A new report published by Elwood Asset Management has revealed that publicly traded cryptocurrency mining firms are moving from being relatively small in the industry to become significant industry players.
The in-depth report details that publicly traded firms including Argo Blockchain, Hive Blockchain, Marathon Patent Group, Riot Blockchain, and Bit Digital have been able to raise around $800 million over the last two cryptocurrency boom and bust cycles, which allowed them to spend millions on new mining equipment and gain a larger foothold on BTC’s mining scene.
It details that Marathon Patent Group is likely going to “establish itself as the largest listed cryptocurrency mining company by mid-2021” based on an analysis of delivery timelines.
Elwood Asset Management also analyzed the capital expenditure of the listed cryptocurrency miners since 2019, used estimates for companies that did not publish deal amounts, such as Bitfarms and Hut8. In total, nearly $500 million were invested. The report reads:
“Using this methodology, we found out that the listed miners had spent over $488m on mining equipment between January 2019 and January 2021. Out of that, Marathon ranks first as the biggest spender, with $245.6m in deals.”
After breaking down investment by listing countries, it found companies in the U.S. came out on top, making up more than three-quarters of the total investment from listed companies, followed by those in Canada and the UK.
Source: https://www.cryptocompare.com/email-updates/daily/2021/feb/12/
