monitoring the equipment at the facility.

With a power capacity of 170 MW, Compass Mining is one of the clean energy crypto mining facilities in the US. The company partners with Red Jar Digital Infrastructure, a hosting infrastructure that uses 95% clean energy. 

In addition, according to the most recent financial reports from Compass Minerals, the company’s current revenue (TTM) is $1.16 billion. In 2020, the company’s revenue was $1.37 billion, a reduction from 2019’s revenue of $1.49 billion. 

The list above talks about some of the big names in the crypto mining space. But If you paid good attention, you would observe we slightly mentioned the different areas these companies focus on while writing briefly on them. 


The cryptocurrency ecosystem is fast developing with crypto mining companies at the forefront of the ecosystem’s growth. Indeed, each of the companies mentioned in this article, from one mining sector to another is contributing their quota immensely. Although the year so far has been a bearish year, there is no better time to be in the crypto space than now.

It is very important to stay updated on the technology and platforms promoting ease and how you can maximize the opportunities each present.

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