Tier list: each company's figure in six categories, and its rank among the companies that report it
Data as of Ranked How the ranks are made
A rank among the companies of this set is a rank within that set, not a verdict on anyone. No category passes every rule of the method today, so no letter is printed: the rows carry ranks, and figures stand alone where a category is not ranked.
Share count change, one year
Method- Measures
- The change in shares outstanding over about a year: the latest count the company filed against the filed count nearest to a year earlier.
- Order
- Listed by ticker, not ranked
- Companies
- 12 of 18 with a comparable count a year apart
- As of
- to
- Letter
- No letter: a letter needs 14 companies that report the figure comparably, and 12 do; the category is not ranked.
A falling share count is not always a result: CleanSpark's fall came from shares bought back with the proceeds of its 2032 convertible notes (its 10-K filed 2025-11-25, page 131), notes that can later become shares. The site does not yet measure whether new shares added value per share, so these figures are not ranked.
| Figure | Note | ||
|---|---|---|---|
| ARBK | +4423.3%2024-12-31 to 2025-12-31 | 2025-12-31 | Arithmetic: 28,857,673,160 shares at 2025-12-31 (20-F filed 2026-04-30) over 637,975,353 at 2024-12-31 (20-F filed 2025-05-15), less one |
| BTBT | +12.2%2025-08-13 to 2026-08-10 | 2026-08-10 | Arithmetic: 360,633,503 shares at 2026-08-10 (10-Q filed 2026-08-13) over 321,432,722 at 2025-08-13 (10-Q filed 2025-08-14), less one |
| BTDR | +22.5%2024-12-31 to 2025-12-31 | 2025-12-31 | Arithmetic: 235,552,084 shares at 2025-12-31 (20-F filed 2026-04-30) over 192,317,656 at 2024-12-31 (20-F filed 2025-04-21), less one |
| CIFR | +5.5%2025-08-06 to 2026-08-03 | 2026-08-03 | Arithmetic: 415,030,722 shares at 2026-08-03 (10-Q filed 2026-08-04) over 393,282,654 at 2025-08-06 (10-Q filed 2025-08-07), less one |
| CLSK | -8.6%2025-08-01 to 2026-08-04 | 2026-08-04 | Arithmetic: 256,817,073 shares at 2026-08-04 (10-Q filed 2026-08-06) over 281,083,382 at 2025-08-01 (10-Q filed 2025-08-07), less one |
| CORZ | +5.2%2025-08-05 to 2026-07-23 | 2026-07-23 | Arithmetic: 321,340,441 shares at 2026-07-23 (10-Q filed 2026-07-28) over 305,408,442 at 2025-08-05 (10-Q/A filed 2026-03-02), less one |
| HUT | +16.8%2025-08-06 to 2026-07-31 | 2026-07-31 | Arithmetic: 123,259,468 shares at 2026-07-31 (10-Q filed 2026-08-04) over 105,527,928 at 2025-08-06 (10-Q filed 2025-08-07), less one |
| KEEL | +10.8%2025-06-30 to 2026-08-07 | 2026-08-07 | Arithmetic: 617,573,212 shares at 2026-08-07 (10-Q filed 2026-08-10) over 557,548,857 at 2025-06-30 (10-Q filed 2026-08-10), less one |
| MARA | +4.3%2025-07-22 to 2026-07-30 | 2026-07-30 | Arithmetic: 386,299,297 shares at 2026-07-30 (10-Q filed 2026-08-06) over 370,457,880 at 2025-07-22 (10-Q filed 2025-07-29), less one |
| RIOT | +1.5%2025-07-29 to 2026-08-07 | 2026-08-07 | Arithmetic: 375,258,935 shares at 2026-08-07 (10-Q filed 2026-08-10) over 369,623,180 at 2025-07-29 (10-Q filed 2025-07-31), less one |
| VIP | +16.3%2025-06-30 to 2026-06-30 | 2026-06-30 | Arithmetic: 18,019,743 shares at 2026-06-30 (10-Q filed 2026-08-14) over 15,499,135 at 2025-06-30 (10-Q filed 2025-08-13), less one |
| WULF | +27.3%2025-08-06 to 2026-07-31 | 2026-07-31 | Arithmetic: 498,968,677 shares at 2026-07-31 (10-Q filed 2026-08-05) over 391,926,373 at 2025-08-06 (10-Q filed 2025-08-08), less one |
