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OVERVIEW
BTDR
GLXY
MARA
ARBK
SDIG
BTBT
CLSK
GREE
HIVE
RIOT
WULF
IREN
BITF
HUT8
CAN
CORZ
CIFR


PRICE-TO-HASH RATIO OF PUBLIC BITCOIN MINING COMPANIES

Unit: U.S dollars per TH/s in realized hashrate

May'24Apr'24Mar'24Feb'24Jan'24Dec'23Nov'23Oct'23Sep'23Aug'23Jul'23Jun'23May'23Apr'23Mar'23Feb'23
CLSKMARACIFRBITFRIOTWULFIRENCORZBTDRBTBTHIVE050100150200$/TH/s
200


Enterprise value has been adjusted for mining segment using a fair share revenue
approach

Chart: TheMinerMag • Source: Yahoo Finance, SEC Filings, TheMinerMag
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MONTHLY SUMMARY OF PUBLIC BITCOIN MINING COMPANIES

Unit: Number of BTC

Production Liquidation/Production Ratio Market Share by Production Holdings
Jan'23FebMarAprMayJunJulAugSepOctNovDecJan'24FebMarAprMay02K4K6K8KBTC
8K


Aggregating data from 16 public companies with bitcoin self-mining business

Chart: TheMinerMag • Source: SEC Filings
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BITCOIN MINING COMPANIES MAY 2024 RECAP

Unit: Number of BTC

Production Holdings Liquidation/Production
MARACORZCLSKIRENRIOTWULFBTDRCIFRBITFHIVEBTBTARBKDMGHUT80200400600800BTC
800


 

Chart: TheMinerMag • Source: Public Filings
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REALIZED HASHRATE OF BITCOIN MINING COMPANIES

Unit: EH/s

May'24Apr'24Mar'24Feb'24Jan'24Dec'23Nov'23Oct'23Sep'23Aug'23Jul'23Jun'23May'23Apr'23Mar'23Feb'23Jan'23
MARACORZCLSKRIOTIRENBTDRWULFCIFRBITFHIVESDIGBTBTDGHIARBKDMGHUT80510152025EH/s
...


Realized hashrate derives from one's production of bitcoin and bitcoin
equivalent from proprietary hashrate

Chart: TheMinerMag • Source: SEC Filings; TheMinerMag
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BITCOIN MINING DAILY PRODUCTION BENCHMARKS

The amount of BTC that one EH/s of operating hashrate should produce each day in
a month

Jan'23FebMarAprMayJunJulAugSepOctNovDecJan'24FebMarAprMay01234BTC/EH/s
4


 

Chart: TheMinerMag • Source: BTC.com; TheMinerMag
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BITCOIN HASHRATE REALIZATION RATE BY COMPANIES

To what extent a mining operation has turned its installed proprietary hashrate
into effective BTC and BTC equivalent production

May'24Apr'24Mar'24Feb'24Jan'24Dec'23Nov'23Oct'23Sep'23Aug'23Jul'23Jun'23May'23Apr'23Mar'23Feb'23Jan'23
BTDRHIVEWULFCLSKIRENBTBTRIOTCORZMARABITFCIFRARBKHUT8020406080100120%
120


 

Chart: TheMinerMag • Source: SEC Filings
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IMPLIED TOTAL HASHCOST FROM PROPRIETARY HASHRATE OF MINING COMPANIES

Unit: $US/PH/s

Q1'24Q4'23Q3'23Q2'23Q1'23
CANMARAARBKWULFGREERIOTBTBTHUT8BITFIRENBTDRCORZCIFRCLSKSDIGHIVECormint020406080100US$/PH/s
100


Total hashcost includes fleet hashcost as well as corporate and financial
hashcosts.

Chart: TheMinerMag • Source: SEC Filings, TheMinerMag
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IMPLIED FLEET HASHCOST FROM PROPRIETARY HASHRATE OF MINING COMPANIES

Unit: $US/PH/s

Q1'24Q4'23Q3'23Q2'23Q1'23
CANNYDIG via
G…ARBKMARABTBTBTDRGREERIOTBITFIRENHUT8CORZWULFCLSKCIFRSDIGHIVECormint020406080US$/PH/s
80


Excludes depreciation; includes BTC equivalent generated from proprietary
hashrate activities besides self-mining.

