In a universe where numbers often make no sense, the largest publicly traded Bitcoin mining companies decided to make $800 million worth of Bitcoin in the first quarter of 2025. This, of course, happened while Bitcoin prices were lounging near record highs, sipping on a cosmic cocktail of investor enthusiasm and speculative frenzy.
According to the ever-reliable data wizards at CryptoMoon, the top Bitcoin mining companies churned out over 9,700 Bitcoin (BTC) in Q1. With Bitcoin trading at a cool $81,600 at the time of writing, this digital gold rush was valued at around $800 million. That’s enough to buy a small country or at least a very large yacht.
Marathon Digital, the undisputed heavyweight champion of Bitcoin mining by market capitalization, led the charge with 2,285 Bitcoin (worth roughly $186 million) mined in Q1. On April 3, Marathon announced that it produced 829 BTC in March, up 17.4% from February and 10.5% higher than January. Clearly, they’ve been busy digging.
CleanSpark followed with 1,950 BTC mined in Q1, valued near $160 million. CleanSpark’s March performance also saw a 13.4% increase month-on-month. Not too shabby for a company that sounds like it should be selling eco-friendly cleaning products.
Iren, formerly Iris Energy, produced the third-highest amount for the quarter. The mining firm reported a total of 1,513 BTC, worth almost $124 million. Its 533 BTC produced in March was a 16.1% increase from its February performance. CompaniesMarketCap places Iren as the sixth-largest Bitcoin miner by market capitalization. Not bad for a company that probably had to explain to its grandma what Bitcoin is.
Riot Blockchain, which ranks second only to Marathon Digital by market capitalization, had the fourth-largest BTC production during the quarter. The company reported production of 1,428 BTC (about $117 million) during the quarter. Like Iren, Riot produced 533 BTC in March, a 13.4% increase from February. Riot, indeed.
Hut 8 Mining, despite producing the least amount of Bitcoin among the top miners reviewed, showed the highest growth rate. The company mined 199 BTC in Q1 valued at about $16 million, including 88 BTC in March. That represents a 91% increase from the 46 BTC it produced in February. Hut 8 is clearly the underdog that decided to start biting.
On March 31, Hut8 partnered with US President Donald Trump’s sons, Donald Trump Jr. and Eric Trump, to launch a new mining venture called American Bitcoin. The project aims to be the “world’s largest, most efficient pure-play Bitcoin miner.” Because if there’s one thing the Trumps know, it’s how to make things big and gold.
In a previous CryptoMoon interview, Hut 8 CEO Asher Genoot said the company aims to dominate US Bitcoin mining. Genoot said the company plans to build one of the largest and most efficient Bitcoin mining platforms rooted in American soil. Because nothing says “American dream” like a server farm in the middle of nowhere.
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2025-04-10 17:10