| ANY | Not comparable | no figure | Between 2025-10-28 and 2025-12-31 the count falls to half or less; the continuity file lists a corporate action, so the counts a year apart are not one series |
| BGDE | Not comparable | no figure | Between 2025-12-31 and 2026-03-31 the filings disagree about a count by a factor of two or more, so the counts a year apart are not one series |
| DGXX | Not on file | no figure | No share count on file dated 300 to 430 days before the latest one (2026-08-14) |
| DMGGF | Not on file | no figure | Files on SEDAR+ only; no SEC share counts are on file |
| HIVE | Not on file | no figure | No share count on file dated 300 to 430 days before the latest one (2026-08-14) |
| IREN | Not on file | no figure | No share count on file dated 300 to 430 days before the latest one (2026-04-30) |
Revenue per energized MW, annualized
Method- Measures
- Revenue for each megawatt of energized capacity: the latest quarter's revenue times four, divided by the megawatts energized.
- Order
- Higher is better: ranked from the highest figure; the figures measured differently follow, not ranked
- Companies
- 11 of 18 that report it; the figures of CORZ, RIOT and WULF measure something else and are not ranked
- As of
- Letter
- No letter: a letter needs 14 companies that report the figure comparably, and 8 do; the figures of CORZ, RIOT and WULF measure something else.
The revenue is all of a company's revenue, from mining and from hosting or HPC alike, so a company that also earns from hosting or HPC reads higher per megawatt by design; each figure's arithmetic below names its revenue and its megawatts.
Revenue per energized MW, annualized: the eleven companies that report it, each at its latest reported period, from each one's quarterly revenue and energized megawatts
USD per MW per year · each company's latest reported period · as of 2026-06-30 · Method and sources
| Company | Revenue per energized MW, annualized (USD per MW per year) |
|---|---|
| HIVE, HIVE Digital Technologies Ltd. | $719,273 (computed) |
| CLSK, CleanSpark, Inc. | $683,198 (computed) |
| IREN, IREN Ltd | $677,531 (computed) |
| MARA, MARA Holdings, Inc. | $531,957 (computed) |
| BTDR, Bitdeer Technologies Group | $522,338 (computed) |
| CIFR, Cipher Digital Inc. | $479,942 (computed) |
| HUT, Hut 8 Corp. | $422,152 (computed) |
| VIP, Vulcan Infrastructure & Power Inc. | $130,192 (computed) |
| CORZ, Core Scientific, Inc. | $1,662,795 (not ranked) |
| RIOT, Riot Platforms, Inc. | $539,427 (not ranked) |
| WULF, TeraWulf Inc. | $1,755,569 (not ranked) |
| Note | ||||
|---|---|---|---|---|
| HIVE | $719,273 per MW a year10-Q ending 2026-06-30 | 1st of 8 | 2026-06-30 | Arithmetic: quarterly revenue 79,120,000 x 4 / energized MW 440 (as of 2026-08-17) |
| CLSK | $683,198 per MW a yearQ3 FY2026 | 2nd of 8 | 2026-06-30 | Arithmetic: quarterly revenue 138,006,000 x 4 / energized MW 808.0 |
| IREN | $677,531 per MW a yearQ4 FY26 (quarter ended June 30, 2026) | 3rd of 8 | 2026-06-30 | Arithmetic: quarterly revenue 137,200,000 x 4 / energized MW 810.0 |
| MARA | $531,957 per MW a yearQ2 2026 | 4th of 8 | 2026-06-30 | Arithmetic: quarterly revenue 174,881,000 x 4 / energized MW 1315.0 |
| BTDR | $522,338 per MW a yearQ2 2026 | 5th of 8 | 2026-06-30 | Arithmetic: quarterly revenue 228,784,000 x 4 / energized MW 1752.0 |