Chart: TheMinerMag • Source: SEC Filings, TheMinerMag
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IMPLIED ALL-IN COST OF MINING FROM PROPRIETARY HASHRATE

Unit: U.S dollars in thousands per BTC

Q1'24Q4'23Q3'23Q2'23Q1'23
CANMARAWULFGREERIOTBTBTHUT8BITFIRENBTDRCORZCIFRCLSKSDIGARBKHIVECormint010K20K30K40K50KUS$/BTC
...


All-in mining costs include the cost of bitcoin production as well as corporate
overhead and financial expenses

Chart: TheMinerMag • Source: SEC Filings; TheMinerMag
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IMPLIED COST OF BITCOIN PRODUCTION FROM PROPRIETARY HASHRATE

Unit: U.S dollars per BTC mined

Q1'24Q4'23Q3'23Q2'23Q1'23
CANNYDIG via
G…MARABTBTBTDRGREERIOTBITFIRENHUT8CORZWULFCLSKCIFRSDIGARBKHIVECormint010K20K30K40KUS$/BTC
40K


Excludes depreciation; includes BTC equivalent generated from proprietary
hashrate activities besides self-mining.

Chart: TheMinerMag • Source: SEC Filings; TheMinerMag
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BITCOIN MINING DAILY HASHCOST BY EQUIPMENT

Unit: U.S dollars per PH/s

Efficiency
(J/TH)$0.04/kWh$0.045/kWh$0.05/kWh$0.055/kWh$0.06/kWh$0.065/kWh$0.07/kWh$0.075/kWh$0.08/kWh$0.085/kWh$0.09/kWh$0.095/kWh$0.1/kWh
M21S (60 J/TH)A1146 (56 J/TH)T17+ (50 J/TH)M31S (46 J/TH)S17Pro (40 J/…M30S+ (34
J/…S19Pro (30 J/…S19XP (22 J/…A1466I (19.5…S21 (17.5 J/TH)S21 Hydro
(1…0102030405060$/PH/s
...


 

Chart: TheMinerMag • Source: F2Pool; TheMinerMag
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EQUITY FINANCING BY INDIVIDUAL MINING COMPANIES

Unit: U.S dollars in millions

Q3'23Q2'23Q1'23Q4'22Q3'22Q2'22Q1'22
CLSKRIOTBITFWULFMARABTBTSDIGARBKHIVECIFRCORZGREEHUT8025M50M75M100M125M150MUS$
150M


 

Chart: TheMinerMag • Source: SEC Filings; TheMinerMag
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CONSOLIDATED CASH FLOW ACTIVITIES OF PUBLIC MINING COMPANIES

Unit: U.S dollars in millions

Equity FinancingDebt FinancingLoans OutstandingNet Spending on PP&E
Q1'22Q2'22Q3'22Q4'22Q1'23Q2'23Q3'23Q4'23Q1'24Q2'24 QTD0500M1B1.5B2BUS$
2B


Includes data from 17 public mining operations where applicable

Chart: TheMinerMag • Source: SEC Filings; TheMinerMag
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MARKET SHARE OF TOP 10 BITCOIN MINING POOLS

By Monthly Total Blocks Mined

Foundry USAAntPoolF2PoolBinance
PoolViaBTCBTCcom1/2Jan'23FebMarAprMayJunJulAugSepOctNovDecJan'24FebMarAprMay0%20%40%60%80%100%Blocks
0/0


 

Chart: TheMinerMag • Source: BTC.com
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NYDIG via GREE
NYDIG via GREE
S17Pro (40 J/TH)
M30S+ (34 J/TH)
S19Pro (30 J/TH)
S19XP (22 J/TH)
A1466I (19.5 J/TH)
S21 Hydro (16 J/TH)