Pure-play public miners
Mining stock decision console
Compare miners by power, hashrate, treasury, and operating risk.
Side-by-side comparison of publicly traded BTC mining companies. Mining equities are operating businesses with Bitcoin sensitivity, not coin ownership.
Operations and prices move
Then BTC held and leverage
Cycle and dilution risk
MINING STOCK DECISION CONSOLESource methodology ⓘ
Compare miners by hashrate, BTC treasury, power profile, and operating risk.
Mining equities are operating businesses with Bitcoin sensitivity. Use the table first; the drawer shows the risk read before clicking into a profile.
| Miner | Score | Hashrate | BTC held | Energy | Best fit | Flags |
|---|---|---|---|---|---|---|
| 7.4miner score | 50.0 EH/sreported operating scale | ₿13,561₿0.00005290 per share | 86%renewable / low-carbon mix | Investors prioritizing clean energy profiles and strong balance sheets in a public BTC mining equity, with moderate tolerance for some dilution. | operating riskscalecleaner power | |
| 7.0miner score | 42.5 EH/sreported operating scale | ₿15,679₿0.00004150 per share | 64%renewable / low-carbon mix | Investors prioritizing hash rate scale, renewable energy mix, and BTC balance sheet among pure-play public mining equities. | operating riskscalepower-cost check | |
| 6.7miner score | 72.2 EH/sreported operating scale | ₿35,303₿0.00009260 per share | 51%renewable / low-carbon mix | Investors seeking a large-scale U.S. mining operation with a meaningful BTC treasury component and established operational track record. | operating riskscalepower-cost check | |
| 5.9miner score | 28.1 EH/sreported operating scale | ₿10,278₿0.00009130 per share | 57%renewable / low-carbon mix | Investors prioritizing a North American power-and-compute operator with a sizeable BTC treasury, who are comfortable analyzing the Hut 8 / American Bitcoin (ABTC) parent-subsidiary structure. | operating riskscalepower-cost check | |
| 5.8miner score | 15.7 EH/sreported operating scale | ₿600₿0.00000190 per share | 23%renewable / low-carbon mix | Investors seeking exposure to an AI/HPC data-center pivot built on an existing mining footprint, who accept high leverage, a minimal BTC treasury, near-term losses, and above-average energy emissions. | operating risksmaller scalepower-cost check | |
| 5.5miner score | 38.0 EH/sreported operating scale | ₿200₿0.00000056 per share | 41%renewable / low-carbon mix | Investors seeking a renewable-powered miner that is rapidly becoming an AI/HPC infrastructure play, who do not need direct BTC-treasury exposure and accept high leverage and capital intensity. | operating riskscalepower-cost check | |
| 5.2miner score | 11.6 EH/sreported operating scale | ₿1,116₿0.00000270 per share | 62%renewable / low-carbon mix | Investors who want exposure to a Texas AI/HPC data-center pivot built on a former mining base, and who accept high leverage, a shrinking BTC treasury, and a deliberate exit from bitcoin mining. | operating risksmaller scalepower-cost check | |
| 4.9miner score | 63.2 EH/sreported operating scale | ₿31₿0.00000013 per share | 48%renewable / low-carbon mix | Investors seeking a globally diversified BTC mining equity with a hardware operations component, and who can tolerate a lower BTC treasury profile. | operating riskscalepower-cost check |
Evidence
Why trust this view
Verification
Data checked
Jun 21, 2026
Mining data is a dated snapshot. Market prices and operational metrics move continuously.
Coverage
8 mining companies
Covers publicly listed pure-play BTC miners with SEC or equivalent disclosures and verifiable operational data.
How we score
Mining methodology
Open the scoring rules before relying on a ranking.
Boundary
Not investment advice
Pledge provides comparison data for educational purposes only.
Quick Comparison
| Company | Ticker | Hashrate | BTC Held | Market Cap | Share Price | Renewable % | Score |
|---|---|---|---|---|---|---|---|
 CleanSpark Inc. CLSK | CLSK | 50.0 EH/s | ₿13,561 | $4.42B | $17.21 | 86% | 7.4 |
 Riot Platforms RIOT | RIOT | 42.5 EH/s | ₿15,679 | $10.63B | $28.07 | 64% | 7.0 |
| MARA | 72.2 EH/s | ₿35,303 | $5.10B | $13.78 | 51% | 6.7 | |
 Hut 8 Corp. HUT | HUT | 28.1 EH/s | ₿10,278 | $14.01B | $124.44 | 57% | 5.9 |
| CORZ | 15.7 EH/s | ₿600 | $9.27B | $29.72 | 23% | 5.8 | |
 IREN Limited IREN | IREN | 38.0 EH/s | ₿200 | $21.40B | $60.00 | 41% | 5.5 |
| CIFR | 11.6 EH/s | ₿1,116 | $11.94B | $29.19 | 62% | 5.2 | |
| BTDR | 63.2 EH/s | ₿31 | $4.37B | $18.00 | 48% | 4.9 |
The picture behind the numbers
SCALE vs EFFICIENCY · ALL 8 MINERS
The biggest fleet is not the most efficient.
