Riot Overtakes Marathon as Lead Bitcoin Miner by Market Cap

+5000-EazyPay-Merchants-Now-Accept-Bitcoin
  • Riot Blockchain is now the largest publicly traded bitcoin mining firm by market capitalization.
  • Riot mined 521 bitcoins in November alone, although the firm expected up to 660 BTC.
  • Meanwhile, Core Scientific may run out of cash by the end of the year.

Despite massive market losses and capitulation, leading bitcoin mining firms are still operating today. In fact, a few interesting developments have happened among bitcoin miners recently.

Read CRYPTONEWSLAND on Google News google news

For instance, Riot Blockchain has overtaken Marathon as the largest public bitcoin mining company in terms of market capitalization.

The graph was provided by Arcane Research analyst Jaran Mellerud. For clarity, only those included in the graph are the highest publicly listed companies. The market cap displayed shows how much capital these bitcoin miners still have despite the crypto winter.

Riot Blockchain also announced that it reached an all-time high (ATH) hash rate capacity in November 2022. In addition, it mined up to 521 BTC during the said month, which is worth around $8.8 million, given current market prices.

The above-said figure is lower than what Riot Blockchain expected, however. Specifically, Riot hoped to mine 660 bitcoins in the month of November. Now, the company is switching its mining pool for a better performance this December, according to a press release.

Meanwhile, Core Scientific reiterated that it may become bankrupt by the end of 2022 due to market conditions and expenses related to mounting lawsuits. Core Scientific is the largest publicly traded bitcoin mining firm in terms of computing power. However, its shares (CORZ) have nosedived significantly, resulting in massive capitulation.

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

retik-new-banner-hor

related posts

The Impact of VeChain’s Revolutionary Marketplace-as-a-Service Platform

In a groundbreaking move, VeChain has unveiled its much-anticipated Marketplace-as-a-Service (MaaS) platform, heralding a new era in digital asset management. This innovative platform offers a no-code solution, empowering both businesses and individuals to create NFT marketplaces for digital and physical products.  Read CRYPTONEWSLAND on google news More significantly, it facilitates the tokenization of real-world assets, a game-changing development for the blockchain industry. To mark the launch of MaaS, VeChain has secured a partnership with Gresini Racing, an Italian MotoGP team, in collaboration with ExPlus, making them the premier enterprise user of this cutting-edge marketplace technology. VeChain’s MaaS platform incorporates NFC