September Bitcoin Mining Rankings: Mid-sized mining companies Cipher Mining, Bitdeer, and HIVE Digital have risen to the upstream camp of realized computing power.
Golden Finance reports that as publicly listed mining companies prepare to announce their third-quarter financial reports, the latest data from September shows a significant reshuffling in the Bitcoin mining rankings over the past year. The rankings, once dominated by a few clear leaders, now indicate that a new wave of medium-sized mining companies is quickly closing in on the top positions after a year of aggressive expansion. Cipher Mining, Bitdeer, and HIVE Digital have climbed to the upstream ranking of realized hashrate, narrowing the gap with long-time leaders like MARA, CleanSpark, and Bitmain's proxy company Cango. Their rise highlights the trend of mid-sized public mining companies—once far behind—rapidly expanding capacity since the halving in 2024. In September 2025, publicly listed mining companies achieved a total realized hash rate of 326 EH/s, up from 150 EH/s a year ago, accounting for approximately 31.6%, compared to 22% in September last year. This indicates that publicly listed mining companies not only grew rapidly before entering the financial reporting season but also exhibited a deeper trend of centralization. MARA, CleanSpark (CLSK), and Cango (CANG) still hold the top three positions among publicly traded mining companies, with achieved hash rates of 53.3 EH/s, 45.6 EH/s, and 44.7 EH/s, respectively. However, several medium-sized mining companies rapidly closed the gap after 2024: IREN achieved a 167% growth, entering the top tier; Cipher Mining (CIFR) grew by 152%, reaching 18.2 EH/s; Bitdeer (BTDR) increased by 267% through the new SEALMINER deployment, reaching 32.7 EH/s; HIVE benefited from a new hydroelectric mining site in Paraguay, nearly raising its hash rate from 5.3 EH/s to 19.3 EH/s over the past year.
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