Cryptocurrency Mining
Crypto · Active
· Information Technology
Latest report
2026-05-01 14:08
Companies operating cryptocurrency mining hardware (ASIC fleets) or mining-as-a-service for Bitcoin, Ethereum, or other proof-of-work cryptocurrencies.
Pool
88
Industries
6
Cohort
38
Cohort MCap
88.2B
Layers
5
Topology Rationale
The crypto mining value chain is centered on owners/operators of ASIC mining fleets and hosted mining capacity, with economics driven by access to low-cost power, mining-site infrastructure, and fleet uptime. Upstream layers supply the chips, power electronics, interconnects, storage, and system assembly needed to build miners and mining data centers, while adjacent software/security vendors help manage compute environments and downstream infrastructure providers can host or contract for large-scale capacity.
Value-Chain Layers
1
Mining Fleet Owners, Self-Miners & Hosting Platform Operators
These companies directly operate bitcoin mining fleets, provide mining hosting/colocation, or run digital infrastructure platforms explicitly tied to crypto mining economics.
13 companies
| Company | Role | Market Cap | Revenue ($M) | Net Income ($M) | Cash ($M) | Bitcoin Holdings ($M) | Gross Profit ($M) |
|---|---|---|---|---|---|---|---|
|
IREN Ltd
IREN
Q2-FY26
|
bitcoin_mining segment plus owned digital infrastructure
Financial Services
|
14.2B | 185 | -155 | 3,261 | — | — |
|
Bitmine Immersion Technologies, Inc.
BMNR
Q2-FY2026
|
specialized crypto mining operator focused on immersion mining
Financial Services
|
11.8B | 11 | -3,818 | — | — | 10 |
|
Terawulf Inc
WULF
Q1-2026
|
listed bitcoin miner operating mining sites
Financial Services
|
9.9B | 32 | — | 3,100 | — | — |
|
Applied Digital Corporation
APLD
Q3-2026
|
data_center_hosting with crypto-linked infrastructure roots
Technology
|
9.3B | 127 | — | 1,730 | — | 54 |
|
Cipher Mining Inc
CIFR
FY2025
|
bitcoin_mining segment and named mining sites
Technology
|
6.9B | 224 | — | 628 | 125 | 143 |
|
Hut 8 Corp. Common Stock
HUT
FY2025
|
compute, digital_infrastructure, and power tied to mining
Financial Services
|
8.0B | 235 | -248 | — | — | — |
|
Core Scientific, Inc. Common Stock
CORZ
Q4-2025
|
self-mining plus hosted mining and colocation
Technology
|
6.2B | 80 | 216 | 311 | — | 21 |
|
Riot Blockchain Inc
RIOT
FY2025
|
bitcoin_mining and engineering operations
Financial Services
|
6.1B | 647 | -663 | — | 18,005 | 302 |
|
Marathon Digital Holdings Inc
MARA
FY2025
|
major public bitcoin mining operator
Financial Services
|
4.1B | 907 | -1,312 | 547 | 53,822 | — |
|
CleanSpark Inc
CLSK
Q1-2026
|
public crypto miner operating mining capacity
Financial Services
|
2.9B | 181 | -379 | — | 1,002 | — |
|
Bitdeer Technologies Group Class A Ordinary Shares
|
bitcoin miner with mining and hosting exposure
Technology
|
2.6B | — | — | — | — | — |
|
Bitfarms Ltd.
|
Bitfarms line-item in mining cohort
Technology
|
1.7B | — | — | — | — | — |
|
Bitfarms Ltd
|
Bitfarms bitcoin mining operator
Financial Services
|
1.2B | — | — | — | — | — |
2
ASIC Silicon, Foundry Capacity & Semiconductor IP
This layer provides the chip design capability, wafer fabrication, packaging, and semiconductor building blocks that determine mining rig performance, availability, and efficiency.
