{"id":69027,"date":"2022-10-24T17:58:42","date_gmt":"2022-10-24T14:58:42","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=69027"},"modified":"2025-09-07T17:31:01","modified_gmt":"2025-09-07T14:31:01","slug":"report-public-miners-share-of-bitcoins-hashrate-hits-25","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/report-public-miners-share-of-bitcoins-hashrate-hits-25\/","title":{"rendered":"Report: Public miners\u2019 share of Bitcoin\u2019s hashrate hits 25%"},"content":{"rendered":"<p>Over the year, the share of publicly listed mining companies in Bitcoin&#8217;s hashrate rose by 295% to 58 EH\/s. In aggregate, this accounts for 25%, according to a report by Hashrate Index analyst Jaran Mellerud.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Learn more here: <a href=\"https:\/\/t.co\/A78v8vhYUS\">https:\/\/t.co\/A78v8vhYUS<\/a><\/p>\n<p>\u2014 Jaran Mellerud (@JMellerud) <a href=\"https:\/\/twitter.com\/JMellerud\/status\/1584502415826354178?ref_src=twsrc%5Etfw\">October 24, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In October 2021, private miners accounted for 90% of the network&#8217;s computational power.<\/p>\n<p>During last year&#8217;s bullish market, many companies in the industry went public, gaining access to capital to expand operations. The firms invested in mining facilities with deliveries through the current year and into early 2023.<\/p>\n<p>This drove up their share in the hashrate. Private companies, lacking such financial firepower, increased it by only 58% over the year, Mellerud noted.<\/p>\n<p>The sharp growth in compute power among private miners began in January 2022 after <a href=\"https:\/\/u1f987.com\/en\/news\/core-scientific-goes-public-on-nasdaq-via-spac-merger\">the listing on the exchange of the industry&#8217;s largest company<\/a> Core Scientific.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/FV8HILk0ubGkmTeW-t2F1qm2yOHuDhfgfq7AB4gXqoWxBUtT2ZDKbBAicBpJu-SQP3q8be6RqYJ4LHKVdzcD_AODmVjEv6wAAZMoUBVs0eUTn-NRFemU9xEAuzRQvXN9xcADb-a7kNGngnWqRIKzRUcLkkpSUq3lu5oCsH0o5T6FKFXjCI2PjtbZHQ\" alt=\"Report: share of public miners in Bitcoin's hashrate reached 25%\"\/><figcaption>Growth of public miners&#8217; share in Bitcoin&#8217;s hashrate. Data: Hashrate Index.<\/figcaption><\/figure>\n<p>As of October, the company&#8217;s share of the network&#8217;s total hashrate reached nearly 5% \u2014 13 EH\/s. Core Scientific plans to raise capacity to 17 EH\/s by the end of 2022.<\/p>\n<figure class=\"wp-block-image is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/F519TOkd8pFcJHySfNCPL-k_romGBaHKNxBB4lGD81hdnvXQuKvImOjsaC4XzXj6BoOplawZz_s3BHG5AqdCOpDSCiy0QsY_M2WFzpTnH1d4ToDCMH8QjrUsXKGFGPTBH34-WP9cA-Ia3w12ISh9R97OWNsHJ3i3zwVxqdrgLQkwy9537Jlb0GwZnA\" alt=\"Report: share of public miners in Bitcoin's hashrate reached 25%\" width=\"840\" height=\"551\"\/><figcaption>Top-10 public miners by share of Bitcoin&#8217;s hashrate. Data: Hashrate Index.<\/figcaption><\/figure>\n<p>Marathon Digital and Riot Blockchain, ranking second and third, also plan substantial capacity expansions by mid-2023: to 13.5 EH\/s and 23 EH\/s respectively.<\/p>\n<p>According to Mellerud, by this timeframe the share of public miners in Bitcoin&#8217;s hashrate could reach 40%. The continued delivery of previously ordered equipment will drive further growth. Some companies already have thousands of devices in warehouses awaiting connection, the analyst noted.<\/p>\n<p>However, in his view, the growth rate will slow. This is due to the financial difficulties public miners face and possible bankruptcies. Mellerud also noted that most companies in the sector (apart from Bitfarms) operate and expand in North America. Tariffs in the region, as in Europe, have suffered more than others from rising energy prices.<\/p>\n<p>Private miners have greater flexibility in seeking a cheap power source in South America, Asia, and even Africa, the analyst says. This is their advantage, he added.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Therefore, I believe that in the long run we will never see public miners controlling more than half of Bitcoin&#8217;s network,&#8221; concluded Mellerud.<\/p>\n<\/blockquote>\n<p>Earlier in September, the sector <a href=\"https:\/\/u1f987.com\/en\/news\/compute-north-files-for-bankruptcy\">faced its first major bankruptcy<\/a> \u2014 Compute North, a private mining company and hosting provider, filed for bankruptcy.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news on our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Over the year, the share of publicly listed mining companies in Bitcoin&#8217;s hashrate rose by 295% to 58 EH\/s. In aggregate, this accounts for 25%, according to a report by Hashrate Index analyst Jaran Mellerud.<\/p>\n","protected":false},"author":1,"featured_media":69028,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,1252],"class_list":["post-69027","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-reports"],"aioseo_notices":[],"amp_enabled":true,"views":"39","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69027","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=69027"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69027\/revisions"}],"predecessor-version":[{"id":69029,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69027\/revisions\/69029"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/69028"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=69027"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=69027"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=69027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}