Bitcoin mining enterprises face the challenge of halving in 2024, responding to market changes through strategies such as acquisitions, expanding computing power, and diversifying business. Former U.S. President Trump supports Bitcoin mining, driving the market value growth of mining enterprises. The top 10 mining enterprises mined over 20 thousand BTC this year, with a market value of 28.80 billion U.S. dollars. Companies like Marathon Digital, CleanSpark, Riot Blockchain, etc., are increasing computing power and transforming their businesses to enhance market share and profitability. Mining enterprise stocks have shown strong performance, with investment institutions optimistic about their future performance.

After the halving event, a series of news is revealing the true colors of mining companies under the test of survival. In fact, since entering 2024, the movements of listed mining companies have become the focus of capital attention. Especially recently, former U.S. President Donald Trump once openly supported Bitcoin mining activities, which has boosted market optimism towards mining companies. According to CompaniesMarketCap data, as of June 18, the total market value of 21 listed mining companies in the U.S. has risen to 28.80 billion dollars. As mining companies face increasingly brutal reshuffling and integration, future market share will concentrate on mining companies with stronger capital, and many institutions have provided investment advice for mining companies. For example, Bernstein suggests investors buy stocks of outstanding cryptocurrency mining companies; 10x Research recently stated that stocks of cryptocurrency mining companies may further rise, recommending investment under the potential bullish trend of Bitcoin. This article from PANews lists the Top 10 market value U.S. listed mining companies. From the market trends, these companies have collectively mined over 21 thousand bitcoins this year. With the significant compression of profit space after the Bitcoin halving, these companies have come up with coping strategies. The competition among mining companies for hash rate expansion, business transformation, and mergers has begun. In terms of stock performance, the top ten listed mining companies have an average highest increase of about 88.3% this year, with a total market value exceeding 24.60 billion dollars, accounting for over 91.6% of the overall market size (data as of June 17). Marathon Digital Holdings is the largest publicly traded Bitcoin mining company. According to Bitcointreasuries.net data, Marathon holds over 17 thousand bitcoins. In 2023, Marathon mined 12.85 thousand bitcoins, generating over 3.80 billion dollars in revenue. So far this year, Marathon has mined 4277 bitcoins. In the past few months, Marathon has been continuously optimizing its mining products and expanding its hash rate. The company plans to increase its hash rate to 50 EH/s by the end of 2024, doubling from the beginning of the year. For example, Marathon Digital acquired Applied Digital's Bitcoin mining data center for 87.30 million dollars, collaborated with NiceHash to launch custom firmware optimized for NiceHash mining platform ASIC miners, and introduced mining products MARAFW firmware and MARA UCB 2100 control board to enhance the efficiency and performance of Bitcoin miners. Additionally, Marathon has diversified its business, including launching Bitcoin sidechains and related development platform Anduro, and signing an agreement with Kenya to invest over 80 million dollars to develop the country's energy infrastructure, among others. CompaniesMarketCap data shows that Marathon's market value is 5.50 billion dollars, ranking 2473rd globally, a more than 14.1-fold increase from 2022. Google Finance shows that MARA has risen by up to 35.3% since the beginning of this year. CleanSpark's market size is second only to Marathon. In the first quarter of this year, CleanSpark's net profit exceeded 126.70 million dollars, a 163% year-on-year increase. Bitcointreasuries.net data shows that CleanSpark holds 6154 bitcoins. From 2024 to date, CleanSpark has mined 3746 bitcoins. Over the past few months, CleanSpark has been increasing production and expanding its hash rate, including plans to purchase 160 thousand Bitmain S21 miners, with the initial order value of 1.932 billion dollars for 60 thousand miners, and spending over 23 million dollars to acquire four Bitcoin mining facilities. Additionally, CleanSpark plans to launch an internal Bitcoin trading platform this year to maximize the return on its held cryptocurrencies. CompaniesMarketCap data shows that CleanSpark's market value is about 40.30 billion dollars, a 1.98-fold increase from 2023. Google Finance shows that CLSK has risen by nearly 103.1% since the beginning of this year, causing short sellers to lose over 100 million dollars. Riot