Who mines the most
0the network, 1,027.8 EH/s
- BTDR 92.3 EH/s
- MARA 56.6 EH/s
- CLSK 45.0 EH/s
- RIOT 36.1 EH/s
- ABTC 19.6 EH/s
- CANG 15.3 EH/s
- KEEL, FUFU, WULF, CORZ, CAN, PWCM 21.9 EH/s
| Company | Latest report | Mined (BTC) | Per day | Realised EH/s | Reported EH/s | Sold (BTC) | Held (BTC) | Source |
|---|---|---|---|---|---|---|---|---|
| Bitdeer TechnologiesBTDR | September 2026 | 1,355 | 45.2 | 92.3 | 82.3self-mining | – | 47.0 | Filing, 19 Oct 2026 |
| MARA HoldingsMARA | Q2 2026 (quarter) | 2,422 | 26.6 | 56.6 | 70.3energized | 2,213 | 35,577 | Filing, 6 Aug 2026 |
| CleanSparkCLSK | Q2 2026 (quarter) | 1,925 | 21.2 | 45.0 | – | – | 12,205 | Filing, 6 Aug 2026 |
| Riot PlatformsRIOT | Q3 2026 (quarter) | 1,637 | 17.8 | 36.1 | – | – | 2,418 | Filing, 4 Nov 2026 |
| American BitcoinABTC · majority-owned by Hut 8, which mines through it since April 2025 | Q3 2026 (quarter) | 891 | 9.68 | 19.6 | – | – | 8,427 | Filing, 4 Nov 2026 |
| CangoCANG | Q2 2026 (quarter) | 656 | 7.21 | 15.3 | 27.6operating | – | – | Filing, 31 Aug 2026 |
| Keel InfrastructureKEEL · formerly Bitfarms | Q3 2026 (quarter) | 259 | 2.82 | 5.7 | – | 2,520 | – | Filing, 5 Nov 2026 |
| BitFuFuFUFU · self-mining only; its cloud-mining output belongs to its customers | October 2026 | 67.0 | 2.16 | 4.7 | 3.7self-owned | – | – | Filing, 6 Nov 2026 |
| TeraWulfWULF | Q3 2026 (quarter) | 186 | 2.02 | 4.1 | – | – | 18.0 | Filing, 6 Nov 2026 |
| Core ScientificCORZ | Q3 2026 (quarter) | 174 | 1.89 | 3.8 | – | 989 | 32.0 | Filing, 5 Nov 2026 |
| CanaanCAN | September 2026 | 44.0 | 1.47 | 3.0 | 10.0installed | – | – | Filing, 15 Oct 2026 |
| PowerComputePWCM · formerly LM Funding America | September 2026 | 8.10 | 0.27 | 0.55 | – | – | – | Filing, 8 Oct 2026 |
Realised EH/s is our own figure: the hash rate that would have earned the company’s bitcoin at the network’s rate in the same period. Reported EH/s is the company’s own, with its word for it. Held is the bitcoin the company reported at the end of the period, from our treasury ledger.
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Mining against selling
In their latest reports, 3 companies that state sales mined 2,855 BTC and sold 5,722 BTC — more than they mined, drawing on their treasuries.
- Keel InfrastructureQ3 2026 (quarter)259 mined · 2,520 sold · 9.7×
- MARA HoldingsQ2 2026 (quarter)2,422 mined · 2,213 sold
- Core ScientificQ3 2026 (quarter)174 mined · 989 sold · 5.7×
mined sold
What a bitcoin costs them
Six companies on the board state what each bitcoin cost them to mine in their reports and results. In their latest quarters: MARA Holdings $38,690 (54% of the price); CleanSpark $44,406 (62% of the price); Riot Platforms $39,265 (55% of the price); American Bitcoin $42,100 (59% of the price); Cango $73,313 (102% of the price); TeraWulf $52,774 (74% of the price).