29 companies
| Company | Role | Market Cap | Revenue ($M) | Capex ($M) | Operating Cash Flow ($M) | Gross Margin (%) | Operating Income ($M) |
|---|---|---|---|---|---|---|---|
|
NVIDIA Corporation
NVDA
FY2026
|
advanced compute silicon and board ecosystem expertise
Technology
|
5.1T | 215,938 | 6,042 | 102,718 | 71.1% | 130,387 |
|
Taiwan Semiconductor Manufacturing
|
leading foundry capacity for custom ASIC production
Technology
|
2.0T | — | — | — | — | — |
|
Broadcom Inc
AVGO
Q1-2026
|
custom semiconductor solutions relevant to ASIC design
Technology
|
1.9T | 19,311 | 250 | 8,260 | 68.1% | 8,563 |
|
Micron Technology Inc
MU
Q2-2026
|
memory supplier for compute systems and controllers
Technology
|
584.7B | 23,860 | 5,004 | 11,903 | 74.4% | 16,135 |
|
Advanced Micro Devices Inc
AMD
FY2025
|
compute silicon capabilities adjacent to mining hardware
Technology
|
549.6B | 34,639 | 974 | 7,709 | 50.0% | 3,694 |
|
Intel Corporation
INTC
Q1-2026
|
compute and foundry capabilities for ASIC supply chain
Technology
|
474.9B | 13,577 | 4,963 | 1,096 | 39.4% | -3,136 |
|
Texas Instruments Incorporated
TXN
Q1-2026
|
embedded and analog chips used in power/control subsystems
Technology
|
245.0B | 4,825 | 676 | 1,520 | — | — |
|
Arm Holdings plc American Depositary Shares
|
processor IP used in control and edge compute designs
Technology
|
214.2B | — | — | — | — | — |
|
Analog Devices Inc
ADI
Q1-2026
|
analog components for sensing and power management
Technology
|
190.1B | 3,160 | 109 | 1,369 | 64.7% | 997 |
|
Qualcomm Incorporated
QCOM
Q2-FY2026
|
semiconductor design capability though not mining-specific
Technology
|
166.6B | 10,599 | 1,082 | 7,414 | 53.8% | 2,309 |
|
Marvell Technology Group Ltd
MRVL
FY2026
|
data-center silicon and connectivity chips
Technology
|
136.9B | 2,219 | 114 | 374 | 51.7% | 404 |
|
Monolithic Power Systems Inc
MPWR
Q1-2026
|
power management semis for compute and storage
Technology
|
75.0B | 804 | — | 250 | 55.3% | — |
|
NXP Semiconductors NV
NXPI
Q1-2026
|
industrial and infrastructure semis for control systems
Technology
|
73.0B | 3,181 | 79 | 793 | 56.2% | 1,505 |
|
ASE Industrial Holding Co Ltd ADR
|
semiconductor assembly and test in chip supply chain
Technology
|
67.0B | — | — | — | — | — |
|
Microchip Technology Inc
MCHP
Q3-FY2026
|
microcontrollers and control silicon for equipment
Technology
|
48.8B | 1,185 | — | — | — | — |
|
STMicroelectronics NV ADR
|
broad analog and power semiconductor supplier
Technology
|
46.8B | — | — | — | — | — |
|
ON Semiconductor Corporation
ON
FY2025
|
power and sensing semiconductors for high-efficiency systems
Technology
|
38.9B | 5,995 | 341 | 1,760 | 33.1% | 84 |
|
Globalfoundries Inc
|
foundry manufacturing for custom semiconductor supply
Technology
|
34.4B | — | — | — | — | — |
|
Astera Labs, Inc.
ALAB
FY2025
|
connectivity silicon for high-speed compute systems
Technology
|
33.7B | 853 | 38 | 319 | 75.7% | 173 |
|
Credo Technology Group Holding Ltd
CRDO
Q3-FY2026
|
high-speed connectivity semis for dense compute links
Technology
|
32.4B | 406 | — | — | — | — |
|
United Microelectronics
|
foundry capacity for ASIC and controller chips
Technology
|
32.1B | — | — | — | — | — |
|
Qnity Electronics, Inc
Q
FY2025
|
interconnect and semiconductor technologies supplier
Technology
|
29.6B | 4,754 | 285 | 1,273 | 46.2% | — |
|
Tower Semiconductor Ltd
|
specialty foundry services for semiconductor devices
Technology
|
23.7B | — | — | — | — | — |
|
MACOM Technology Solutions Holdings Inc
MTSI
Q1-2026
|
communications semis relevant to infrastructure hardware
Technology
|
20.2B | 272 | 13 | 43 | 55.9% | 43 |
|
Amkor Technology Inc
AMKR
Q1-2026
|
outsourced packaging and test for compute chips
Technology
|
17.5B | 1,685 | 225 | 145 | — | — |
|
Lattice Semiconductor Corporation
LSCC
FY2025
|
programmable logic for control and board management
Technology
|
15.8B | 523 | 43 | — | 68.2% | 11 |
|
IONQ Inc
IONQ
FY2025
|
compute hardware company with no direct mining role but still chip-side
Technology
|
15.4B | 130 | 16 | -283 | — | — |
|
Sitime Corporation
SITM
FY2025
|
timing devices used in electronic systems
Technology
|
13.9B | 327 | — | — | 53.6% | -67 |
|
Rambus Inc
RMBS
Q1-2026
|
chip IP and memory interface technologies
Technology
|
12.1B | 180 | — | 83 | — | 62 |
3
Power Delivery, Interconnects, Thermal Parts & Hardware Assembly
These suppliers provide the physical components and manufacturing services that turn ASIC designs into deployable miners and power-dense hosting infrastructure.
