The Landscape of Publicly Listed Crypto-Mining Companies: 2022Q1

May 2022 - Crypto Oxygen

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This report provides a comparative analysis of the largest publicly listed cryptocurrency mining players in 2022Q1, including strategic, financials and operational comparisons.

Strategic comparison gives an overview of selected key differentiators of listed mining companies regarding their business model and business strategy. These include location sites, geographical presence, business models and energy sources.

Financials comparison provides such metrics as revenue and gross profit, revenue mix and vertical integration effects on GP margin.

Operational comparison reviews network hashrates, current and planned hashrates, current and planned hashrates per USD invested, price performance vs Bitcoin price, the impact of BTC holdings on correlation with BTC price and the impact of hashrate on market cap.

The appendix gives an introduction to crypto mining and includes a case study for each of the analyzed companies. The companies discussed include Argo blockchain (ARBK), Bit Digital (BTBT), Bitfarms (BITF), Core Scientific (CORZ), Greenidge (GREE), Hive (HIVE), HUT 8 Mining (HUT8), Iris Energy (IREN), Marathon Digital (MARA), Northern Data (NB2), Riot Blockchain (RIOT) and Stronghold Digital Mining (SDIG).

In addition, the report discusses hashrate evolution, mining profitability, the importance of electricity cost and mining hardware cost.