Public Bitcoin miners now control over 35% of the network hash rate, with MARA, CLSK, and IREN exceeding 2024 targets. Learn more about their growth and future strategies.
Public Bitcoin Miners Expand Their Network Share to Record Levels
At the end of 2024, public Bitcoin mining companies reported a combined hash rate of 318.09 EH/s, representing over 35% of Bitcoin’s total network hash rate. This marks a significant increase from 2023 when public miners accounted for 21%. The rise underscores the growing influence of public miners in the Bitcoin ecosystem.
Key Drivers Behind the Growth
Major public miners have achieved exceptional hash rate growth through upgrading ASIC fleets, expanding data centers, and strategic acquisitions. Among the top performers:
- Iris Energy (IREN): 453.57% YoY growth
- CleanSpark (CLSK): 262.04% YoY growth
- Riot Platforms (RIOT): 154.03% YoY growth
These companies have not only exceeded expectations but also surpassed their 2024 expansion targets:
- MARA Holdings (MARA): Target 50 EH/s; Actual 53.2 EH/s
- CleanSpark (CLSK): Target 37 EH/s; Actual 39.1 EH/s
- Iris Energy (IREN): Target 31 EH/s; Actual 31 EH/s
Future Outlook for Public Miners
As public miners continue scaling their hash rate, some are diversifying into high-performance computing (HPC) and artificial intelligence (AI) workloads. These new ventures are designed to hedge against Bitcoin price volatility and address rising mining difficulty. While some miners may reallocate resources to HPC, others remain committed to expanding Bitcoin mining operations.
Stay updated on Bitcoin mining trends by visiting our resources for more insights and downloading the full 2024 Bitcoin Mining Review.
