Tenth CryptoSuper 500 Report: Bitcoin has increased its dominance of the $10 billion proof-of-work cryptocurrency mining industry, which relies on supercomputing levels of computational power. Dogecoin is a distant #2 as #1 Bitcoin has grown to 350 Exahashes/sec of computational power in the network. North America now boasts close to half of Bitcoin's mining power and publicly traded mining companies amount to 18% of total production.

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May 2023
Stephen Perrenod
CryptoSuper 500 – Tenth List
Top Cryptocurrency Supercomputers
EMBARGOED until 25 May 2023

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©2023 OrionX.net
Digital Money or
Digital Property
Store of value
Safe?
Unit of account
Supply?
Medium of exchange
Stable?
Money 3.0 is:
Money in the Internet
“Money has become
information. Bitcoin is energy
securely encapsulated as
information. Electrons to
eternal bits.” - @moneyordebt
a 500-year advance in accounting with
triple-entry ledgers on a timechain
Money 3.0

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✦ Bitcoin and cryptocurrency represents technology for Money
3.0
– 0.x – shells, beads
– 1.0 – gold and silver coins
– 2.0 – national fiat currencies
– 3.0 – Decentralized digital Money stored in, sent across the Internet
– Some might say cryptocurrencies are simply digital assets
✦ Most of the current 24,000+ coins will prove to be worthless in
the long run, the distribution of market cap falls off very
steeply (power law index -1.57 of the ranking)
✦ Very few, use Proof of Work, only 6 of those have significant
market cap
✦ Surprise: your Bitcoin is not in your hardware wallet or mobile
wallet or paper wallet. That just holds the keys.
OrionX position
Money 3.0

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▪ It’s not either/or with blockchain and bitcoin, it’s both
▪ They are each layers in an integrated stack
▪ Blockchain (or timechain) is the triple entry ledger of
chained transaction blocks: sender wallet, blockchain,
receiver wallet
▪ A consensus algorithm (e.g. Nakamoto) that enforces
security and prevents double spending is required:
Mining, it also enforces a monetary policy
▪ An incentive is required to cause the algorithm to be
computed and transactions added to the chain:
Cryptocurrency/Coin
▪ Smart contracts (ordinals, BRC-20, etc.) and second
layer chains extend the functionality and scaling for
fast, small transactions
Blockchain or Bitcoin? Gold, Fiat or Bitcoin?
Table 1. Advances in monetary technology. Aristotle defined the first four attributes required for
money over two millennia ago. We have added Fungibility “one is as good as another” to the
table. Bitcoin is private, global money on a decentralized, highly replicated leger.
Monetary Technology Advances

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Bitcoin is now a major asset:
Market Cap, all Assets over $1/2 Trillion
CompaniesMarketCap.com
©2023 OrionX.net
Table 2. Bitcoin is a $0.5 Trillion asset. The
only other assets with larger market caps
are gold and silver, 8 trillion-dollar class
publicly traded American companies, and
Saudi Aramco. From
companiesmarketcap.com

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CryptoSuper
Methodology
✦ We only consider Reusable Proof of Work mined (minted) coins, since they are
the only ones using significant supercomputing power
– Non-mined coins usually use Proof of Stake, Pre-mining (“air drop”), or some Byzantine Fault
Tolerant algorithm. They either start with mining or an air drop
– The US $ started out as Proof of Work (mining, minting) then switched to Proof of Stake
(paper certificates against gold, silver) and now is an “air drop” of sorts, created by banks
when new loans are made, or fiscal debt monetization, backed by reserves at the Fed
✦ The mining protocols and hash rates vary in very large degree between coins
– Total Hashrate for Bitcoin is about 350 Exahash/s and other top coins are mostly in the
Terahash/s domain, considerably less
✦ Most RPOW coins require ASICs to be profitably mined, GPU mining still possible
with some
✦ We compare mining pools by using the Economic value of coins produced per
year = number of blocks mined x number of coins per block x price per coin and
adding transaction fee revenue
– Pools are aggregators of many sources of hash rate including their own, other businesses,
and individual miners. They act as brokers to share collective rewards in proportion to
hashrate contributed to a pool, for modest fees
✦ We tabulate pools that are responsible for over $40 million annual economic value
each in Bitcoin or Dogecoin. No other coins have pools that qualify

