Top 10: Digital Mining Companies

The digital mining industry has undergone a significant transformation in recent years, evolving from a niche corner of the cryptocurrency world into a full-blown infrastructure sector that commands billions of dollars in institutional investment.

At its core, digital mining refers to the process of validating transactions on blockchain networks, predominantly Bitcoin, using high-performance computing hardware known as application-specific integrated circuits, or ASICs. These machines compete to solve complex mathematical puzzles, with the winning miner rewarded in newly minted cryptocurrency.

The most consequential pivot for the industry has been toward AI and high-performance computing infrastructure, with miners leveraging their existing power contracts, land assets and data centre expertise to chase the insatiable appetite of AI hyperscalers for compute capacity.

The following ranking profiles the 10 largest public digital mining companies operating today.

10. Phoenix Group

Founded: 2017
HQ: Abu Dhabi, UAE
CEO: Munaf Ali

Phoenix Group is a diversified blockchain technology and cryptocurrency mining firm headquartered in Abu Dhabi. Founded in 2017, it reached a significant regulatory milestone in October 2023 by becoming the first industry entity to list on the Abu Dhabi Securities Exchange (ADX). Led by CEO Munaf Ali, the company operates a multi-vertical business model encompassing self-mining, hosting, trading and investments.

The group manages over 500 MW of power capacity across the UAE, North America, and East Africa, including the largest mining facility in the MENA region. Financially, Phoenix maintains a digital asset treasury exceeding US$150m in Bitcoin and Solana. The company aims to expand its hybrid infrastructure to 1 GW by 2027 while exploring a potential dual listing on the Nasdaq.

9. Bitdeer Technologies Group

Founded: 2021
HQ: Singapore
CEO: Jihan Wu

Bitdeer Technologies Group is a vertically integrated mining technology company headquartered in Singapore. Formed as a spin-off from Bitmain and led by Jihan Wu. The firm transitioned to a public listing on Nasdaq in 2023. Bitdeer distinguishes itself by designing proprietary ASIC chips, such as the SEALMINER series, and managing over 1,257 MW of electrical capacity across the US, Norway and Bhutan.

Beyond self-mining, the company provides cloud hash rate services and hosting. Recent strategic expansions include a partnership with the Bhutanese government for renewable energy mining and the development of AI-focused HPC data centers.

8. CleanSpark

Founded: 2014
HQ: Henderson, Nevada, US
CEO: Zach Bradford

CleanSpark is a Nevada-based Bitcoin mining company that transitioned from energy technology to digital asset production in 2020. The firm operates a vertically integrated network across the United States, distinguished by an industry-leading fleet efficiency of approximately 16 J/Th.

Under CEO Zach Bradford, CleanSpark has prioritised a 'pure-play' Bitcoin strategy, avoiding the industry trend toward AI diversification. This focus has resulted in a 567% increase in its Bitcoin treasury since 2023. The company’s operational model relies on renewable energy and disciplined infrastructure expansion to maintain profitability in high-cost energy environments.

7. MARA Holdings

Founded: 2010
HQ: Fort Lauderdale, Florida, US
CEO: Fred Thiel

MARA Holdings is a global digital infrastructure company and one of the largest publicly traded holders of Bitcoin. Formerly Marathon Digital, the firm operates a 1.9 GW power footprint and a hash rate of 60 EH/s across four continents.

Under CEO Fred Thiel, MARA recently initiated a strategic shift toward AI and High-Performance Computing, partnering with Starwood Digital Ventures to develop 1 GW of IT capacity. To fund this transition and reduce leverage, the company liquidated over 15,000 BTC in early 2026, using the US$1.1bn proceeds to retire significant convertible debt.

6. Core Scientific

Founded: 2017
HQ: Dover, Delaware, US
CEO: Adam Sullivan

Core Scientific is a US-based digital infrastructure firm that successfully emerged from Chapter 11 bankruptcy in early 2024. Led by CEO Adam Sullivan, the company operates nine data centres across six states.

