In 2026, the Bitcoin mining industry is undergoing a significant transformation. The effects of halving and declining profits have forced miners of the first cryptocurrency to radically change their business models. While some are focusing on aggressive acquisitions, others are diversifying by offering their computing power for AI calculations.
ForkLog has analyzed the characteristics of leading mining companies.
The article uses data on the operational hash rate (EH/s) of mining companies directly involved in operations, sourced from the aggregator BitcoinMiningStock as of March 25, 2026.
The estimated cost of mining 1 BTC includes electricity and other expenses incurred by the companies. Data was collected from financial reports for Q4 2025, published by TheEnergyMag.
Here are the top 10 Bitcoin mining companies ranked by operational hash rate.
1. Bitdeer Technologies (BTDR)
Founded: 2020
Operational Hash Rate: 68 EH/s
Cost to Mine 1 BTC: $93,986
Founded by Jihan Wu, Bitdeer is currently the main beneficiary of 2026, with an annual growth of 655% in its operational hash rate. Unlike most competitors, the company uses proprietary ASIC chips.
Bitdeer's data centers are located worldwide, from Texas and Ohio to Norway and Bhutan. Its own ASIC devices and access to cheap green energy allow the firm to keep direct mining costs low at $52,660.
At the beginning of 2026, the miner accelerated its transition to AI infrastructure by launching Nvidia GPU clusters in Malaysia and planning to reorient its sites in the US and Europe. In February, to cover expenses, Bitdeer sold all mined and held coins—around 943.1 BTC (~$66 million at the time of writing).
2. MARA Holdings (MARA)
Founded: 2010 (shift to mining in 2017)
Operational Hash Rate: 61.7 EH/s
Cost to Mine 1 BTC: $108,271
In 2017, the company radically shifted its focus from intellectual property protection in technology to cryptocurrency mining.
MARA is the second-largest Bitcoin holder among public companies. Besides mining, it periodically acquires coins for reserves. As of March 25, 2026, it manages 52,850 BTC worth $3.77 billion.
In addition to sites in Texas, North Dakota, and Nebraska, the company's operations extend to facilities in the UAE, Finland, and Paraguay based on the Itaipu hydroelectric plant. The fleet primarily consists of Bitmain Antminer S21 and S21 Pro.
In February 2026, MARA unveiled a long-term transformation strategy—"from a pure Bitcoin miner to an energy and digital infrastructure company." The firm has the right to invest up to 50% in each individual project while retaining the ability to continue mining at sites with favorable energy tariffs.
3. CleanSpark (CLSK)
Founded: 1987 (shift to mining in 2020)
Operational Hash Rate: 43.2 EH/s
Cost to Mine 1 BTC: $73,499
Initially, CleanSpark focused on software development for managing local energy grids—this engineering background has become its main asset in mining. The company's direct costs to mine 1 BTC are $52,510.
CleanSpark gained its giant status during the 2022 crypto winter. While competitors struggled with debts, the company with a strong balance sheet began methodically acquiring undervalued facilities and the latest ASIC miners at a discount. Its aggressive acquisition strategy and expertise in energy distribution allowed it to secure a spot among the top three.
CleanSpark is firmly established in the US, with its main infrastructure concentrated in Georgia, Mississippi, and Wyoming. The company is one of the largest buyers of Bitmain Antminer S21 globally, achieving an efficiency rate of 16.07 J/TH.
CleanSpark utilizes substantial Bitcoin reserves (13,099 BTC) as working capital, obtaining credit lines secured by cryptocurrency. Simultaneously, the firm adapts its infrastructure for AI, expands its team, and seeks tenants for its computing power.
4. IREN (IREN)
Founded: 2018
Operational Hash Rate: 43 EH/s
Cost to Mine 1 BTC: $64,222
The Australian project IREN, founded by the Roberts brothers, initially made a strong commitment to renewable energy. However, in 2022, due to declining profitability, the company had to hand over some ASIC miners to creditors. Nevertheless, it managed to retain its core data centers and energy infrastructure.
After overcoming the crisis, IREN made one of the industry's most successful comebacks. The company was among the first to begin mass purchasing flagship Nvidia GPUs for cloud AI calculations. Its hybrid model of mining and data centers, along with a complete divestment from cryptocurrency reserves, has made IREN an attractive investment, reflected in a record capitalization of $13.6 billion.
IREN's facilities are located in British Columbia, Canada, and Childress, Texas. Its reliance on renewable hydro and wind energy has reduced direct costs to mine 1 BTC to $38,000, making the company a leader in energy efficiency.
5. Riot Platforms (RIOT)
Founded: 2000 (shift to mining in 2017)
Operational Hash Rate: 34.9 EH/s
Cost to Mine 1 BTC: $101,316
The company was originally named Bioptix and focused on developing diagnostic equipment for veterinary medicine. Now, all of Riot's operations are concentrated at its Rockdale, Texas facility (700 MW, immersion cooling). A mega-site is under construction in Corsicana (1000 MW, immersion cooling) and Kentucky (60 MW, air cooling).
