Riot Overtakes Marathon as Lead Bitcoin Miner by Market Cap

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.

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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.

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Jesus Dawal

Jesus Dawal Jr covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.