Publicly traded Bitcoin miners now control roughly 42% of the network’s reported hashrate. Ziven’s October 9 hashrate tracker puts the companies it follows at a combined 413.8 EH/s against a Bitcoin network estimate of 983.9 EH/s.
That works out to about 42.1%. The more important inference is how quickly the public-company share has grown: at the end of 2024, Ziven and Digital Mining Solutions put public miners at 318.1 EH/s and 35.26% of the network. In 2023, the share was only about 21%.
Public Miner Hashrate Grew About 30% Since 2024
The public-miner total increased from roughly 318.1 EH/s at the end of 2024 to 413.8 EH/s today. That is an increase of about 30.1% in reported operating hashrate.
Their share of the network rose from 35.26% to about 42.1%, an increase of roughly 6.8 percentage points. Compared with the approximately 21% share reported for 2023, public miners have effectively doubled their portion of global hashrate in less than three years.
The historical comparison comes from a 2025 Ziven analysis produced with Digital Mining Solutions, which attributed the earlier expansion to ASIC upgrades, data-center growth and acquisitions.
The Top Five Alone Equal About 27% of Bitcoin
Ziven currently ranks Bitdeer at 79.9 EH/s, MARA at 70.3 EH/s, CleanSpark at 38.3 EH/s, Riot at 37.2 EH/s, and IREN at 36 EH/s.
Together, those five companies represent about 261.7 EH/s. That equals roughly 63% of the public-miner total and about 26.6% of the entire Bitcoin network estimate.
The concentration becomes even more visible at the top. Bitdeer and MARA alone total about 150.2 EH/s, or roughly 15.3% of global hashrate using the same network estimate.
BitcoinVersus recently covered Bitdeer reaching 79.9 EH/s and CleanSpark’s gap between peak and average operating hashrate. Those company-level updates now add up to a network-level concentration story.
The Top Ten Hold About 37% of the Network
Add American Bitcoin, HIVE, Cango, Core Scientific and Keel Infrastructure to the top five and Ziven’s top ten total reaches about 360.6 EH/s.
That is roughly 87% of the tracked public-miner total and about 36.7% of Bitcoin’s current network estimate. In other words, ten publicly traded operators now report enough combined mining capacity to equal more than one-third of the network.
That does not mean ten companies control one-third of Bitcoin in the governance sense. Hashrate contributes to block production, but miners still distribute their machines across different jurisdictions and mining pools, and pool operators coordinate blocks independently of the legal entities that own the ASICs.
Public Company Share Is Not the Same as Pool Concentration
It is important to separate company ownership concentration from mining-pool concentration. A public miner may point machines at Foundry, AntPool, F2Pool, ViaBTC or another pool. The same company can also change pools without moving a single ASIC.
BitcoinVersus recently tracked the top three mining pools producing more than 60% of blocks in a short window. That is a separate concentration layer from the growing share of physical hashrate reported by public companies.
The distinction matters because ownership, geography and block-template coordination are three different measurements of decentralization.
The 42% Figure Has an Important Methodology Caveat
Ziven’s number is based on company disclosures, not a protocol-level registry of corporate ownership. Its methodology primarily sums reported operating hashrate, but when a miner does not provide an operating figure, installed or self-mining capacity may be used depending on the disclosure.
That means the 413.8 EH/s figure is best treated as a standardized industry estimate rather than an exact real-time measurement of how many hashes publicly listed companies produced during every second of October 9.
The difference is visible in CleanSpark’s own September numbers: the company reported a 50 EH/s operational fleet but only 36 EH/s of average operating hashrate. Curtailment, maintenance, thermal conditions and fleet transitions can all create gaps between peak capacity and realized output.
Private and Sovereign Miners Still Matter
If public miners account for roughly 42% of the tracked network estimate, the other roughly 58% still sits outside that public-company bucket. That includes private miners, sovereign-backed projects, smaller operators and other capacity not captured by public-company reporting.
BitcoinVersus recently covered how private and sovereign miners gained hashrate share while some public operators redirected infrastructure toward AI. The two trends can happen at the same time: public miners can increase their long-term share while individual public sites or companies temporarily reduce SHA-256 capacity.
Watch the Public Mining Companies
The video below reviews several of the large publicly traded mining companies—including MARA, Riot, CleanSpark and Hut 8—and explains how their mining scale, fleet strategy and corporate structure differ.
What the Data Shows
- Tracked public miners report about 413.8 EH/s, roughly 42% of Ziven’s October 9 network estimate.
- Public-miner hashrate is about 30% higher than the 318.1 EH/s reported at the end of 2024.
- Their network share has risen from about 21% in 2023 to 35.26% in 2024 and about 42% today.
- The top five public miners alone represent roughly 26.6% of the network estimate.
- The top ten represent about 36.7%, but public-company ownership should not be confused with mining-pool control.
The biggest change is not that Bitcoin mining suddenly became centralized inside ten companies. It is that industrial public miners have gone from a minority slice of the network to a block of compute large enough to materially shape hardware demand, power procurement and mining economics. The remaining 58% still matters enormously—but public-company decisions now move a much larger part of Bitcoin’s physical infrastructure than they did only a few years ago.
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