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![Invst_Informant Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1427511218303119377.png) Danny Marques | Investing Informant 📊📈 [@Invst_Informant](/creator/twitter/Invst_Informant) on x 18.1K followers
Created: 2024-03-11 03:42:48 UTC

3/10: My LATEST #Bitcoin Miner Model - Industry's MOST complete view of the key metrics needed to evaluate all public miners to see who's best prepared to survive the halving 📕👇

Key Observations 👍
1) Top X overall miners -> $CLSK $MARA $RIOT $CIFR $IREN
2) Top X institutional ownership % -> $CLSK $BTBT $RIOT $MARA $WULF
3) Most BTC mined in Feb -> $CORZ $MARA $CLSK $RIOT $WULF
4) Lowest SGA expenses as % of revenue -> $CLSK $ARBK $DMGI $MARA 
5) Lowest debt to equity -> $BTBT $CLSK $LMFA $DMGI $IREN $RIOT
6) Best energy efficiency -> $DGHI $MARA $CLSK $HIVE $IREN
7) Highest CURRENT EH/s by 2H2024 -> $MARA $CORZ $CLSK $RIOT $WULF 
8) Highest EH/s by 2H2024 -> $MARA $CLSK $RIOT $BITF $IREN
9) Highest BTC as % of Market Cap -> $LMFA $HUT $HIVE $DMGI $BTBT 
10) Largest BTC HODL -> $MARA $HUT $RIOT $CLSK

Key Observations 👎
1) High debt -> Stronghold, BitDeer, TeraWulf
2) High SGA expenses as % of revenue -> Greenridge, Gryphon Digital, Hut 8, Cipher Mining
3) Lowest EH/s by 2H2024 -> BitDigital, Hive Digital, Stronghold, Hut X Mining, BitDeer  
4) Lowest cash balance -> Gryphon Digital, LMFunding America, Phoenix Group, DMG Blockchain, Digihost Technology

Overall BTC Mining Industry Metrics:
1) Miners represent XXXX% of Bitcoin MC
2) Miners hold about XXXX% of all #BTC in circulation
3) Public Mining industry valued at $23.1B
4) Only profitable miners: Marathon, CleanSpark, Cipher Mining, DMG Blockchain solutions

Feel free to challenge me on any stats and take note of my footnotes.

I suggest you ALL bookmark this as I update, and please like/share with the community if you found it insightful!

@theBTCMiningGuy @mithcoons @Micro2Macr0 @Freedom_By_40 @LeaderInvests @sebastian_ski @cazenove_uk @mikealfred @thepowerfulHRV 

How I derive ranking:
The best miner in each metric is assigned a score (1 being the lowest; the lower the score, the better you rank)

Sources: Every recent investor relation press release, February production data, quarterly reports, Cantor Fitzgerald Jan 2024 report for "All-in cost per BTC". 

Expect metrics to change this month as many miners report earnings!!

![](https://pbs.twimg.com/media/GIW_i7YWEAE1Xwm.png)

XXXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1767033407429644639/c:line.svg)

**Related Topics**
[iren](/topic/iren)
[clsk](/topic/clsk)
[$corz](/topic/$corz)
[$wulf](/topic/$wulf)
[$btbt](/topic/$btbt)
[$cifr](/topic/$cifr)
[$riot](/topic/$riot)
[halving](/topic/halving)

[Post Link](https://x.com/Invst_Informant/status/1767033407429644639)