Each dot is one miner. X is total operating hashrate (EH/s); Y is how much trailing-twelve-month revenue each EH/s produces. Dot size scales with market cap; color is the renewable share of power. The top-right is the sweet spot — a large fleet that still earns the most per unit of hash. Ringed dots are pivoting to AI/HPC, so their revenue increasingly comes from compute, not the hashrate on the X-axis — read a high Y there as a runoff artifact, not pure mining efficiency.
Renewable share of power
< 40%40–55%55–70%70%+
Pivoting to AI / HPCDot size scales with market cap.Efficiency = TTM revenue ÷ total hashrate ($10.5M–$32.5M per EH/s). Dot area scales with market cap ($4.4B–$21B). Hashrate, revenue, and energy mix from company filings and earnings releases; figures are dated snapshots and pivoting miners book non-mining revenue. Not investment advice.
LEVERAGE vs BTC CUSHION · 8 MINERS
Who can cover their debt?
Each dot is one miner. X is leverage — total debt as a multiple of trailing-twelve-month revenue. Y is the BTC cushion — the value of the bitcoin on the balance sheet as a multiple of that debt, so a cushion above 1.0x means the coin pile alone could cover the debt. The top-left is the resilient corner: little debt, well covered by bitcoin. The bottom-right is the levered data-center pivot: debt many times revenue, with almost no coin to fall back on. Our methodology does not yet score debt explicitly — this is the gap it fills. Spot is an illustrative $105,000, not live.
Pivoting to AI / HPCOne miner; size scales with market capCushion 1.0x = bitcoin alone could cover the debt.
Illustrative spot, not live: BTC cushion = BTC held × $105,000 ÷ total debt. Leverage = total debt ÷ TTM revenue. Dot area scales with market cap ($4.4B–$21B). Debt, revenue, and BTC are dated filings; debt is not an explicit factor in our composite score. Not investment advice.
Product Details
Nasdaq Global Select Market
7.4/10
Overall scoreA U.S.-based BTC miner with an industry-leading renewable energy mix and a track record of rapid hashrate expansion.
Hashrate
50.0 EH/s
BTC Held
₿13,561
Market Cap
$4.42B
Renewable %
86%
Total Debt
$310.0M
Revenue (TTM)
$720.0M
BTC / Share
₿0.00005290
Share Price
$17.21
Exchange
Nasdaq Global Select Market
Score Breakdown
7.025%Hashrate
9.020%Energy
6.015%BTC Held
6.515%Revenue
7.510%Dilution
8.015%Management
Highlights
- +Approximately 86% of energy from renewable sources, the highest renewable percentage among the 8 mining peers in this dataset.
- +Reached ~47.3 EH/s average / 50.0 EH/s peak operational hashrate by March 2026, more than doubling output over the prior year.
Considerations
- !BTC held on balance sheet (13,561) trails the largest peers (MARA at 35,303; RIOT at 15,679).
- !Share count has grown through ATM programs, contributing to dilution (~256.6M shares as of March 2026).
Best for: Investors prioritizing clean energy profiles and strong balance sheets in a public BTC mining equity, with moderate tolerance for some dilution.
Nasdaq Global Select Market
7.0/10
Overall scoreA leading U.S. bitcoin miner with a strong renewable energy profile and significant BTC treasury, now accelerating a pivot to AI/HPC data centers.
Hashrate
42.5 EH/s
BTC Held
₿15,679
Market Cap
$10.63B
Renewable %
64%
Total Debt
$980.0M
Revenue (TTM)
$700.0M
BTC / Share
₿0.00004150
Share Price
$28.07
Exchange
Nasdaq Global Select Market
Score Breakdown
8.025%Hashrate
6.520%Energy
7.015%BTC Held
7.015%Revenue
5.010%Dilution
7.515%Management
Highlights
- +Operates approximately 42.5 EH/s deployed hashrate (+26% YoY) as of Q1 2026 — among the highest of any publicly listed pure-play miner, though now behind MARA.
- +Holds 15,679 BTC on its balance sheet, one of the largest BTC treasuries among mining peers.
Considerations
- !Share count has grown significantly due to repeated ATM equity offerings, creating dilution for existing holders.
- !Debt of ~$980M is notable relative to current earnings before interest, taxes, depreciation, and amortization (EBITDA).
Best for: Investors prioritizing hash rate scale, renewable energy mix, and BTC balance sheet among pure-play public mining equities.