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Supercomputing for decentralized monetary network
Cryptocurrency
Mining is Green
Supercomputing
✦ Method: We estimate the annual economic value of mined crypto, only Proof of Work coins
✦ Bitcoin market cap $530 billion (May 15, 2022, 19+ million BTC at $27,450)
✦ Bitcoin daily production = $25 million (miners also receive about $2 million in fees)
– money supply inflation under 1.8%, will cut in half to below 1% in April, 2024
– 24 hours x 6 blocks per hour x 6.25 coins x $27,450
✦ Annual production run rate, Bitcoin, about $9 billion, also $1 billion in fees, approximately
✦ Ethereum #2 by market cap at $225 billion, has abandoned Reusable POW in late 2022 and moved to
Proof of Stake; it is no longer a mined coin or supercomputing application; large owners collect yield
by staking
✦ Top Mining Pools produce revenue of $9.6 billion annually across top 2 mined coins, including both
new coins and transaction fees. Very little revenue from the next few proof of work coins at current
prices
✦ Bitcoin mining is cleaner than average global use of energy; also, Bitcoin, unlike most electricity
outputs, is not consumption, it is production that creates permanent value (mostly rising), only 1%
goes to transaction fees, 99% to new economic value
✦ The Bitcoin Mining Council estimates that 59% the industry’s electricity inputs are from sustainable
sources, based on a survey of their miners representing 45% of all Bitcoin hashrate. They report that
Bitcoin mining uses just 0.16% of global energy and responsibility for only 0.11% of CO2 emissions
Bitcoin energy inputs > 50% green
Bitcoin only 1/900 of all CO2e, says
Bitcoin Mining Council

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Great Chinese
Mining
Shutdown
✦ The US is now the largest provider of Bitcoin mining power with a 38%
share as of January 2022, following the Great Chinese Mining Shutdown
of mid-2021.
✦ Rumors came out in late May 2021 about a Chinese crypto mining
shutdown. This time it was serious. The ban rolled out province by
province in the key mining provinces of Inner Mongolia, XinJiang, and
Sichuan. The big blow came on June 19.
✦ Global hashrate has now exceeded prior high, miners in China sold or
relocated many of their mining rigs. Some mining has restarted,
presumably unregulated, such that China is #2 provider with 21% share
(as of January 2022), followed Russia, Kazakhstan, and Canada
✦ These five countries provide over ¾ of all Bitcoin mining hash rate.
✦ This data comes from the Centre for Alternative Finance, U. Cambridge,
based on monitoring four of the largest Bitcoin pools.
✦ Why did China ban mining?
1. limit capital flight
2. control electricity usage
3. better impose regulation and taxes if the ban is relaxed in the future
4. make space for the central bank digital Yuan e-CNY <—- the real
reason

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✦ A number of publicly traded
Bitcoin mining companies have
listed shares, these have market
caps at or above ~ $40 million
and produce 18% of all Bitcoin
✦ 2022 was a tough year for miners,
many had to raise capital or sell
assets but the price recovery in
2023 and higher fees are boosting
profitability
✦ Most are HQ’d in the US and
Canada, also UK, Australia
✦ Data from company web sites and
Yahoo Finance, 5/10/23
✦ If these and some additional
Bitcoin mining public companies
can implement their plans, by late
2023 they could have over 20% of
global hash rate among them
Publicly traded
Bitcoin Mining
Companies
✦
Table 3. The top publicly traded Bitcoin mining companies, some of these companies have other business lines, most are pure plays. In general, these
are new businesses with significant venture capital invested and large capital expenses devoted to ramping up hashrate with new mining rigs, so
although they may have good operating margins on mining most are not profitable. Many of these are also keeping much of the Bitcoin they mine in
their treasuries, collectively over $900 million in value. Data from Yahoo Finance on 5/10/23 , hashrateindex.com, and company websites.
Company
Market Cap
$Million
Pretax
Earnings
2022, $M
Stock Price $
Hash Rate plans in
Exahashes/sec
Bitcoin
Held
Daily
Bitcoin
mined
Argo Blockchain 72 -186 1.44 2.5, adding 0.3 N/A 4.8
Bitfarms 274 -256 1.13 5.0 465 12.6
Cipher Mining 556 -37 2.24 6, adding 1.2 427 13.5
Clean Spark 394 -40 5.05 6.7 313 17.5
Core Scientific 134 -2163 0.36 14.8
Filed
bankrupt
cy, still
operating
37.5
Hive Blockchain 273 82 3.25 1.9, adding 2 2,372 9.1
Hut8 Mining 413 -233 1.87 2.6 9,265 4.4
Iris Energy Ltd. 227 -417 4.13 5.5 1,398 10.6
Marathon Digital 1674 -709 10.09 14, adding 4 11,568 23.4
Northern Data AG 429 336 17.27 3.8, adding 0.9 N/A 7
Riot Blockchain 2190 -521 12.59 10.5 7,112 21.3
Stronghold
43 -195 0.94 3.2, adding 0.8 N/A 5
Total 6679 -4339 Up to 85 by q3 2023 32,920 166.7

