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As Bitcoin continues to gain legitimacy as a macro asset, investors are increasingly looking beyond tokens to the infrastructure that supports the network. Bitcoin mining—an essential part of how the network operates—has become one of the most visible entry points for traditional capital into the crypto ecosystem.
In the U.S., a small group of public mining companies dominate this emerging industry. These firms offer more than just exposure to Bitcoin; they provide a unique lens into how energy markets, computing power, and financial innovation intersect.
Nonetheless, due to Bitcoin’s intrinsic protocol features—particularly the fact that the more energy miners expend, the more difficult it becomes to mine—Bitcoin mining is an intensely competitive industry. According to CoinShares’ Research team, “the weighted average cash cost to produce one bitcoin among publicly listed miners increased to approximately US$82,162 in Q4 2024, up from US$55,950 in Q3.” This highlights how the industry is constantly evolving, driven by both Bitcoin’s price action and local energy costs.
This article explores the top players, with a deep dive into Riot Platforms (RIOT), and insights into Marathon Digital Holdings (MARA) and others shaping the future of mining.
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1. Riot Platforms (RIOT): infrastructure-led growth
Market position & growth
Riot Platforms is among the largest Bitcoin mining companies in the U.S., with a significant share of the global hashrate. It has aggressively expanded operations, most notably through its Rockdale facility in Texas, one of the largest mining sites in North America.
Business Model
Riot Platforms’ vertically integrated model includes both self-mining and hosting services. It also owns Whinstone, a large-scale data center, giving it control over key infrastructure and enabling operational flexibility.
Performance & profitability
While subject to Bitcoin price volatility, Riot Platforms has reduced its cost per coin mined through scale and energy contracts. As of Q1 2025, the company remains one of the most efficient U.S. miners in terms of energy usage and hashrate growth.
Strategy and economic impact
Riot Platforms has invested in renewable energy sourcing and grid balancing programs, making it a prominent voice in the sustainability conversation. Its Texas operations actively engage in demand response efforts, generating additional revenue while helping stabilize the local grid.
Riot Platforms’ sites have generated hundreds of local jobs and have turned remote areas into high-tech energy hubs, aligning digital growth with economic development. According to the company’s community support page, Riot Platforms employs approximately 250 full-time local employees at its Rockdale facility, making it one of the largest employers in Milam County. Additionally, as of July 2024, Riot Platforms has hired 135 full-time local employees at its Corsicana facility. 
Further emphasizing the economic impact, a report from Ledger Life in 2024 highlights that Riot’s expansion in Corsicana is projected to generate over $115 million in wages over the next decade, positioning the facility as one of Navarro County’s largest employers.
2. Marathon Digital Holdings (MARA): scaling hashrate fast
Market size & strategy
Marathon Digital Holdings has focused on rapid hashrate expansion through a capital-light model, leasing infrastructure instead of owning it. This has allowed it to scale quickly, with ambitions to reach one of the highest hashrates globally.
With mining operations across several U.S. states—including North Dakota, Texas, and now Ohio—Marathon Digital Holdings is spreading geographic risk while tapping into diverse energy markets.
Sustainability & innovation
Marathon Digital Holdings is transitioning toward carbon-neutral operations, as announced as early as 2021 by the company, and has invested in immersion cooling technology to improve efficiency and reduce energy consumption. Since its initial announcement, MARA has not confirmed achieving 100% carbon neutrality, although it continues to develop innovative ways to maximize the value of its energy use. In a statement published on X on December 20, the company announced that it now provides heating for approximately 80,000 residents—an initiative that reflects its forward-thinking and environmentally responsible approach.
This development builds on a pilot program launched in June, where Marathon Digital Holdings began supplying heat to 11,000 homes in Finland’s Satakunta region. The recent expansion extended the network to include an additional 67,000 residents.
According to the June announcement, Marathon Digital Holdings uses district heating technology to repurpose excess heat generated by Bitcoin mining. This system heats water centrally and distributes it efficiently through underground pipelines to residential areas, offering a practical and sustainable solution for energy reuse.
3. Other key players in the Bitcoin mining industry
Beyond Riot Platforms and Marathon Digital Holdings, other major names in the Bitcoin mining industry include:
• CleanSpark (CLSK): Known for its strong financial discipline and sustainable mining approach. For CoinShares, its CEO outlined the company’s strategy at the beginning of the year: for CleanSpark, it’s not about “being the biggest,” but about focusing on longevity.
• Cipher Mining (CIFR): Backed by Bitfury, with a focus on institutional-scale efficiency.
• TeraWulf (WULF): Prioritizes nuclear and hydro-powered mining, positioning itself as a green mining leader.
These companies collectively represent a growing share of the Bitcoin network’s hashrate and are gaining visibility among institutional and retail investors alike.
Conclusion: mining stocks as a gateway to Bitcoin infrastructure
For traditional investors seeking crypto exposure without direct token ownership, U.S.-listed mining companies offer a compelling entry point. They combine macro-Bitcoin sensitivity with operational fundamentals and equity-market liquidity.
While these companies carry risks—from energy costs to regulatory shifts—they also represent a scalable, regulated way to gain exposure to the crypto infrastructure layer.
As the crypto ecosystem matures, Bitcoin miners could evolve into critical infrastructure plays, not unlike early data center or broadband providers in the 2000s. And understanding who the key players are today will be vital for those looking to build a long-term position in digital assets.