Blockchain is one of the mining companies with the most financing in the first quarter of 2024, with a net profit exceeding 210 million dollars, setting a new quarterly performance record. Bitcointreasuries.net data shows that Riot currently holds 9084 bitcoins. Riot mined 6626 bitcoins throughout last year, setting a new record of 281 million dollars in total revenue. So far this year, Riot has mined 1954 bitcoins. Riot is expanding its market share. On one hand, Riot raised 559 million dollars through equity issuance for large-scale purchases of WhatsMiner miners under MicroBT, and spent 97.40 million dollars to acquire 31500 Shenma miners. On the other hand, Riot plans to raise up to 9.Riot attempted to acquire its competitor Bitfarms for $500 million but was rejected and faced a 'poison pill' defense strategy. Subsequently, Riot significantly increased its stake in Bitfarms, now holding 14% of the shares. Bernstein considers Riot the most suitable company for consolidating the Bitcoin mining industry, with over $1.30 billion in cash and Bitcoin on its balance sheet. According to CompaniesMarketCap data, Riot's market capitalization currently stands at $3.04 billion, showing no significant change from last year. Google Finance indicates that RIOT has surged by nearly 14.5% since the beginning of this year. Phoenix Group completed a $371 million IPO on the Abu Dhabi Stock Exchange at the end of last year, attracting $12 billion in funds, oversubscribed 33 times. Reports suggest that International Holding Co., the largest corporate group in Abu Dhabi controlled by a key member of the UAE royal family, purchased a 10% stake in Phoenix Group. According to Phoenix Group's Q1 financial report, total assets surged by 237% year-on-year, soaring from $261 million to $879.30 million; net profit reached $66.20 million, a 166% increase. Phoenix Group is also expanding its mining machine scale, announcing the purchase of Bitcoin mining machines worth $187 million from Bitmain at the beginning of the year. CompaniesMarketCap data shows that Phoenix Group's market value is $29.6 billion. Google Finance indicates that PHX.AE has surged by nearly 4.6% since the beginning of this year. Morgan Stanley refers to Iris Energy as an early player in high-performance computing, with the capacity to develop over 2 GW of power. Currently, Iris Energy holds over $320 million on its balance sheet and disclosed that the company has mined 1592 Bitcoins this year. According to Iris Energy's latest Q3 FY2024 report, its Bitcoin mining revenue reached $53.40 million, with a profit of $8.60 million for the quarter. Iris Energy plans to increase its hash rate to 30 EH/s this year by revising and signing new agreements with Bitmain and constructing an additional 50MW data center capacity in the Childress area in 2024. CompaniesMarketCap data shows that Iris Energy's market value is $1.93 billion, a fourfold increase from last year. Google Finance indicates that IREN has surged by 232.1% since the beginning of this year. Core Scientific, one of the largest Bitcoin mining companies in the United States, once filed for Chapter 11 bankruptcy. In January this year, Core Scientific's restructuring plan was approved by the US Bankruptcy Court, relisting on NASDAQ, and the company will also venture into the AZI sector, including signing a multi-year contract with AI supercomputing company CoreWeave to provide up to 16MW of data center infrastructure to support AI and HPC workloads, with potential revenue exceeding $1 billion. Subsequently, Core Scientific announced a 12-year contract with CoreWeave, expected to generate an average annual revenue of approximately $290 million for Core Scientific, with total revenue exceeding $3.50 billion over the 12-year period. Additionally, Core Scientific rejected CoreWeave's proposal to acquire the mining company for approximately $1 billion at $5.75 per share. According to Core Scientific's Q1 FY2024 financial performance data, it generated net revenue of $210.70 million. Core Scientific has produced 4076 Bitcoins so far this year. Despite facing bankruptcy issues last year, Core Scientific mined 19,274 Bitcoins. CompaniesMarketCap data shows that Core Scientific's market value has reached $1.83 billion, a 70.3-fold increase from 2023. Google Finance indicates that CORZ has surged by over 3 times since the beginning of this year. Cipher Mining, formerly a subsidiary of Bitfury, announced a share distribution plan in January to reduce its stake from 75% to less than 20%. Before the Bitcoin halving, Cipher Mining purchased 16,700 new mining machines and plans to deliver them in the second quarter, increasing the company's total self-mining capacity to 8.4 EH/s. Cipher Mining's net revenue in Q1 2024 reached $40 million. Cipher Mining has produced 1483 Bitcoins so far this year. According to Cipher Mining's latest plan, it will undergo significant upgrades to its mining equipment to increase the hash rate to 13.5 EH/s by the end of 2024, with mining machine efficiency reaching 18.6 J/TH. CompaniesMarketCap data shows that Cipher Mining's market value is $1.53 billion, a 44-fold increase from last year.3%. According to Google Finance, CIFR has risen by approximately 29.1% since the beginning of this year. Bitdeer announced its unaudited financial performance and operational updates for the first quarter of 2024, with total revenue of 119.50 million US dollars, a year-on-year increase of 64.6%, and a net profit of 600 thousand US dollars, while the net loss in the first quarter of 2023 was 9.50 million US dollars. The revenue growth is mainly attributed to the increase in self-mining computing power and bitcoin production, leading to an increase in the company's self-mining business revenue. Additionally, as of March 31, 2024, the company's cash and cash equivalents amount to 118.50 million US dollars. Bitdeer's bitcoin output since the beginning of this year has been 1360 coins. Bitdeer has increased its research and development efforts on mining machines this year. For example, in March of this year, Bitdeer announced that the energy efficiency ratio of the successfully designed bitcoin mining chip SEAL01 can reach 18.1 J/TH, reducing operating costs and minimizing miners' environmental footprint. This month, Bitdeer announced its plan to acquire ASIC chip design company Desiweminer for 140 million US dollars in an all-stock transaction to enhance its hardware development capabilities. Bitdeer disclosed the technical roadmap of the SEALMINER bitcoin mining machine, aiming to improve mining transparency. The first batch of SEAL01 chips is scheduled for mass production and delivery in Q3 2024, the second generation SEALMINER mining machine is expected to start mass production and delivery in Q4, and the third generation SEAL03 and fourth generation SEALMINER mining machines are projected to start delivery in 2025. Bitmain has recently launched two new mining machines, namely Antminer S21XP and S21XP Hydro. At the end of May, Bitdeer also announced the completion of a 150 million US dollars private placement, which will be used to fund the expansion of its data centers, develop ASIC-based mining machines, and serve as operating funds and for other general corporate purposes. According to Tether Holdings Limited disclosure, it holds a 25% stake in Bitdeer, making it the second largest shareholder of the bitcoin mining company. CompaniesMarketCap data shows that Bitdeer's market value is 1.38 billion US dollars, an increase of over 26.6% from last year. According to Google Finance, BTDR has had a maximum increase of about 12% since the beginning of this year. According to the latest announcement from TeraWulf, as of May 31, 2024, TeraWulf's operational infrastructure capacity includes 160 trillion watts for the Lake Mariner facility and 50 trillion watts for the Nautilus facility. The company's total self-mining hash rate is approximately 8.0 EH/s, an 82% year-on-year increase. TeraWulf is also constructing a data center with a capacity of 30 trillion watts, and it is expected that the total mining capacity in the second half of this year will exceed 10.0 EH/s. Additionally, TeraWulf is advancing a 2.0 million watt AI pilot at Lake Mariner to adapt to next-generation GPU technology. TeraWulf's output so far this year has reached 1590 bitcoins. CompaniesMarketCap data shows that TeraWulf's market value is 1.30 billion US dollars, nearly 2.4 times higher than last year. According to Google Finance, WULF has had a maximum increase of 123.3% since the beginning of this year. Bitfarms is the target of Riot's planned acquisition and is currently taking a "poison pill" strategy to prevent unsolicited acquisitions and attempts to reduce its attractiveness. According to Bitfarms' first-quarter financial performance as of March 31, 2024, its first-quarter computing power reached 7.0 EH/s, producing an average of 10.4 bitcoins per day. The total financial revenue reached 50 million US dollars, a 9% increase from the fourth quarter of 2023, which was 46 million US dollars. Bitfarms has mined 1368 bitcoins so far this year. Bitfarms is currently expanding its computing power and upgrading mining equipment, including investing nearly 240 million US dollars to upgrade its bitcoin mining equipment to triple the computing power to 21 EH/s to remain profitable after the bitcoin halving in 2024. CompaniesMarketCap data shows that Bitfarms' market value is 1.18 billion US dollars, an increase of 26.8% from last year. According to Google Finance, WULF has had a maximum increase of about 28.9% since the beginning of this year.

Bitcoin mining companies face the challenge of halving in 2024 and adopt multiple strategies to cope with market changes.