Original | Odaily Planet Daily (@OdailyChina)
Author | Wenser (@wenser 2010 )
Just today, BTC price officially broke through the $100,000 mark!
The BTC holdings of a number of listed mining companies have also risen sharply. Just the other day, a research report released by JPMorgan Chase showed that with the rise in BTC price, the market value of the 14 BTC mining companies it tracks has increased by 52% quarter-on-quarter, reaching $36.2 billion; Compared to around $42,000 in October, the daily revenue of BTC mining companies in November increased by 24%, reaching $52,000. At the current BTC price of $102,000, this figure is still growing.
In view of this, Odaily Planet Daily will briefly review the "star players" among the listed mining companies with BTC holdings exceeding 100 coins in this article, and summarize the recent situation of the representative companies for readers' reference.
Overview of the Top 12 BTC Holdings of Listed Mining Companies: The top holding is close to 35,000 coins
According to statistics from the BitcoinTreasuries.net website, the listed mining companies with BTC holdings exceeding 100 coins mainly include the following "star players" -
Old-school mining companies lead the way: MARA, RIOT, CLSK, HUT hold more than 9,000 BTC each
Among the listed mining companies, Marathon, Riot, CleanSpark, and Hut 8 all have BTC holdings exceeding 9,000 coins, with Marathon leading the pack with 34,959 BTC. Previously, MARA announced the acquisition of a wind farm in Texas, USA from a joint venture between the State Grid Corporation and the Washington State Investment Board, and had also increased the size of its convertible preferred note issuance to $850 million, with a portion of the proceeds planned to be used to increase its BTC holdings.
In addition, CleanSpark released its financial report for the fiscal year ending September 30, 2024 earlier this month, in which -
1. Annual revenue was $378.9 million, an increase of $210.5 million or 125% compared to the previous fiscal year;
2. Cash holdings: $122.2 million;
3. Held 8,049 BTC as of September 30, 2024.
And as of today, three months later, its BTC holdings have risen to 9,297 coins, with a holding value of $955 million. At the same time, its share price is $14.68, and the BTC holding value/market cap ratio is only 22.25%, lower than the other 3 listed mining companies.
As we enter December, Hut 8 announced on December 4th the launch of a $500 million ATM (at-the-market) program and a $250 million share buyback program, with the net proceeds from the sale of common shares under the ATM program to be used for growth initiatives, including the acquisition or development of data center and other power and digital infrastructure assets, as well as the purchase of BTC as a strategic reserve asset, with the net proceeds also to be allocated to other capital expenditures and investments, working capital, the repurchase of issued securities, debt repayment, and other general corporate purposes.
Mining companies on the move: Hive expands mining rigs, Cipher acquires mining site
Following closely are HIVE and CIFR.
The former recently announced the purchase of 13,480 Bitmain Antminer S21+ Hydros mining rigs for over $60 million to expand its operations in Paraguay. These miners can provide 4.3 EH/s of computing power. The company also obtained an option to purchase an additional 4.3 EH/s of the same product, which can be exercised within a year. If the option is fully exercised, Hive's mining computing power can be expanded to 8.6 EH/s, and it plans to reach 15 EH/s by the summer of 2025. Executive Chairman Frank Holmes stated that once fully deployed, the expansion to 15 EH/s will "based on current mining economics, drive Hive's annual revenue to over $300 million and generate over $200 million in mining profits".
The latter also recently announced the acquisition of a new mining site called Stingray in West Texas, USA, with a power capacity of up to 100 megawatts (MW). Cipher completed the transaction for $4.1 million in cash and a variable fee of $1.50 per megawatt-hour for the first five years of the site's operation. The site reportedly includes up to 100 MW of capacity, regulatory approvals, 250 acres of land adjacent to transmission assets, and an expansion agreement with Oncor, the largest transmission and distribution utility in Texas. Cipher CEO Tyler Page said, "With this site, we now have a planned data center that will come online in 2026, complementing our other new data centers planned for 2025 and 2027."