Nasdaq Global Select Market
6.7/10
Overall scoreThe largest pure-play public BTC miner by hashrate, with the biggest bitcoin treasury in the peer group and an emerging AI/data-center pivot.
Hashrate
72.2 EH/s
BTC Held
₿35,303
Market Cap
$5.10B
Renewable %
51%
Total Debt
$1.16B
Revenue (TTM)
$760.0M
BTC / Share
₿0.00009260
Share Price
$13.78
Exchange
Nasdaq Global Select Market
Score Breakdown
7.525%Hashrate
4.520%Energy
8.015%BTC Held
6.515%Revenue
6.510%Dilution
7.015%Management
Highlights
- +Operates a record ~72.2 EH/s energized hashrate (+33% YoY as of Q1 2026) — the largest of any pure-play public miner.
- +Holds 35,303 BTC on its balance sheet (including ~9,995 BTC loaned or pledged as collateral), the largest treasury in the peer group.
Considerations
- !Energy mix is only 51% renewable, with a significant reliance on grid electricity.
- !Ongoing ATM equity issuance contributes to share-count dilution.
Best for: Investors seeking a large-scale U.S. mining operation with a meaningful BTC treasury component and established operational track record.
Nasdaq Global Select Market
5.9/10
Overall scoreA North American power-and-compute operator that reorganized its mining fleet and treasury around its majority-owned American Bitcoin (ABTC) subsidiary.
Hashrate
28.1 EH/s
BTC Held
₿10,278
Market Cap
$14.01B
Renewable %
57%
Total Debt
$940.0M
Revenue (TTM)
$500.0M
BTC / Share
₿0.00009130
Share Price
$124.44
Exchange
Nasdaq Global Select Market
Score Breakdown
5.025%Hashrate
5.520%Energy
6.515%BTC Held
5.015%Revenue
7.010%Dilution
7.515%Management
Highlights
- +Holds 10,278 BTC on the Hut 8 standalone balance sheet (as of May 6, 2026); the group controls ~13,700 BTC including American Bitcoin.
- +Reorganized in 2025 so that substantially all mining hardware sits in American Bitcoin Corp. (Nasdaq: ABTC), a majority-owned subsidiary with ~25–28 EH/s and its own ~7,000 BTC reserve.
Considerations
- !Corporate structure is complex: mining capacity and a large share of BTC now sit in the separately listed American Bitcoin (ABTC) subsidiary rather than Hut 8 directly.
- !Total debt of ~$940M is among the higher loads in the peer group and creates interest-expense burden.
Best for: Investors prioritizing a North American power-and-compute operator with a sizeable BTC treasury, who are comfortable analyzing the Hut 8 / American Bitcoin (ABTC) parent-subsidiary structure.
Nasdaq Global Select Market
5.8/10
Overall scoreA post-bankruptcy operator now reinventing itself as an AI/HPC colocation provider, monetizing nearly all of its BTC and taking on substantial debt to fund the pivot.
Hashrate
15.7 EH/s
BTC Held
₿600
Market Cap
$9.27B
Renewable %
23%
Total Debt
$3.30B
Revenue (TTM)
$510.0M
BTC / Share
₿0.00000190
Share Price
$29.72
Exchange
Nasdaq Global Select Market
Score Breakdown
6.525%Hashrate
2.520%Energy
7.515%BTC Held
7.515%Revenue
3.510%Dilution
7.015%Management
Highlights
- +Anchored by a 12-year, $10B+ AI colocation relationship (CoreWeave and other hyperscale clients), positioning it as more of a data-center landlord than a pure miner.
- +Closed a $3.3B 7.75% senior secured notes offering in April 2026 to fund the AI/HPC buildout and repay a $1B term loan.
Considerations
- !Energy mix is only 23% renewable — the lowest of the peer group — with heavy reliance on natural gas (62%).
- !Now carries ~$3.3B of senior secured notes; leverage rose sharply versus the lean post-bankruptcy balance sheet.
Best for: Investors seeking exposure to an AI/HPC data-center pivot built on an existing mining footprint, who accept high leverage, a minimal BTC treasury, near-term losses, and above-average energy emissions.
Nasdaq Global Select Market
5.5/10
Overall scoreA renewable-powered miner (formerly Iris Energy) that hit a 50 EH/s self-mining milestone in 2025 and is now aggressively redeploying capacity into AI cloud and HPC.
Hashrate
38.0 EH/s
BTC Held
₿200
Market Cap
$21.40B
Renewable %
41%
Total Debt
$3.69B
Revenue (TTM)
$620.0M
BTC / Share
₿0.00000056
Share Price
$60.00
Exchange
Nasdaq Global Select Market
Score Breakdown
6.525%Hashrate
3.520%Energy
6.015%BTC Held
5.515%Revenue
5.510%Dilution
6.015%Management
Highlights
- +Reached a 50 EH/s self-mining hashrate milestone in mid-2025; currently operates ~36–38 EH/s as it reallocates power toward AI compute.
