According to findings stemming from a report published by Arcane Research, Bitcoin’s hashrate is steadily going public as an increasing share is deployed by publicly listed companies. Current data shows that the publicly listed miners’ share of Bitcoin’s hashrate is roughly 19% today, up 3% since January 2021.
Publicly Listed Bitcoin Miners Continue to Grow, Public Miners Expand Capacity Much Faster Than the Overall Market
Bitcoin mining has grown a great deal during the last few years as the crypto asset’s hashrate reached all-time highs this year. Presently, the network’s hashrate is coasting along at 222.18 exahash per second (EH/s), or two hundred twenty-two quintillion hashes per second.
Meanwhile, a recent report published by Arcane Research explains that 19% of the hashrate today is operated by publicly listed mining firms. For instance, Hive Blockchain Technologies, Cleanspark, Riot Blockchain, Marathon Digital Holdings, Bitfarms, and Hut 8 Mining are publicly listed bitcoin mining operations.
Arcane Research author Jaran Mellerud details that while 19% of the hashrate is controlled by publicly-listed bitcoin mining firms, the data has grown 3% since January 2021. While there was only a handful of publicly listed bitcoin miners in January 2021, Mellerud details that today there are 26 total.
Mellerud adds that most of the public miners are located in North America and because they have greater access to capital, they “can expand their mining fleets faster than most private companies.”
Furthermore, the researcher from Arcane details that publicly listed mining operations expand capacity much faster than the overall market. In another report from Arcane, Mellerud says “to increase their bitcoin production, miners should expand hashrate faster than the whole network.”
The researcher concludes that since these companies hope to grow capacity faster than the whole network, “the U.S. and Canada’s share of the total hashrate will likely increase.” Using Arcane’s 19% metric shows that out of the 222 EH/s in global hashrate today, 42.18 EH/s is managed by publicly listed mining firms.