Golden Finance reports that as publicly listed mining companies prepare to announce their third-quarter financial reports, the latest data from September shows a significant reshuffling in the Bitcoin mining rankings over the past year. The rankings, once dominated by a few clear leaders, now indicate that a new wave of medium-sized mining companies is quickly closing in on the top positions after a year of aggressive expansion.
Cipher Mining, Bitdeer, and HIVE Digital have climbed to the upstream ranking of realized hashrate, narrowing the gap with long-time leaders like MARA, CleanSpark, and Bitmain's proxy company Cango. Their rise highlights the trend of mid-sized public mining companies—once far behind—rapidly expanding capacity since the halving in 2024.
In September 2025, publicly listed mining companies achieved a total realized hash rate of 326 EH/s, up from 150 EH/s a year ago, accounting for approximately 31.6%, compared to 22% in September last year. This indicates that publicly listed mining companies not only grew rapidly before entering the financial reporting season but also exhibited a deeper trend of centralization.
MARA, CleanSpark (CLSK), and Cango (CANG) still hold the top three positions among publicly traded mining companies, with achieved hash rates of 53.3 EH/s, 45.6 EH/s, and 44.7 EH/s, respectively. However, several medium-sized mining companies rapidly closed the gap after 2024: IREN achieved a 167% growth, entering the top tier; Cipher Mining (CIFR) grew by 152%, reaching 18.2 EH/s; Bitdeer (BTDR) increased by 267% through the new SEALMINER deployment, reaching 32.7 EH/s; HIVE benefited from a new hydroelectric mining site in Paraguay, nearly raising its hash rate from 5.3 EH/s to 19.3 EH/s over the past year.
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