Bitcoin Mining: A Space Witnessing Higher Competition in 2022

Arcane Research recently signified the bitcoin mining hashrate and what might be expected by the year-end of 2022.

It highlights that the publicly listed companies are competing faster than the entire network this year.

Riot has the highest hashrate presently, but Marathon aims to surpass it and stand at the top position by year-end.

A report by Arcane Research highlights Bitcoin mining operations. It shows that publicly listed Bitcoin miners are taking the competition more seriously with the mining operations, as they are racing faster than the entire network this year.

What Goals do these Miners have?

Some names dominating the sector and the growth of the U.S. mining network are Core Scientific, Riot, and Marathon. The data signifies that Core Scientific is leading in the publicly listed Bitcoin miners list and has the highest share of hashrate. Currently having 8.2 EH/s, representing 4.1% of Bitcoin’s total hashrate

Riot and Marathon stand at the second and third position, with Riot having 3.8 EH/s and Marathon having 3.9 EH/s.

Furthermore, it is estimated that the Bitcoin network hashrate might grow by 50% from the present levels to 300 EH/s by the year-end. The research report highlighted that to boost bitcoin production, bitcoin miners need to expand hashrate faster than the entire network. And hence, all the ten publicly listed miners are planning to grow massively in 2022.

Marathon plans to lead the others by expanding highly this year, though it is currently at the third position. It is focusing on growing its hashrate network by 500% to 23.3 EH/s and expects to have 199,000 operational miners and reach the set mark by 2023 start.

According to the company, with 23.3 EH/s of the total capacity expected to be online by early 2023 and high access to renewable power behind the metre with one of the biggest renewable energy providers in North America. They believe that they have established their company as one of the leading Bitcoin miners in the continent and potentially the largest known miner in the world.

Core Scientific expects growth of 150% and aims to generate over 20.5 EH/s and expand its operating capacity from 1.0 GW to 1.2-1.3 GW by the year-end. As of January 2022, their self-mining operation generated 1,077 bitcoins, a 315% yearly increase.

The company cited how it thinks they have positioned themselves to achieve around 40 EH/s of total hashrate by year-end, distributed evenly between their self mining and hosting segments. And that demand for their hosting capacity remains strong while exceeding their available supply.

Riot expects a total self-mining hashrate of 12.8 EH/s. The company recently highlighted that assuming full deployment of around 120,150 Antminer ASICs. It is also expecting a delivery of 27,000 Bitmain’s S19XP, its latest miner model.

Primarily the United States in North America has become the most significant mining epicentre for the crypto industry. At the same time, Texas and Kentucky are also competing on the listicle of mining hubs.

With the crypto industry growing by leaps and bounds, the competition in mining space is increasing day by day. It is to look forwards if the set goals of these publicly listed miners prove accurate by 2022.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing