By Mitch Rice
Cryptocurrencies are one of the most popular digital assets that exist in the world as of now. Although it is a polarizing topic and many people argue in favor of Cryptocurrencies, some think that it is just a fad and the hype bubble will burst, leaving crypto investors clueless. However, one thing is for sure, if you are an investor and you are unaware of the various ways one can take to earn from cryptocurrencies, you are at a loss. This cryptocurrency and claims based economy is collapsing, Crypto trading is regarded as the most popular and common form of investing in cryptocurrencies. However, crypto mining is another topic that more people should know about. Several crypto mining firms exist around the world. These firms mine several cryptocurrencies, to generate profits. Let us talk about the Top 5 crypto mining firms in the world.
Top 5 Crypto mining firms
- Bitmain/ Antpool
Bitcoin is the most prominent cryptocurrency in the world. It is the most valuable, and one of the most profitable cryptocurrencies that have existed in the market. To supply Bitcoins are mined by miners that use their mining rigs to solve complex mathematical equations. Every time an equation is solved and validated, a block is added to the Bitcoin network. One of the companies that are pioneers in this process is Bitmain, which is also the biggest Bitcoin mining firm in the world. It was founded by Micree Zhan and Jihan Wu, back in 2013. Bitmain generated almost $2.5 million in 2017. This company also makes ASICs.
F2Pool is a crypto mining firm based out of China, and it mines Bitcoin and Ethereum. F2Pool provides almost 25% of the hash power supporting the Ethereum network. The primary cryptocurrency mined by F2Pool is Ethereum. However, it is a powerful Bitcoin mining firm as well, which stands at the 6th spot in a list of the largest firms that mine Bitcoins. This firm has its offices laid out across countries like the US, Russia, Singapore, and Canada.
- Bit Mining Limited
Bit Mining Limited is based out of Hong Kong and focuses on mining Bitcoins. The primary function of this firm is crypto mining. However, that is not the only activity this firm is limited to. This company also provides Datacenter services and acts as a mining pool. The market cap of Bit Mining Ltd. stands at around $494.5 million. Although this company was reportedly running at a loss of around $42 million in the 3rd quarter of 2021, it stands as one of the most prominent crypto mining firms in the world.
- Slush Pool
Slush Pool is another mining pool, which focuses mainly on mining Bitcoins. It was brought into existence in 2010 and has since led to the creation of more than 1 million Bitcoins. Slush is also known for its generosity, as it shares the acquired transaction fees with every miner that is a part of this server.
- Foundry USA
Foundry USA stands as one of the most powerful Bitcoin mining firms in the world owing to the hash rate it generates. Foundry US generates an estimated 17.58% of the total hash rate generated in the Bitcoin Network, which makes it a major contributor to the total number of Bitcoins circulating in the market. This company has also started a marketplace for mining rigs, called Foundryx, which will allow people to buy and sell mining rigs. The company also aims to terminate the shortage of semiconductor chips in the market.
Mining firms around the world are responsible for the creation of most of the Cryptocurrencies circulating in the market. While individual miners play an important part in the mining industry, it is hard to deny that Crypto mining firms like Bitmain and Foundry USA have enabled Crypto networks to generate humongous amounts of coins. Different mining firms focus on mining different currencies. Their choice of currency is mostly based on their capacity of generating hash rates. Crypto mining firms such as Slush Pool, Bitmain, F2Pool provide high hash rates for crypto networks to solve complex mathematical equations and create new blocks. Numerous impactful Crypto mining firms could not be accommodated in this list. However, some honorable mentions that deserve attention include BTCC, Elgius, and Hut 8 Mining Corp.