Mining companies raising funds: Canaan (CAN) completes $30 million financing
As the world's first ASIC BTC miner manufacturer and the first mining rig manufacturer to be listed on the Nasdaq, Canaan's (CAN) market performance has also exceeded expectations.
At the end of November, Canaan Inc. announced the completion of its previously disclosed Series A-1 preferred stock financing, with a total amount of $30 million. According to the information, on November 19, 2024, Canaan entered into a securities purchase agreement with an institutional investor, pursuant to which the company agreed to issue and sell 30,000 shares of Series A-1 convertible preferred stock to the buyer at a price of $1,000.00 per share.
According to its Q3 financial report released in November, its total revenue for the quarter was $73.61 million, an increase of 120.9% year-over-year; total computing power sold was approximately 7.3 million Thash/s, an increase of 93.8% year-over-year; mining revenue was $8.96 million, with 147 BTC mined, at an average revenue of $61,034 per BTC; operating loss was $56.84 million, a narrowing of 49.6% year-over-year. As of September 30, 2024, the company held 1,231.3 BTC, and the fair value of its cryptocurrency assets and cryptocurrency receivables totaled $79.02 million.
Mining is the old business: Bitfarms produced 204 BTC in November, and DMG produced 32 BTC in November
According to the disclosure at the beginning of the month, the BTC mining company Bitfarms produced 204 BTC in November, compared to 236 BTC in October, reflecting an average 1% increase in operating EH and a 7% increase in BTC difficulty. The operating speed was 12.8 EH/s on November 30, up 100% year-on-year and 11% month-on-month. The company's BTC mining output has totaled 4,482 BTC since the beginning of the year. In addition, Bitfarms sold 171 of the 204 BTC earned from its regular financial management business, with total revenue of $14.6 million. Considering the transfer of funds to Bitmain, Bitfarms held 870 BTC at the end of November, down from 1,188 BTC the previous month.
The listed mining company DMG Blockchain Solutions disclosed its BTC holdings data, with the company producing 32 BTC in November, slightly down from 34 BTC in October, and currently holding about 423 BTC (Note: This data differs slightly from the data on BitcoinTreasuries.net). In addition, the company announced that its CEO and COO recently repurchased about 200,000 shares on the open market. It is worth mentioning that the company sold 69 BTC for $71,520 at the end of October.
The big trend: Listed mining companies are becoming a hotbed of mergers and acquisitions
According to statistics, the transactions facilitated by crypto mining companies Cleanspark, Bitfarms, MARA, Riot, Bit Digital, and Cathedra will result in M&A transactions worth over $470 million by 2024.
In addition, according to Cointelegraph data at the end of November, the total market value of listed mining companies has exceeded $40 billion, doubling in seven months.
Crypto mining company market value doubles in 7 months
Conclusion: BTC mining difficulty continues to hit new highs, and competition among listed mining companies is fierce
Previously, according to CloverPool data, the BTC mining difficulty saw an adjustment at block height 872,928 (2024-12-02 23:34:00), with the mining difficulty increasing by 1.59% to 103.92 T, setting a new all-time high.
At the same time, faced with fierce industry competition, listed mining companies are increasingly seeing the hot artificial intelligence field as a "lifesaver", with many companies vowing to transform and build computing power data centers. Previously, Blockware's chief analyst Mitchell Askew pointed out that "the macroeconomic environment is becoming increasingly favorable, and mining companies continue to diversify into the artificial intelligence field. Some BTC mining companies have also benefited from diversifying into artificial intelligence and high-performance computing." Of course, Luxor Technology CEO and co-founder Nick Hansen also stated that the BTC mining hash price is far lower than a year ago, and crypto mining companies still face challenges.
Going forward, the future development of listed mining companies may depend on whether Trump can fulfill his previous boast of "Make BTC made in USA" and whether the "BTC National Strategic Reserve Plan" can be successfully implemented.
As the veteran mining company MARA previously called for: The US must take decisive action to establish a BTC strategic reserve, and protect national security through hash power control.