18 companies
| Company | Role | Market Cap | Revenue ($M) | Capex ($M) | Operating Cash Flow ($M) | Operating Margin (%) | Inventory ($M) |
|---|---|---|---|---|---|---|---|
|
Amphenol Corporation
APH
Q1-2026
|
interconnects and sensors for compute infrastructure
Technology
|
182.4B | 7,620 | 292 | 1,122 | 24.0% | 4,087 |
|
Sandisk Corp
SNDK
Q3-2026
|
datacenter storage used in infrastructure environments
Technology
|
157.1B | 5,950 | 45 | 3,038 | — | — |
|
Seagate Technology PLC
STX
FQ3-2026
|
storage hardware for mining and hosting environments
Technology
|
144.1B | 3,112 | — | 1,114 | 32.1% | — |
|
Western Digital Corporation
WDC
Q2-2026
|
storage devices for infrastructure deployments
Technology
|
141.1B | 3,017 | 92 | 745 | 30.1% | — |
|
Dell Technologies Inc
DELL
FY2026
|
servers and infrastructure systems assembly
Technology
|
133.7B | 113,538 | 2,633 | 11,185 | — | 10,437 |
|
Corning Incorporated
GLW
Q1-2026
|
optical communications components for infrastructure links
Technology
|
130.2B | 4,144 | 332 | 362 | 15.4% | — |
|
TE Connectivity Ltd
TEL
Q2-FY2026
|
connectors and sensors used in power-dense equipment
Technology
|
59.9B | 4,744 | 267 | 947 | 20.1% | — |
|
Celestica Inc.
CLS
Q1-2026
|
electronics manufacturing and systems integration
Technology
|
43.3B | 4,047 | 230 | 356 | 6.7% | 2,673 |
|
Hewlett Packard Enterprise Co
HPE
Q1-2026
|
server and infrastructure hardware supplier
Technology
|
37.5B | 9,301 | 569 | 1,178 | 5.1% | — |
|
Jabil Circuit Inc
JBL
Q2-2026
|
contract manufacturer for complex electronics systems
Technology
|
35.2B | 8,282 | 198 | 734 | — | — |
|
Fabrinet
FN
Q2-FY2026
|
precision manufacturing for networking and hardware systems
Technology
|
23.1B | 1,133 | 97 | 149 | 10.1% | 799 |
|
HP Inc
HPQ
Q1-2026
|
hardware OEM with limited but relevant assembly capability
Technology
|
18.5B | — | — | — | — | — |
|
Super Micro Computer Inc
SMCI
Q2-2026
|
server platform builder for dense compute infrastructure
Technology
|
15.8B | 12,682 | 46 | -24 | — | 10,595 |
|
TTM Technologies Inc
TTMI
FY2025
|
printed circuit boards and RF components
Technology
|
14.3B | 2,906 | 274 | 292 | 9.1% | — |
|
Sanmina Corporation
SANM
Q2-2026
|
electronics manufacturing services provider
Technology
|
11.7B | 4,013 | 57 | 399 | 3.9% | — |
|
Vicor Corporation
VICR
Q1-2026
|
high-performance power modules for compute systems
Technology
|
11.6B | 113 | 12 | -4 | — | 95 |
|
Littelfuse Inc
LFUS
FY2025
|
circuit protection components for electrical infrastructure
Technology
|
9.8B | 2,386 | 68 | 434 | 1.6% | — |
|
Flex Ltd
FLEX
Q3-2026
|
global contract manufacturing and system build partner
Technology
|
33.3B | 7,058 | — | 420 | 5.5% | — |
4
Mining Site Software, Security & Infrastructure Orchestration
These companies provide software and cybersecurity tools that can support large-scale mining, hosting, colocation, and digital infrastructure operations even if crypto mining is not their main end market.