Unlike most competitors reliant on Bitmain, Riot has formed a strategic partnership with MicroBT. The firm has massively acquired WhatsMiner M66S and M56S+ models specifically designed for liquid cooling.
Thanks to contracts with the Texas operator ERCOT, the company earns substantial "energy credits" for voluntarily shutting down equipment during peak load hours on the state's grid.
In January 2026, the company acquired approximately 81 acres for $96 million near its flagship data center in Rockdale. The firm financed the purchase with its own funds, selling 1,080 BTC. Under a contract with AMD, Riot will gradually introduce AI computing capabilities from January to May 2026.
6. Cango (CANG)
Founded: 2010 (shift to mining in 2024)
Operational Hash Rate: 34.55 EH/s
Cost to Mine 1 BTC: $82,026
Historically, Cango was a Chinese financial platform for the automotive industry. However, at the end of 2024, hundreds of millions of dollars in excess capital were directed towards acquiring ASIC miners and crypto infrastructure. This maneuver allowed the company to break into the top tier of global Bitcoin mining within a year, surpassing many market veterans.
The Cango fleet consists of Bitmain Antminer S19 XP ASIC miners installed at sites managed by the manufacturer. This business model has enabled the firm to rapidly scale its hash rate without needing to invest capital and time in building data centers, but it has made it dependent on hosting tariffs.
In February 2026, Cango sold 4,451 BTC to reduce its debt burden and strengthen its balance sheet. In March, the firm shut down 30% of its hash rate. Instead of accumulating and mining, the company now views Bitcoin as a treasury asset to fund new AI initiatives.
7. HIVE Digital Technologies (HIVE)
Founded: 2017
Operational Hash Rate: 22.2 EH/s
Cost to Mine 1 BTC: $74,338
For a long time, the company distinguished itself by mining Ethereum alongside Bitcoin using GPUs until the network transitioned to Proof-of-Stake. HIVE then repurposed its GPU farms for high-performance AI computing.
HIVE's data centers are located in regions with green energy: Canada, Sweden, and Iceland. Utilizing cheap hydro and geothermal energy in a cold climate allows them to save on cooling costs.
In March 2026, HIVE Digital Technologies launched its first GPU cluster for artificial intelligence in Paraguay. Previously, the miner announced the cessation of Bitcoin mining in Sweden and the expansion of GPU capabilities in Canada.
8. American Bitcoin (ABTC)
Founded: 2025 (2017—registration of parent company Hut 8)
Operational Hash Rate: 21.9 EH/s
Cost to Mine 1 BTC: $56,279
The company emerged from a merger with parent company Hut 8. Prior to this, the firm received 80% of American Data Centers in exchange for nearly its entire fleet of devices, backed by a group of investors led by Eric Trump and Donald Trump Jr. The enterprise was relaunched as American Bitcoin.
In March 2026, the miner acquired an additional 11,298 ASIC devices for its data center in Drumheller, Canada, with a claimed energy efficiency of 13.5 J/TH. This upgrade will increase American Bitcoin's computing power by 3.05 EH/s, bringing its equipment total to 89,242 units.
The company ranks among the top three for direct costs to produce 1 BTC at $46,916.
9. Core Scientific (CORZ)
Founded: 2017
Operational Hash Rate: 15.7 EH/s
Cost to Mine 1 BTC: $129,945
At the end of 2022, being the largest miner in the world, the company could not withstand its debt load due to the market crash and issues with its major client Celsius Network and filed for bankruptcy. In early 2024, the court approved a reorganization with a relisting on the exchange under the ticker CORZ.
The comeback was marked by a deal: in 2024, Core Scientific signed a $3.5 billion contract with AI hyperscaler CoreWeave to repurpose part of its data centers for high-performance computing, becoming a leader in the trend of merging crypto mining with AI.
In July 2025, CoreWeave signed an agreement to acquire Core Scientific, valuing it at $9 billion.
In March 2026, the miner announced the sale of all its 2,537 BTC and secured a $500 million loan to build data centers for AI. The company plans to finance the purchase of equipment, preliminary construction work, land acquisition, and the connection of new energy capacities for data centers.
10. Bitfarms (BITF)
Founded: 2017
Operational Hash Rate: 12.3 EH/s
Cost to Mine 1 BTC: $89,494
Canadian Bitfarms initially built its business on geographical diversification. While others fought for outlets in Texas, they deployed farms in Canada, Argentina, and Paraguay, where access to ultra-cheap hydroelectric power is available, isolated from major cities.
In 2024, Bitfarms faced an aggressive hostile takeover attempt from Riot Platforms. To prevent this, the miner employed a classic Wall Street defense strategy—a "poison pill."
After the incident, the company upgraded its fleet. Bitfarms has made a major bet on South America by installing 10,000 Antminer T21 devices designed to operate in extreme temperatures.
At the end of 2025, Bitfarms announced a gradual winding down of its Bitcoin mining operations and a shift towards developing infrastructure for artificial intelligence by 2027. The first phase will involve repurposing an 18 MW farm in Washington State.