Bitcoin Mining Titans: Weekly Update on Major Players
MARA Holdings (Marathon Digital)
MARA Holdings produced 705 Bitcoin from 208 blocks in August while strategically increasing its treasury holdings to over 52,000 BTC amid declining Bitcoin prices. The company announced it’s on track to be fully operational at its Texas wind farm site in the fourth quarter, with all containers and miners now on-site and connected. Additionally, MARA signed an investment agreement to acquire a 64% stake in Exaion, a subsidiary of EDF, with the transaction expected to close around Q4 2025. The full details can be explored in Marathon’s announcement and their strategic expansion plans.
Cipher Mining
Cipher Mining delivered strong Q2 2025 performance with $44 million in revenue and successfully energized its Black Pearl Phase I facility ahead of schedule. The company achieved approximately 16.8 EH/s of self-mining capacity at quarter end and remains on track to reach 23.5 EH/s by the end of Q3 2025. Cipher also completed a $172.5 million convertible note offering and executed two fully funded orders for latest-generation miners with deliveries expected by the end of the third quarter. Key insights and updates are available here.
Canaan
Canaan returned to gross profitability in Q2 2025 driven by a 40% rise in revenue, marking a significant operational turnaround for the ASIC manufacturer. However, the company continues to face substantial financial pressures with a $130 million cash burn challenge that threatens its long-term sustainability. More details can be found on The Miner Mag.
Bitdeer
Bitdeer demonstrated remarkable growth by ramping its proprietary hashrate from 8.9 EH/s in December to 22.5 EH/s by July, largely through deploying its own SEALMINER fleet rather than selling to external customers. The Singapore-based operator has emerged as the sixth-largest proprietary mining force by realized hashrate and targets achieving 30 to 40 EH/s by year-end. A deeper dive into their strategy can be explored in Bitbo.io.
Industry Developments
The Bitcoin mining sector has witnessed a significant shift as manufacturers pivot from equipment sales to self-mining operations, with companies like Bitmain now offering hosted hashrate services to new market entrants. This transformation reflects the industry’s adaptation to weaker institutional demand, as manufacturers deploy surplus inventory internally rather than shipping to traditional mining operators. Further analysis can be found in the ongoing profitability challenges.
Market Activity
Cipher Mining experienced notable trading activity as a major 10% shareholder sold 1.2 million shares at $7.27 each, totaling $8.72 million in a single transaction. The broader Bitcoin mining sector remains closely watched by investors, with seven key stocks including Marathon Digital, IREN, Riot Platforms, TeraWulf, Bullish, Cipher Mining, and Cleanspark identified as promising investments due to their direct exposure to Bitcoin price movements. For more detailed market analysis, visit MarketBeat.
The mining industry continues to evolve rapidly, with network hashrate crossing the 1 zetahash milestone on a seven-day moving average basis, driven by the perpetual expansion of production capacity across major operators.