15 companies
| Company | Role | Market Cap | Revenue ($M) | Operating Margin (%) | Operating Cash Flow ($M) | Free Cash Flow ($M) | Capex ($M) |
|---|---|---|---|---|---|---|---|
|
Microsoft Corporation
MSFT
Q3-FY2026
|
cloud and systems software for infrastructure operations
Technology
|
3.2T | 82,886 | — | 46,679 | 15,803 | 30,876 |
|
Oracle Corporation
ORCL
Q3-FY2026
|
cloud infrastructure and enterprise software stack
Technology
|
471.2B | 17,190 | — | 23,514 | — | 48,250 |
|
Palo Alto Networks Inc
PANW
Q2-2026
|
security platform for hosted compute environments
Technology
|
147.2B | 2,594 | 15.3% | — | — | — |
|
Crowdstrike Holdings Inc
CRWD
FY2026
|
endpoint and workload security for digital infrastructure
Technology
|
114.7B | 1,305 | — | 1,612 | 1,235 | 302 |
|
Fortinet Inc
FTNT
FY2025
|
network security appliances and services
Technology
|
63.7B | 6,800 | 30.7% | 2,591 | 2,212 | 365 |
|
Zscaler Inc
ZS
Q2-FY2026
|
cloud security for distributed infrastructure access
Technology
|
21.7B | 816 | -6.0% | 204 | 169 | — |
|
MongoDB
MDB
FY2026
|
database software for infrastructure applications
Technology
|
20.8B | 2,464 | -6.0% | 505 | 493 | 5 |
|
CyberArk Software Ltd
|
privileged access security for critical systems
Technology
|
20.6B | — | — | — | — | — |
|
Check Point Software Technologies Ltd
|
network and workload security stack
Technology
|
14.6B | — | — | — | — | — |
|
Okta Inc
OKTA
FY2026
|
identity management for enterprise infrastructure
Technology
|
13.5B | 761 | 6.0% | 258 | 252 | — |
|
Gen Digital Inc.
GEN
Q3-FY2026
|
security software adjacent to infrastructure operations
Technology
|
11.6B | 1,240 | 34.9% | 1,066 | 1,047 | — |
|
Nutanix Inc
NTNX
Q2-FY2026
|
infrastructure software for compute environments
Technology
|
11.1B | 723 | 11.6% | 197 | 191 | 6 |
|
Confluent Inc
CFLT
Q4-FY2025
|
data streaming software for infrastructure telemetry
Technology
|
11.1B | 315 | -31.5% | — | — | — |
|
Rubrik, Inc.
RBRK
Q4-FY2026
|
backup and cyber resilience for hosted environments
Technology
|
11.0B | — | — | — | — | — |
|
Informatica Inc
INFA
Q3-FY2025
|
data management software adjacent to operations
Technology
|
7.6B | 439 | 13.9% | — | — | — |
5
Data Center, Cloud & Network Capacity Providers Adjacent to Mining
These operators own or sell compute, cloud, network, and internet infrastructure that can host, complement, or compete with crypto-oriented capacity deployment.
8 companies
| Company | Role | Market Cap | Revenue ($M) | Capex ($M) | Operating Cash Flow ($M) | Free Cash Flow ($M) | Operating Margin (%) |
|---|---|---|---|---|---|---|---|
|
Cloudflare Inc
NET
FY2025
|
internet infrastructure platform adjacent to hosting demand
Technology
|
74.6B | 2,168 | 316 | 603 | 261 | -9.6% |
|
CoreWeave, Inc. Class A Common Stock
CRWV
FY2025
|
specialized compute infrastructure operator
Technology
|
60.3B | 5,131 | 10,309 | 3,058 | — | -1.0% |
|
Nebius Group N.V.
|
cloud infrastructure provider adjacent to compute hosting
Communication Services
|
35.7B | — | — | — | — | — |
|
VeriSign Inc
VRSN
Q1-2026
|
internet infrastructure operator with limited thematic tie
Technology
|
24.8B | 429 | 7 | 272 | 265 | — |
|
NetApp Inc
NTAP
Q3-FY2026
|
hybrid cloud and storage infrastructure serving operators
Technology
|
21.5B | 1,713 | 46 | 317 | 271 | 25.3% |
|
Pure Storage Inc
PSTG
FY2026
|
storage platforms used in data center environments
Technology
|
21.4B | 3,663 | 264 | 880 | 616 | 3.1% |
|
Akamai Technologies Inc
AKAM
FY2025
|
cloud infrastructure and security edge platform
Technology
|
14.7B | 4,208 | 818 | 1,519 | — | 13.0% |
|
DigitalOcean Holdings Inc
DOCN
FY2025
|
cloud hosting capacity for digital workloads
Technology
|
10.1B | 901 | 140 | 310 | — | — |
Report History
| Generated | Pool | Layers |
|---|---|---|
| 2026-05-01 14:08 | 88 | 5 |