Lunar Atlas
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Ecosystem context segment

Mining Operations

Self-miners, hosted miners, data center operators.

Segment dossier

How Mining Operations actually works. Structural dynamics, key flows, where Lunar Rails fits.

No dossier written for Mining Operations yet. This is the qualitative truth about how this segment actually works: structural dynamics, key flows, chokepoints, dominant business models, and where Lunar Rails fits. Curator-authored, evidence-backed.

Context layer

This segment supports ecosystem understanding. Keep it useful and lightweight: map the important entities, explain the relationships, and show how this terrain connects into Mining, Corporate Treasuries, Lightning, or Family Offices.

Tracked entities

35

Strategic 4+

0

Warm / active

0

Open gaps

105

Missing people

35

Missing LR fit

35

Missing sources

35

Stale / unverified

0

Priority queue

Highest-value entities to clean up first, ranked by strategic importance, relationship posture, and missing operating data.

12

Recent changes

Segment-level signal from curated events. This becomes the weekly “what changed?” feed.

No segment events yet. That is itself a curation gap.

Segment entities

The full current population for this segment, including child-lane memberships.

35

  1. American BitcoinABTC· USA

    Trump-affiliated pure-play US Bitcoin miner; listed Nasdaq Sept 2025 via merger with Gryphon Digital. Leverages Hut 8's infrastructure and expertise. Targeting 'world's largest' miner status.

  2. Applied DigitalAPLD· USA

    Nasdaq-listed next-generation digital infrastructure company. Operates HPC/AI data centers and Bitcoin mining facilities side by side, positioned at the intersection of BTC mining and AI compute demand surge.

  3. Argo BlockchainARBK· UK

    UK-listed miner. Helios TX facility. Early Intel Blockscale chip partner. Significant financial restructuring history.

  4. Bit DigitalBTBT· USA

    Nasdaq-listed miner pivoting from Bitcoin to Ethereum staking and AI/HPC enterprise compute via its WhiteFiber subsidiary. Transitioning revenue mix toward higher-margin AI infrastructure hosting.

  5. BIT MiningBTCM· Hong Kong

    NYSE-listed (BTCM) Hong Kong-based miner. Acquired a 51 MW Ethiopia Bitcoin mine for $14M in 2024. Operates BTC and altcoin (Dogecoin/Litecoin) hashrate across multiple jurisdictions; one of the few Asia-headquartered l…

  6. BitdeerBTDR· Singapore

    Designs its own SEAL ASICs (TSMC 4nm), manufactures machines, and operates large mining farms plus third-party hosting. Nasdaq-listed; Singapore HQ; global facilities.

  7. BitfarmsBITF· Canada

    Canadian-listed miner with operations in Canada, USA, and South America. Low-cost hydro focus. Underwent strategic challenges in 2024; subject to Riot takeover interest.

  8. BitFuFuFUFU· Singapore

    Nasdaq-listed (FUFU) cloud-mining platform plus self-operated fleet. Bitmain-affiliated. Acquired 80 MW Ethiopia facility in 2024 and 51 MW Oklahoma site in late 2024. Operates a sub-1% pool alongside its core hashrate-…

  9. Bitfury Group· Netherlands

    One of the largest private Bitcoin companies globally. Designs its own Clarke ASIC chip, deploys custom BlockBox mobile mining containers, and operates large-scale mining farms in Georgia and other jurisdictions. Also s…

  10. Bitmain· China

    Most vertically integrated force in Bitcoin mining: designs chips, assembles Antminers (market leader), operates AntPool (~20% of blocks), and self-mines at scale. Significant centralisation risk across 3 framework leve…

  11. Blockware Solutions· USA

    North America's leading mining infrastructure and services provider. Has sold 300,000+ ASICs and placed 400+ MW of mining capacity. Offers hosted mining via Soluna's Project Dorothy and other facilities.

  12. Cango IncCANG· China

    NYSE-listed Chinese company (originally automotive financing) that pivoted to large-scale Bitcoin mining. One of the larger China-affiliated publicly traded mining companies deploying significant ASIC fleets.

  13. Cipher MiningCIFR· USA

    US pure-play miner; single large-scale Texas facility with Luminant Energy partnership.

  14. CleanSparkCLSK· USA

    Pure-play US miner focused on sustainable energy. Aggressive acquisition strategy. Among the most fleet-efficient operators by J/TH metric.