| Company | Energy per BTC | Cash cost per BTC | Average BTC price | Our electricity model | Cash cost ÷ price |
|---|---|---|---|---|---|
| MARA HoldingsQ2 2026 (quarter) · purchased energy, owned sites | $38,690 | – | $71,644 | $79,444 | 54% |
| CleanSparkQ2 2026 (quarter) · owned facilities | $44,317 | $44,406 | $71,644 | $79,444 | 62% |
| Riot PlatformsQ3 2026 (quarter) · excluding depreciation, after power credits | – | $39,265 | $71,174 | $76,340 | 55% |
| American BitcoinQ3 2026 (quarter) · cost to mine | – | $42,100 | $71,174 | $76,340 | 59% |
| CangoQ2 2026 (quarter) · cash cost | – | $73,313 | $71,644 | $79,444 | 102% |
| TeraWulfQ3 2026 (quarter) · Lake Mariner | $52,634 | $52,774 | $71,174 | $76,340 | 74% |
Energy and cash cost are the companies’ own figures for the bitcoin they mined, in their own definitions (each named under the company): most leave out depreciation, overheads and interest, and MARA’s covers purchased energy only. The price is the average daily close over the same quarter; our electricity model is the network-wide cost of the power behind a bitcoin (production cost). Every quarter they state is in the history (Plus), with each quarter’s cost of revenue, overheads and interest per bitcoin and per PH/s a day from the financial statements they file with the SEC, and the share of their revenue that isn’t mining.
Companies with older reports
These companies’ latest production figure in a release is older than the board’s six-month window:
- HIVE Digital Technologies (HIVE): 290 BTC in November 2025, 23.4 EH/s realised
- Bit Digital (BTBT): 64.9 BTC in Q3 2025 (quarter), 1.4 EH/s realised
- Greenidge Generation (GREE): 110 BTC in Q2 2025 (quarter), 2.3 EH/s realised
- IREN (IREN): 620 BTC in June 2025, 41.0 EH/s realised
- Hut 8 (HUT): 167 BTC in Q1 2025 (quarter), 3.2 EH/s realised
- Big Digital Energy (BGDE): 49.0 BTC in Q2 2024 (quarter), 0.52 EH/s realised
How we read the reports
Listed miners file their monthly production updates and quarterly results with the US Securities and Exchange Commission (as 8-K reports, or 6-K for foreign companies). CryptoKeyhole reads each company’s filings from EDGAR, finds the month or quarter a release reports on from its title, and takes the bitcoin the company says it mined in that period, the hash rate it states and any bitcoin it sold, keeping the exact sentence each figure comes from. Where a company files a period twice, the later filing counts. Companies that state production only in their quarterly and annual reports (10-Q and 10-K) are read from those: the report’s own statistics row or sentence for its quarter, or the quarter as the difference between two of the company’s year-to-date totals.
Our own Bitcoin node gives every bitcoin the network’s miners claimed in the same period (block subsidy and fees) and the network’s average hash rate (the work in its blocks over the period’s seconds). Realised hash rate = the company’s bitcoin mined ÷ the network’s × the network’s hash rate: what the company effectively ran. It needs no trust in the company’s hash-rate claim and puts monthly and quarterly reporters on one scale. Against the reported figure it shows how much of a fleet earned for its owner: machines being installed or curtailed, hosting for others and pool luck all open a gap.
History starts with the releases of October 2022. A quarter is dropped when its three monthly reports disagree with it by more than 3%; a figure that would make one company more than a third of the network is refused.
Coverage and limits
The board shows the companies whose latest production figure ended within the last six months. A company read from its quarterly reports appears a few weeks after each quarter ends; companies that state production in neither releases nor reports are not on it. Figures are the companies’ own and usually unaudited, and definitions differ: some count only self-mining, some include hosted or leased machines, and a quarter’s figure can be revised in the full report.
Every company’s periods since 2023 are in the API (/api/v1/mining/public-miners?history=1, or as CSV with &format=csv), included with Plus; the board above is free to reuse under CC BY 4.0.
Questions
Which public bitcoin miner is the largest?
How much bitcoin do public miners mine?
What is realised hash rate?
The hash rate a miner effectively ran in a period: its bitcoin mined divided by everything the network’s miners claimed, times the network’s average hash rate. It comes from what the miner was paid, so it does not rely on the hash rate the company says it has; a gap between the two is machines idle, curtailed or being installed, or hash rate run for others.
Do bitcoin miners sell the bitcoin they mine?
Can I use this data?
Yes. CryptoKeyhole licenses the board on this page under Creative Commons Attribution 4.0 (CC BY 4.0): reuse it with credit to CryptoKeyhole and a link to this page. The companies’ history in the API is part of Plus.
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Figures are as the companies state them in their SEC filings, read by CryptoKeyhole; realised hash rate and network shares are computed from our own Bitcoin node.