| CIFR | $479,942 per MW a yearQ2 2026 | 6th of 8 | 2026-06-30 | Arithmetic: quarterly revenue 24,837,000 x 4 / energized MW 207.0 |
| HUT | $422,152 per MW a yearQ2 2026 | 7th of 8 | 2026-06-30 | Arithmetic: quarterly revenue 74,932,000 x 4 / energized MW 710.0 |
| VIP | $130,192 per MW a year10-Q ending 2026-06-30 | 8th of 8 | 2026-06-30 | Arithmetic: quarterly revenue 3,385,000 x 4 / energized MW 104 (as of 2026-08-14) |
| CORZ | $1,662,795 per MW a yearQ2 2026 | not ranked | 2026-06-30 | Not ranked: the definition differs: divides by 395 MW of HPC 'Billing MW' (8-K EX-99.1 2026-07-28), not energized MW. See the method Arithmetic: quarterly revenue 164,201,000 x 4 / energized MW 395.0 8-K EX-99.1 2026-07-28, Q2 2026 results release (accession 0001839341-26-000013) |
| RIOT | $539,427 per MW a yearQ2 2026 | not ranked | 2026-06-30 | Not ranked: the definition differs: divides by 1,292 MW of developed capacity, each site 'up to approximately' (10-Q Q2 2026, Note 1), not energized MW. See the method Arithmetic: quarterly revenue 174,235,000 x 4 / energized MW 1292.0 |
| WULF | $1,755,569 per MW a yearQ2 2026 | not ranked | 2026-06-30 | Not ranked: the definition differs: divides by 102 MW of HPC revenue-generating capacity (8-K EX-99.1 2026-08-05) while 145 MW of mining capacity was energized at 2026-06-30 (10-Q Q2 2026). See the method Arithmetic: quarterly revenue 44,767,000 x 4 / energized MW 102.0 |
| ARBK | Not reported | not ranked | no figure | Revenue per MW is annualized quarterly revenue over energized megawatts, and this company discloses no energized megawatts. |
| BTBT | Not reported | not ranked | no figure | Revenue per MW is annualized quarterly revenue over energized megawatts, and this company discloses no energized megawatts: it states 12.55 MW of nameplate or contracted capacity instead (hosted capacity at Merkle Standard, as of 2026-06-30), and the peers' denominator is energized capacity, so computing on nameplate would change what the metric means while keeping its label. |
| DMGGF | Not reported | not ranked | no figure | Revenue per MW is annualized quarterly revenue over energized megawatts, and this company discloses no quarterly revenue, and no energized megawatts: it states 75 MW of nameplate or contracted capacity instead (as of 2026-03-06), and the peers' denominator is energized capacity, so computing on nameplate would change what the metric means while keeping its label. |
| KEEL | Not reported | not ranked | no figure | Revenue per MW is annualized quarterly revenue over energized megawatts, and this company discloses no energized megawatts. |
| ANY | Not on file | not ranked | no figure | No research pass covers this company yet |
| BGDE | Not on file | not ranked | no figure | No research pass covers this company yet |
| DGXX | Not on file | not ranked | no figure | No research pass covers this company yet |
Fleet efficiency
Method- Measures
- The electricity the machines use for each unit of computing, in joules per terahash, as the company reports it for its fleet.
- Order
- Lower is better: ranked from the lowest figure; the figures measured differently follow, not ranked
- Companies
- 7 of 18 that report it; the figures of HUT and MARA measure something else and are not ranked
- As of
- to
- Letter
- No letter: a letter needs 14 companies that report the figure comparably, and 5 do; the figures of HUT and MARA measure something else.
