The top 14 publicly-traded miners have a total market cap of $16.5 billion.

  • The total market cap of miners is $16.5 billion or ₿349,738.
  • Marathon leads the pack with a market cap of $4.2 billion.
  • Riot Blockchain places second with a market cap of $3.0 billion.
  • The market cap of miners dwarfs other industries like gold mining and cannabis.
  • The market cap of miners as a percentage of the Bitcoin market cap is only 1.8%.

The Bitcoin and crypto mining industry’s market cap has 25X’d in just two years and remains highly correlated with Bitcoin. While Bitcoin’s market cap grew by a respectable 487% in two years, the mining industry’s market cap increased by an astounding 2,433%. Yet, the mining industry is only 1.8% of Bitcoin’s market cap and is still nascent compared to more established industries, like gold mining.

The total market cap of publicly-traded gold miners is approximately $109.8 billion.

If Bitcoin proceeds to replace gold as the world’s store of value, one should also expect the Bitcoin mining industry to surpass gold mining. In that case, the Bitcoin and crypto mining industry still has the potential to at least sextuple in size over the coming years. Even compared to emerging industries like cannabis, miners are dwarf in market cap. The top 100 cannabis stocks have a market cap of $65.0 billion. You would think the miners of an imminent, global store of value would surpass the cannabis industry given enough time.

However, keep in mind that the market cap can increase in multiple ways. Listed miners can increase in size and new miners will inevitably go public, thus adding to the total market cap. There are at least five miners who expect to go public by the first quarter of 2022 and we expect more listings will be announced in the coming year.