While originally focused on Bitcoin mining, Core Scientific has pivoted toward high-performance computing (HPC) by converting facilities to support AI workloads.

This strategic shift culminated in a July 2025 agreement to be acquired by GPU cloud provider CoreWeave in an all-stock transaction. If finalised, the merger represents a significant consolidation between the cryptocurrency mining sector and the broader AI compute economy.

5. Riot Platforms

Founded: 2000
HQ: Castle Rock, Colorado, US
CEO: Jason Les

Riot Platforms is a Colorado-based Bitcoin infrastructure leader specialising in large-scale data centre operations. The company manages a 1.7 GW power pipeline, primarily through its Rockdale and Corsicana facilities in Texas.

Under CEO Jason Les, Riot has achieved a deployed hash rate of 42.5 EH/s while maintaining an all-in power cost of 3.0c/kWh via sophisticated grid participation. In 2026, the firm initiated a strategic pivot toward AI and High-Performance Computing, securing a hosting lease with AMD and liquidating a portion of its 15,680 BTC treasury to fund a 112 MW AI-dedicated data center expansion.

4. Cipher Mining

Founded: 2021
HQ: New York, US
CEO: Tyler Pag

Cipher Digital is a Texas-based infrastructure firm that transitioned from dedicated Bitcoin mining to a hybrid compute model in early 2026. Led by CEO Tyler Page, the company utilises institutional-grade management to operate large-scale data centres powered by wind energy.

Cipher’s strategy relies on hyperscale-grade facility designs that support both digital asset production and High-Performance Computing (HPC).

By leveraging its team's experience in building infrastructure for global tech giants, the firm aims to capture value at the intersection of blockchain and AI, using its proprietary data on hardware efficiency to maintain a structural cost advantage.

3. Hut 8

Founded: 2017
HQ: Miami, Florida, US
CEO: Asher Genoot

Hut 8 is a Miami-headquartered energy infrastructure firm that transitioned from pure Bitcoin mining to a power-first compute model. Led by CEO Asher Genoot, the company manages an 8,500 MW energy pipeline.

A defining milestone was its 2025 US$7bn AI infrastructure deal backed by Google. To optimise its capital structure, Hut 8 spun off its mining operations into a subsidiary, American Bitcoin (Nasdaq: ABTC), in April 2025.

In early 2026, the firm sold its Ontario gas plants to focus on hyperscale AI data center delivery, maintaining a Bitcoin reserve of 13,696 BTC as a primary balance sheet asset.

2. TeraWulf

Founded: 2021
HQ: Easton, Maryland, US
CEO: Paul Prager

TeraWulf Inc. is a Maryland-based infrastructure firm specialising in zero-carbon data centres for Bitcoin mining and AI hosting. Led by CEO Paul Prager, the company reported 2025 revenues of US$168.5m and manages a 3.1 GW energy pipeline.

TeraWulf’s strategy centres on a major pivot to AI, highlighted by a US$9.5bn agreement with Fluidstack to develop 168 MW of capacity in Texas.

In 2026, Google solidified its role as a strategic partner, providing a US$3.2bn backstop for the company’s AI expansion, transitioning TeraWulf from a volatile miner to an institutional-grade infrastructure provider.

1. IREN (Iris Energy)

Founded: 2018
HQ: Sydney, Australia
CEO: Daniel Roberts & Will Roberts (Co-CEOs)

IREN Limited is an Australian-founded infrastructure firm that operates renewable-powered data centres across North America. Formerly Iris Energy, the company specialises in a dual-track business model combining Bitcoin mining with high-density AI cloud services.

In FY 2025, IREN reported US$501m in revenue and its first net profit of US$86.9m. Driven by a US$9.7bn contract with Microsoft, the firm is expanding its hardware fleet to 150,000 NVIDIA GPUs. With a 2.3 GW power pipeline and a major 1.4 GW substation in Texas, IREN is positioning itself as a primary provider of hyperscale AI compute.