Fleet efficiency: the seven companies that report it, each at its latest reported period, each in the company's own figure
J/TH · each company's latest reported period · as of 2026-08-04 · Method and sources
| Company | Fleet efficiency (J/TH) |
|---|---|
| BTDR, Bitdeer Technologies Group | 15.8 |
| CLSK, CleanSpark, Inc. | 15.8 |
| CIFR, Cipher Digital Inc. | 17.2 |
| WULF, TeraWulf Inc. | 17.5 |
| RIOT, Riot Platforms, Inc. | 20.2 |
| HUT, Hut 8 Corp. | 14.1 (not ranked) |
| MARA, MARA Holdings, Inc. | 18.6 (not ranked) |
| Note | ||||
|---|---|---|---|---|
| BTDR | 15.8 J/THQ2 2026 | tied 1st of 5 | 2026-06-30 | |
| CLSK | 15.8 J/THQ3 FY2026 | tied 1st of 5 | 2026-06-30 | |
| CIFR | 17.2 J/THQ2 2026 | 3rd of 5 | 2026-08-04 | |
| WULF | 17.5 J/THFY2025 year-end | 4th of 5 | 2025-12-31 | |
| RIOT | 20.2 J/THQ1 2026 | 5th of 5 | 2026-03-31 | |
| HUT | 14.1 J/THQ2 2026 | not ranked | 2026-06-30 | Not ranked: the definition differs: 14.1 J/TH is the fleet of its subsidiary American Bitcoin (ABTC 8-K EX-99.1 2026-08-03); Hut 8's own 10-Q gives about 16.0 J/TH for its owned fleet. See the method American Bitcoin Corp. 8-K EX-99.1 2026-08-03 (ABTC Q2 2026 results release) |
| MARA | 18.6 J/THFY2025 | not ranked | 2025-12-31 | Not ranked: the definition differs: 18.6 J/TH is the efficiency of about 35,000 new miners (Q4 2025 shareholder letter), not of the fleet. See the method |
| IREN | 15 J/THnot current | not ranked | 2025-06-30 | Dated 2025-06-30, more than 400 days before the data's as-of 2026-09-06 |
| HIVE | Not comparable | not ranked | no figure | Efficiency implied from the nameplate rather than fleet-weighted from production: the filing says 'an implied efficiency of 16.5 J/TH, based on the nameplat[e]'. |
| ARBK | Not reported | not ranked | no figure | Not disclosed by the company in the documents read on 2026-09-06. |
| BTBT | Not reported | not ranked | no figure | Not disclosed by the company in the documents read on 2026-09-06. |
| CORZ | Not reported | not ranked | no figure | Not disclosed in the FY2025 10-K or 2026 10-Qs |
| DMGGF | Not reported | not ranked | no figure | Not disclosed by the company in the documents read on 2026-09-06. |
| KEEL | Not reported | not ranked | no figure | Not disclosed by the company in the documents read on 2026-09-06. |
| VIP | Not reported | not ranked | no figure | Not disclosed by the company in the documents read on 2026-09-06. |
| ANY | Not on file | not ranked | no figure | No research pass covers this company yet |
| BGDE | Not on file | not ranked | no figure | No research pass covers this company yet |
| DGXX | Not on file | not ranked | no figure | No research pass covers this company yet |
Direct cost to mine one bitcoin, as the company reports it
Method- Measures
- The power and hosting cost of each bitcoin mined, as each company defines and reports it.
- Order
- Listed by ticker, not ranked
- Companies
- 5 of 18 that report it
- As of
- to
- Letter
- No letter: a letter needs 14 companies that report the figure comparably, and 4 do; the category is not ranked; the figures of MARA measure something else.