  15. Compass Mining· USA

    Mining-as-a-service marketplace for retail and enterprise miners. Brokers hardware sales, provides hosted mining at partner facilities globally, and publishes market intelligence data. One of the largest retail mining p…

  16. Core ScientificCORZ· USA

    Large-scale miner pivoting toward HPC/AI hosting via CoreWeave. Emerged from Chapter 11 bankruptcy early 2024. Largest hosting infrastructure footprint in North America.

  17. Crusoe Energy· USA

    Monetises stranded/flared natural gas through Bitcoin mining; pivoting toward AI data centers as primary use.

  18. DMG BlockchainDMGI· Canada

    Canadian-listed (Nasdaq: DMGI) Bitcoin miner and pool operator. ~1.76 EH/s (2025); targeting 3 EH/s. Operates Terra Pool; powered by low-cost BC hydroelectricity. Expanding into AI infrastructure colocation.

  19. Galaxy DigitalGLXY· USA

    Crypto-native investment bank; operates mining rigs and provides capital markets, lending, and financial services to the mining ecosystem. TSX-listed.

  20. Greenidge GenerationGREE· USA

    Operates behind-the-meter at natural gas power plants, mining Bitcoin while providing grid balancing. Subject to New York environmental scrutiny.

  21. GRIID InfrastructureGRDI· USA

    Infrastructure-focused US miner. Owns and operates data center campuses. Went public via SPAC.

  22. HIVE DigitalHIVE· Canada

    World's first publicly traded crypto miner (2017, TSX Venture). ~23 EH/s hashrate across renewable-powered facilities in Sweden, Iceland, Canada, and Paraguay. Dual revenue pivot toward AI/GPU cloud compute.

  23. Hut 8HUT· Canada

    Designed the 'Buzz Miner' using Intel Blockscale chips — one of few operators to design custom hardware. Major North American miner; large BTC treasury; merged with US Bitcoin Corp 2023.

  24. Ionic Digital· USA

    Emerged from Celsius Network's bankruptcy (2023). Operates Bitcoin mining assets inherited from the Celsius estate. Private company focused on scaling its fleet with a restructured, debt-free balance sheet.

  25. Iris EnergyIREN· Australia

    Australian-listed miner pivoting toward AI/HPC GPU cloud alongside Bitcoin. Strong renewable energy credentials. Dual revenue: Bitcoin + AI compute leasing.

  26. Lancium· USA

    Develops flexible-load data centers optimized for grid-responsive Bitcoin mining. Leverages curtailable power agreements to support grid stability in ERCOT (Texas), making large-scale miners into grid assets.

  27. Marathon Digital (MARA)MARA· USA

    Largest US-listed bitcoin miner by hashrate. Operates MARA Pool (~5.3% of blocks) and Slipstream private TX service. Also developing Anduro Bitcoin sidechain. Aggressive BTC treasury accumulation.

  28. Mawson InfrastructureMIGI· Australia

    Dual-listed (ASX/Nasdaq: MIGI) digital infrastructure provider. Operates Bitcoin mining in Pennsylvania and Ohio; expanding into AI/HPC hosting. 200+ MW of deployed digital infrastructure capacity.

  29. Northern DataNB2· Germany

    German-listed company offering Bitcoin mining and HPC/AI cloud (Taiga Cloud). European mining leader pivoting toward AI/GPU compute.

  30. Phoenix GroupPHX· UAE

    MENA's largest Bitcoin mining operation. Listed on Abu Dhabi Securities Exchange (ADX). 500 MW across five countries with a $150M+ crypto treasury. Key player driving Middle East crypto mining expansion.

  31. Riot PlatformsRIOT· USA

    Major US public miner; Rockdale is one of North America's largest Bitcoin mining campuses. Also offers third-party hosting. Key ERCOT power agreements.

  32. Sabre56· USA

    Private mining infrastructure company pivoting from project consulting to hosting services. Raised $35M in 2025 to build 150 MW of blockchain-focused data center capacity across Wyoming and Ohio.

  33. Soluna HoldingsSLNH· USA

    Nasdaq-listed developer of green data centers for Bitcoin mining and AI compute. Partners with miners like Blockware for hosting. Powered by renewable energy; flagship Project Dorothy sites in Texas.

  34. Sphere 3DANY· USA

    Nasdaq-listed (ANY) Bitcoin miner. ~0.73 EH/s as of late 2025. Announced all-stock merger with Cathedra Bitcoin (March 2026), creating a combined 53 MW / 1.2 EH/s high-density computing entity.

  35. TeraWulfWULF· USA

    Differentiated by nuclear + hydro power. Lake Mariner co-located with Constellation nuclear plant. Among the greenest large-scale miners.

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