- +Pivoting hard into AI cloud / HPC, including large multi-year GPU contracts (e.g. an NVIDIA-based deployment and a ~$9.7B Microsoft GPU services deal).
Considerations
- !Holds very little bitcoin on the balance sheet — IREN sells substantially all mined BTC, so it offers little direct BTC-treasury exposure.
- !Energy mix is rated ~41% renewable in this dataset based on grid reliance, though the company markets 100% renewable-sourced power; this figure is conservative and under review.
Best for: Investors seeking a renewable-powered miner that is rapidly becoming an AI/HPC infrastructure play, who do not need direct BTC-treasury exposure and accept high leverage and capital intensity.
Nasdaq Global Select Market
5.2/10
Overall scoreA Texas operator (rebranded Cipher Digital) that is winding down bitcoin mining and reinventing itself as a contracted hyperscale data-center landlord.
Hashrate
11.6 EH/s
BTC Held
₿1,116
Market Cap
$11.94B
Renewable %
62%
Total Debt
$5.20B
Revenue (TTM)
$200.0M
BTC / Share
₿0.00000270
Share Price
$29.19
Exchange
Nasdaq Global Select Market
Score Breakdown
5.025%Hashrate
6.020%Energy
4.515%BTC Held
4.015%Revenue
5.010%Dilution
6.515%Management
Highlights
- +Pivoting from bitcoin mining to AI/HPC, anchored by hyperscale lease agreements (~$11.4B of contracted revenue cited in Q1 2026).
- +62% renewable energy mix — among the higher renewable percentages in the peer set — with significant solar installations in Texas.
Considerations
- !Bitcoin mining is being deliberately wound down (further mining capex halted; mining expected to be immaterial by 2030), so this is increasingly a data-center, not a mining, story.
- !Holds ~1,116 BTC (~$76M) on the balance sheet, a small treasury that has been declining.
Best for: Investors who want exposure to a Texas AI/HPC data-center pivot built on a former mining base, and who accept high leverage, a shrinking BTC treasury, and a deliberate exit from bitcoin mining.
Nasdaq Global Select Market
4.9/10
Overall scoreA Singapore-headquartered miner and ASIC maker that scaled self-mining ~6.5x in a year, but holds almost no bitcoin after selling down its treasury.
Hashrate
63.2 EH/s
BTC Held
₿31
Market Cap
$4.37B
Renewable %
48%
Total Debt
$1.90B
Revenue (TTM)
$700.0M
BTC / Share
₿0.00000013
Share Price
$18.00
Exchange
Nasdaq Global Select Market
Score Breakdown
5.025%Hashrate
4.520%Energy
3.515%BTC Held
4.515%Revenue
6.510%Dilution
6.015%Management
Highlights
- +Average self-mining hashrate of ~63.2 EH/s in Q1 2026 (+551% YoY) — among the largest in the peer group, powered by its in-house SEALMINER ASICs.
- +48% renewable energy mix, with meaningful hydroelectric power from Norwegian, Bhutanese, and other international operations.
Considerations
- !Holds only 31 BTC on the balance sheet (down from over 1,000 a year earlier) — effectively no BTC-treasury exposure after selling to fund expansion.
- !Revenue includes hardware and hosting alongside self-mining, making peer-to-peer mining-efficiency comparisons less direct.
Best for: Investors seeking a globally diversified BTC mining equity with a hardware operations component, and who can tolerate a lower BTC treasury profile.
Scoring Methodology
Each equity receives a composite score (0–10) based on six weighted factors: hashrate (25%), energy mix (20%), BTC held (15%), revenue (15%), dilution trajectory (10%), and management quality (15%).
View Full MethodologyNot investment advice. Pledge provides comparison data for educational purposes only. Data checked Jun 21, 2026; market prices, hashrate, BTC holdings, energy mix, and filings can change. Past performance does not guarantee future results.
Affiliate disclosure. Pledge currently does not earn affiliate or referral fees from any product listed on this page. If that changes, monetized links will carry a clear ↗ AFFILIATE marker.
Operational data. Hashrate, BTC holdings, and energy mix are sourced from official earnings releases and SEC filings. Some data may lag current operations. Verify with official sources.
Market data. Market cap, share price, and trading volume are indicative snapshots. Mining equities are highly volatile and subject to BTC price cycles.
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Not investment advice. Pledge provides comparison data for educational purposes only; it is not financial, investment, legal, or tax advice. Listed rates, terms, and scores can change and Pledge does not guarantee future availability, pricing, approval, or outcomes. Verify current terms with official sources before acting.
Affiliate disclosure. Pledge currently has no affiliate links, referral fees, or sponsored placements. If a paid relationship is ever added, it will be disclosed inline where it appears — and it will not affect rankings or scores.