Each figure is the company's own definition (MARA's and CleanSpark's cover their own sites only), and the site does not yet compute the cost the same way for every company, so these figures are not ranked.
| Figure | Note | ||
|---|---|---|---|
| CLSK | $44,406 per bitcoinQ3 FY2026 | 2026-06-30 | |
| HUT | $36,500 per bitcoinQ2 2026 | 2026-06-30 | |
| MARA | $38,690 per bitcoinQ2 2026 | 2026-06-30 | The definition differs: purchased energy at owned sites only; hosted sites pay all-in fees not expressed per bitcoin (the research pass's note). |
| RIOT | $49,912 per bitcoinQ2 2026 | 2026-06-30 | |
| WULF | $53,681 per bitcoinFY2025 | 2025-12-31 | |
| IREN | $26,259 per bitcoinnot current | 2025-06-30 | Dated 2025-06-30, more than 400 days before the data's as-of 2026-09-06 |
| ARBK | Not reported | no figure | Not disclosed by the company in the documents read on 2026-09-06. |
| BTBT | Not reported | no figure | Not disclosed by the company in the documents read on 2026-09-06. |
| BTDR | Not reported | no figure | Not disclosed. |
| CIFR | Not reported | no figure | Not disclosed. |
| CORZ | Not reported | no figure | Not disclosed as a per-coin figure. |
| DMGGF | Not reported | no figure | Not disclosed by the company in the documents read on 2026-09-06. |
| HIVE | Not reported | no figure | Not disclosed by the company in the documents read on 2026-09-06. |
| KEEL | Not reported | no figure | Not disclosed by the company in the documents read on 2026-09-06. |
| VIP | Not reported | no figure | Not disclosed by the company in the documents read on 2026-09-06. |
| ANY | Not on file | no figure | No research pass covers this company yet |
| BGDE | Not on file | no figure | No research pass covers this company yet |
| DGXX | Not on file | no figure | No research pass covers this company yet |
All-in cost per bitcoin, as the company reports it
Method- Measures
- The cost of each bitcoin mined that the company reports as all-in, by its own definition.
- Order
- Listed by ticker, not ranked
- Companies
- 3 of 18 that report it
- As of
- to
- Letter
- No letter: a letter needs 14 companies that report the figure comparably, and 3 do; the category is not ranked.
Each figure is the company's own definition, none of them includes general and administrative expense, and CleanSpark's adds financing costs, so these figures are not ranked.
| Figure | Note | ||
|---|---|---|---|
| CLSK | $96,277 per bitcoinQ3 FY2026 | 2026-06-30 | |
| RIOT | $90,631 per bitcoinQ2 2026 | 2026-06-30 | |
| WULF | $95,611 per bitcoinFY2025 | 2025-12-31 | |
| ARBK | Not reported | no figure | Not disclosed by the company in the documents read on 2026-09-06. |
| BTBT | Not reported | no figure | Not disclosed by the company in the documents read on 2026-09-06. |
| BTDR | Not reported | no figure | Not disclosed. |
| CIFR | Not reported | no figure | Not disclosed; Company reports no all-in cost metric. |
| CORZ | Not reported | no figure | Not disclosed. |
| DMGGF | Not reported | no figure | Not disclosed by the company in the documents read on 2026-09-06. |
| HIVE | Not reported | no figure | Not disclosed by the company in the documents read on 2026-09-06. |
| HUT | Not reported | no figure | Not disclosed by Hut 8 or ABTC (checked Q2 2026 releases and 10-Q). |
| IREN | Not reported | no figure | Not disclosed. |
| KEEL | Not reported | no figure | Not disclosed by the company in the documents read on 2026-09-06. |
| MARA | Not reported | no figure | Not disclosed as a per-BTC all-in figure. |
| VIP | Not reported | no figure | Not disclosed by the company in the documents read on 2026-09-06. |
| ANY | Not on file | no figure | No research pass covers this company yet |
| BGDE | Not on file | no figure | No research pass covers this company yet |
| DGXX | Not on file | no figure | No research pass covers this company yet |
Months of liquidity (a proxy the research pass computes)
Method- Measures
- Cash and bitcoin held at the as-of price, divided by a month of direct mining cost: the company's direct cost per bitcoin times the bitcoin it mined last quarter, over three. It leaves out overhead, interest and capital spending, so it is not how long the company could meet all its costs.
