Core

Bitcoin

Northern

Billion

Recent data from Farside Investors reveals that eight of the top 30 publicly traded <a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/" rel="noopener noreferrer nofollow">Bitcoin miners</a> have surpassed a $1 billion market capitalization. Leading the pack is <a href="https://ultramining.com/news/en/marathon-digital-to-boost-energy-efficiency-with-s19-xp-miners/" rel="noopener noreferrer nofollow">Marathon</a> Digital Holdings with a market cap of $5.5 billion, followed by <a href="https://ultramining.com/news/en/cleanspark-doubles-down-on-bitcoin-mining-with-55m-expansion/" rel="noopener noreferrer nofollow">Cleanspark</a> at $3.6 billion and <a href="https://ultramining.com/news/en/riot-platforms-to-boost-efficiency-with-midas-immersion-coolings/" rel="noopener noreferrer nofollow">Riot</a> at $2.9 billion. Other notable miners include IREN and <a href="https://ultramining.com/news/en/bitcoin-mining-giant-core-scientific-prepares-for-post-bankruptcy-comeback/" rel="noopener noreferrer nofollow">Core Scientific</a>, each valued at $1.5 billion, Northern Data at $1.4 billion, <a href="https://ultramining.com/news/en/cipher-mining-thrives-eyes-increased-market-share/" rel="noopener noreferrer nofollow">Cipher</a> Mining at $1.3 billion, and <a href="https://ultramining.com/news/en/terawulfs-game-changing-move-75m-investment-in-next-gen-bitcoin-miners/" rel="noopener noreferrer nofollow">Terawulf</a> at $1 billion. <a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/" rel="noopener noreferrer nofollow">Bitfarms</a>, <a href="https://ultramining.com/news/en/hut-8s-q2-2023-a-bitcoin-mining-marvel/" rel="noopener noreferrer nofollow">Hut 8</a>, and <a href="https://ultramining.com/news/en/bitdeer-pioneers-crypto-mining-expansion-with-norway-and-bhutan-data-centers/" rel="noopener noreferrer nofollow">Bitdeer</a> Technologies are also nearing the $1 billion mark. Collectively, the total market cap of these 30 miners stands at $23 billion, according to <a href="https://cryptoslate.com/insights/eight-bitcoin-miners-cross-1-billion-market-cap/" rel="noopener noreferrer nofollow">Cryptoslate</a>.
<figure class="wp-block-image"><img src="https://lh7-us.googleusercontent.com/docsz/AD_4nXf06wSwMRQNGSLk2KCykKQnmpLzDwU3UnIDVwHzTozYcHqBrThj7FubdfYi0oYRBQxvHRfvFj9JJdYACsawix7F1-Ton2bBs06LI1sgpjh2X6vHi94YqUf0R0dEFRhN0EJiq7GDp6MliDn3pwXnjrEVirmI?key=APLzgIEH5rcVrKjwGcwD3w" alt="">
</figure>
The Bitcoin Miners ETF, WGMI, has risen 9% this year, recovering from a 26% year-to-date decline. This performance diverged from MicroStrategy (MSTR), which surged 134% YTD, while Bitcoin itself increased by over 53%. In comparison, MSTR boasts a market cap of slightly over $28 billion.
These developments come amid significant market volatility. Bitcoin briefly dipped below $67,000 due to $200 million in Binance-driven spot selling. Despite the turbulence, the sustained interest in Bitcoin mining underscores the industry's resilience and growth potential.

Eight Bitcoin Miners Cross $1 Billion Market Cap Amid Market Volatility

Ultramining_Eng

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