Original | Odaily Planet Daily ( @OdailyChina )
Author: Wenser ( @wenser 2010 )
Just today, the BTC price officially broke through the $100,000 mark !
The value of BTC holdings of a number of listed mining companies has also risen accordingly. Just two days ago, a research report released by JPMorgan Chase showed that as the price of Bitcoin rose, the market value of the 14 Bitcoin mining companies it tracked increased by 52% month-on-month to US$36.2 billion; compared with around US$42,000 in October, the daily revenue of Bitcoin mining companies in November increased by 24% to US$52,000. At this moment when the price of BTC is as high as US$102,000, this number continues to grow.
In view of this, Odaily Planet Daily will briefly sort out the star players among listed mining companies that hold more than 100 BTC in this article, and summarize the current situation of representative companies for readers reference.
List of the top 12 listed mining companies’ BTC holdings: The top holding is close to 35,000
According to statistics from BitcoinTreasuries.net , listed mining companies holding more than 100 BTC mainly include the following “star players”:
Established mining companies are leading the way: MARA, RIOT, CLSK, and HUT all hold more than 9,000 BTC
Among the listed mining companies, Marathon , Riot, CleanSpark, Hut 8 and other BTC holdings have exceeded the 9,000 mark, among which Marathon ranks first with 34,959 BTC. Previously, MARA announced the acquisition of a wind farm in Texas, USA from a joint venture between the State Grid Corporation of China and the Washington State Investment Commission, and also increased the issuance scale of convertible senior notes to US$850 million, planning to use part of the proceeds to increase Bitcoin holdings.
In addition, CleanSpark released its financial report for the fiscal year ending September 30, 2024 earlier this month, which included:
1. Annual revenue was $378.9 million, an increase of $210.5 million, or 125%, from $168.4 million in the previous fiscal year.
2. Cash held: US$122.2 million;
3. As of September 30, 2024, it holds 8,049 bitcoins.
Today, three months later, its BTC holdings have jumped to 9,297, with a holding value of $955 million. At the same time, its stock price is $14.68, and the BTC holding value/market value ratio is only 22.25%, lower than the other three listed mining companies.
As December approached, Hut 8 announced on December 4 the launch of a $500 million ATM (at-the-market) plan and a $250 million stock repurchase plan. It plans to use the net proceeds from the sale of common stock under the ATM plan for growth plans, including the acquisition or development of power and digital infrastructure assets such as data centers, and the purchase of Bitcoin as a strategic reserve asset. The net proceeds can also be allocated to other capital expenditures and investments, working capital, repurchase of issued securities, debt repayment, and other general corporate purposes.
Mining companies take action again: Hive increases its holdings of mining machines, Cipher acquires mining farms
Following closely behind are HIVE and CIFR .
The former recently announced that it would spend more than $60 million to purchase 13,480 Bitmain Antminer S 21+ Hydros mining machines to expand its operations in Paraguay. These mining machines can provide 4.3 EH/s computing power. The company also obtained the option to purchase the same product with 4.3 EH/s, which can be exercised within one year. If the option is fully exercised, Hives mining machine computing power can be expanded to 8.6 EH/s, and it is planned to reach 15 EH/s by the summer of 2025. Executive Chairman Frank Holmes said that once fully deployed, the expansion to 15 EH/s will drive Hives annual revenue to more than $300 million and bring in more than $200 million in mining profits based on current mining economics.
The latter also recently announced the acquisition of a new mine called Stingray in western Texas, USA, which has a power generation capacity of up to 100 megawatts (MW). Cipher completed the transaction with a cash payment of US$4.1 million and a floating fee of US$1.50 per megawatt-hour in the first five years after the mine is put into operation. It is understood that the site includes up to 100 megawatts of capacity, regulatory approval, 250 acres of land adjacent to transmission assets, and a facility expansion agreement with Oncor, the largest transmission and distribution company in Texas. Cipher CEO Tyler Page said: With the addition of this site, we now have a data center scheduled to be put into operation in 2026, which will complement our other new data centers scheduled to be put into operation in 2025 and 2027.
Mining company financing in progress: Canaan Technology (CAN) completes $30 million in financing
As the worlds first ASIC Bitcoin mining machine manufacturer and the first Nasdaq-listed mining machine manufacturer, Canaan Inc. (CAN)s market performance has also far exceeded expectations.
At the end of November, Canaan Inc. announced that it had completed the previously disclosed A-1 round of preferred stock financing of US$30 million. It is understood that on November 19, 2024, Canaan Inc. had signed a securities purchase agreement with an institutional investor (buyer), pursuant to which the company agreed to issue and sell 30,000 shares of Series A-1 convertible preferred stock to the buyer at a price of US$1,000.00 per share.
According to its Q3 quarterly financial report released in November, its total revenue for the quarter was US$73.61 million, a year-on-year increase of 120.9%; total sales computing power was about 7.3 million Thash/s, a year-on-year increase of 93.8%; mining revenue was US$8.96 million, 147 bitcoins were mined, and the average revenue per bitcoin was US$61,034; operating loss was US$56.84 million, a year-on-year reduction of 49.6%. As of September 30, 2024, the company held a total of 1,231.3 bitcoins, and the fair value of cryptocurrency assets and cryptocurrency receivables held totaled US$79.02 million.
Mining is the main business: Bitfarms produced 204 BTC in November, DMG produced 32 BTC in November
According to news disclosed at the beginning of the month, Bitcoin mining company Bitfarms produced 204 BTC in November from mining operations, compared with 236 BTC in October, reflecting a 1% increase in average operating EH and a 7% increase in Bitcoin difficulty. The operating speed was 12.8 EH/s on November 30, a year-on-year increase of 100% and a month-on-month increase of 11%. The companys BTC mining output has totaled 4,482 since the beginning of the year. In addition, Bitfarms sold 171 of the 204 BTC earned from the companys regular fund management business, with a total profit of $14.6 million. Taking into account the transfer of funds from Bitcoin to Bitmain, Bitfarms held 870 Bitcoins at the end of November, down from 1,188 Bitcoins last month.
Listed mining company DMG Blockchain Solutions disclosed its Bitcoin holdings data. The company mined 32 BTC in November, a slight decrease from the 34 BTC in October. The current total Bitcoin holdings are about 423 BTC ( Odaily Planet Daily Note: This data is slightly different from the data on the BitcoinTreasuries.net website ). In addition, the company announced that its CEO and COO recently repurchased about 200,000 shares on the open market. It is worth mentioning that the company sold 69 BTC at a price of US$71,520 at the end of October .
Big trend: Listed mining companies have become a frequent area of mergers and acquisitions
According to statistics , transactions facilitated by crypto mining companies Cleanspark, Bitfarms, MARA, Riot, Bit Digital and Cathedra brought the value of mergers and acquisitions in 2024 to more than $470 million.
In addition, at the end of November, data disclosed by Cointelegraph showed that the total market value of listed mining companies has exceeded US$40 billion, doubling in seven months.
Crypto mining companies’ market value doubled in 7 months
Conclusion: Mining difficulty continues to hit new highs, and listed mining companies are competing fiercely
Previously, according to CloverPool data , the difficulty of Bitcoin mining ushered in a mining difficulty adjustment at block height 872,928 (2024-12-02 23:34:00), and the mining difficulty increased by 1.59% to 103.92 T, setting a new historical high .
At the same time, facing fierce industry competition, listed mining companies have regarded the hot field of artificial intelligence in recent years as a lifeline, and many companies have vowed to transform and build computing data centers. Previously, Mitchell Askew, chief analyst of Bitcoin mining company Blockware, pointed out that the macroeconomic environment is increasingly favorable, and mining companies continue to diversify into the field of artificial intelligence. Some Bitcoin mining companies have also benefited from the diversification strategy into the fields of artificial intelligence and high-performance computing. Of course, Nick Hansen, CEO and co-founder of Luxor Technology, who holds a negative view, also said : Bitcoin mining hash prices are much lower than a year ago, and crypto mining companies still face challenges.
Next, the future development of listed mining companies may depend on whether Trump can fulfill his previous bold statement of Make BTC made in the USA after taking office, and whether the Bitcoin National Strategic Reserve Plan can be successfully implemented.
As the veteran mining company MARA has previously called for : The United States must take decisive action to establish a strategic reserve of Bitcoin and protect national security through computing power control.