- Order
- Listed by ticker, not ranked
- Companies
- 4 of 18 with the proxy
- As of
- Letter
- No letter: a letter needs 14 companies that report the figure comparably, and 4 do; the category is not ranked.
The proxy divides by each company's own direct cost, and the research that computes it names a fuller test of fixed costs and debt service as the better measure, so these figures are not ranked.
| Figure | Note | ||
|---|---|---|---|
| CLSK | 46.4 monthsspot | 2026-09-06 | Arithmetic: (cash 202,601,000 + BTC held 13,931 x BTC 80038) / (direct cost 44,406 x BTC mined last quarter 1,920 / 3) ; a proxy: direct mining cost run-rate only, excludes SG&A, interest and capex; the stress model (fixed costs plus debt service) is the full measure |
| HUT | 142.8 monthsspot | 2026-09-06 | Arithmetic: (cash 233,579,000 + BTC held 17,316 x BTC 80038) / (direct cost 36,500 x BTC mined last quarter 932 / 3) ; a proxy: direct mining cost run-rate only, excludes SG&A, interest and capex; the stress model (fixed costs plus debt service) is the full measure |
| MARA | 104.6 monthsspot | 2026-09-06 | Arithmetic: (cash 421,274,000 + BTC held 35,577 x BTC 80038) / (direct cost 38,690 x BTC mined last quarter 2,422 / 3) ; a proxy: direct mining cost run-rate only, excludes SG&A, interest and capex; the stress model (fixed costs plus debt service) is the full measure |
| RIOT | 52.3 monthsspot | 2026-09-06 | Arithmetic: (cash 471,383,000 + BTC held 11,380 x BTC 80038) / (direct cost 49,912 x BTC mined last quarter 1,587 / 3) ; a proxy: direct mining cost run-rate only, excludes SG&A, interest and capex; the stress model (fixed costs plus debt service) is the full measure |
| CORZ | Not comparable | no figure | Not disclosed: the company does not state the direct cost per bitcoin and the bitcoin mined last quarter, so months of liquidity cannot be formed. |
| IREN | Not comparable | no figure | Proxy; the stress model (fixed costs plus debt service) supersedes this; Not comparable: HPC/AI revenue is 51% of quarterly revenue, so a hashrate denominator or a mining-cost run-rate does not describe this company |
| WULF | Not comparable | no figure | Not disclosed: the company does not state the bitcoin held, so months of liquidity cannot be formed. |
| ARBK | Not reported | no figure | The proxy divides liquidity by a monthly cost base, and this company publishes no monthly fixed costs or debt service. |
| BTBT | Not reported | no figure | The proxy divides liquidity by a monthly cost base, and this company publishes no monthly fixed costs or debt service. |
| BTDR | Not reported | no figure | Not disclosed: the company does not state the direct cost per bitcoin, so months of liquidity cannot be formed. |
| CIFR | Not reported | no figure | Not disclosed: the company does not state the direct cost per bitcoin, so months of liquidity cannot be formed. |
| DMGGF | Not reported | no figure | The proxy divides liquidity by a monthly cost base, and this company publishes no monthly fixed costs or debt service. |
| HIVE | Not reported | no figure | The proxy divides liquidity by a monthly cost base, and this company publishes no monthly fixed costs or debt service. |
| KEEL | Not reported | no figure | The proxy divides liquidity by a monthly cost base, and this company publishes no monthly fixed costs or debt service. |
| VIP | Not reported | no figure | The proxy divides liquidity by a monthly cost base, and this company publishes no monthly fixed costs or debt service. |
| ANY | Not on file | no figure | No research pass covers this company yet |
| BGDE | Not on file | no figure | No research pass covers this company yet |
| DGXX | Not on file | no figure | No research pass covers this company yet |