September Bitcoin Mining List: Mid-sized mining companies Cipher Mining, Bitdeer, and HIVE Digital have jumped to the upstream camp of realized computing power

As publicly traded miners prepare to report third-quarter results, the latest figures from September show a significant reordering of the bitcoin mining rankings over the past year. Once dominated by a handful of clear leaders, the rankings now show a new wave of mid-sized miners fast approaching the top after a year of aggressive expansion.
Cipher Mining, Bitdeer and HIVE Digital have leapt into the upstream rankings of realised hashrate, closing the gap with longtime leaders such as MARA, CleanSpark and Bitmain agent Cango. Their rise highlights the trend of mid-sized public miners - once far behind - rapidly expanding capacity since the 2024 halving.
In September 2025, publicly listed mining companies achieved a total of 326 EH/s of realized hashrate, up from 150 EH/s a year ago, accounting for about 31.6%, compared with 22% in September last year. This shows that listed mining companies are not only growing rapidly before entering the earnings season, but also showing a deeper trend of concentration.
MARA, CleanSpark (CLSK), and Cango (CANG) remain the top three publicly traded miners, achieving hashrate of 53.3 EH/s, 45.6 EH/s, and 44.7 EH/s, respectively. However, several mid-sized miners have rapidly closed the gap after 2024: IREN achieved 167% growth, making it into the Tier 1 ranks; Cipher Mining (CIFR) grew 152% to 18.2 EH/s; Bitdeer (BTDR) grew 267% to 32.7 EH/s with the new SEALMINER deployment; HIVE benefited from Paraguay's new hydroelectric mine, almost increasing hashrate from 5.3 EH/s to 19.3 EH/s in the past year.