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Top Proof of Work Coins
Mining Rigs
Largest Pool Operators
Summary Tables

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✦ These 6 coins produce over $9
billion of annual economic value
(AEV)
✦ Bitcoin has almost all the value
at $8.8 billion, Dogecoin is the
clear #2 as Ethereum has
dropped out of the race.
Transaction fees not included
here.
✦ Only BTC and DOGE have
pools of over $40 million a year
(16 such pools)
Top Six Proof-of-
Work Coins
✦
Table 4. The first and second column give the coin name and its cryptographic hash algorithm. The
next two columns give the nominal block time and the block subsidy received by a miner each
block. The fifth Column gives the recent (5/14/23) price for the coin, and the last two columns
provide the hash rate and the units for the hash rate. Only Bitcoin is in the 100s of Exahashes/sec
range, and as a result almost all the economic value is in Bitcoin.
Coin
Market
Cap (B$)
Total hash rate
Annual
production
$B
(nominal)
Current
Supply
(millions)
Max
Supply
(millions)
Bitcoin 517 354 EH/s 8.80 19.37 21
Dogecoin 10.0 635 TH/s 0.38 139, 282 No cap
Litecoin 5.84 703 TH/s 0.21 72.88 84
Monero 2.79 2.45 GH/s 0.02 18.28 No cap
Ethereum Classic 2.54 128 TH/s 0.11 141 211
Bitcoin Cash 2.20 0.65 EH/s 0.06 19.39 21

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✦ These are six of the fastest
Bitcoin mining rigs on the
market, from the two largest
vendors.
✦ The table shows hashrate,
electricity required, and
operating profit at 5 cents per
kilowatt-hour
✦ This table was produced in May
2023
Top Mining Rigs
Table 5. Some popular Bitcoin mining rig parameters of hash rate, power consumption, and power per
delivered hash rate (lower is better). Operating revenue after electricity costs only is calculated using 5
cents per kWh. According to hashrateindex.com pricing is in the range of $16 to $24 per Terahash/s for
these machines, with higher prices commanded for better efficiency scores.
Manufacturer Model Hashrate
Terahash/s
Electricity
Watts
Efficiency =
Joules/Terahash
Operating
Revenue per day
at 5 cents kWH,
BTC $27.6K
Bitmain Antminer S19 XP 140 3010 21.5 US$10.40
Antminer S19 XP
Hydro (immersion
cooling)
255 5304 20.8 US$19.16
Antminer S19 Pro 110 3250 29.5 US$7.11
Antminer S19 95 3250 34.2 US$5.61
MicroBT Whatsminer M53 212 5500 25.9 US$14.62
Whatsminer M50S 126 3276 26.0 US$8.68

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✦ Top 12 Bitcoin Mining
Operators of 15 pools
✦ Pools are not mining farms,
they are brokers of hash
rate for a modest fee
✦ Miners, large and small,
typically choose to direct
their hashrate to a pool for
efficiency and for
predictable payouts
✦ We also list the host
country (Global typically
are Chinese pools that
relocated or hide their
location)
✦ These top pools are
responsible for over 93% of
the value creation
Largest
Pool
Operators
✦
Table 6. Top mining pools by value using Bitccoin and Dogecoinprices as of 5/14/23.
Transaction fees add 12.6% (last 31-day average) on top of Bitcoin’s block subsidy
reward. We only include pools with at least $38 million annualized revenue. There has
been substantial consolidation since Ethereum switched to proof-of-stake.
Pool Country Bitcoin AEV
($M)
Dogecoin AE
V ($M)
Total $M
Foundry Digital USA 3029 0 1,813
AntPool Global 2256 54 1,345
F2Pool Global 1187 68 1,209
Binance pool USA 994 0 831
ViaBTC Germany 849 134 838
Marapool N/A 366 0 515
BTCdotcom Global 186 0 361
Braiins Global 179 0 261
SBI Crypto Japan 97 0 193
Poolin USA 69 0 149
BTC M4 N/A 55 0 98
Litecoin Pool Global 0 38
Top 12 operators 9,266 295 9,561
All Mining 9,866 373 10,239

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CryptoSuper
Mining Trends
✦ Bitcoin dominance for mining (minting) now strongly established; Dogecoin
very distant second since Ethereum departed the field
✦ A dozen pools broker (not mine) most of $10 billion worth of value, almost all
Bitcoin, and about $1 billion of which is transaction fees
✦ Ever faster mining hardware, including liquid cooling; new highs in global
hashrate, rising about 50% per year
✦ North American dominance, public companies as major players may
increase to 1/5 of all Bitcoin production during 2023
✦ Retrenchment for some companies due to crypto winter of 2022’s low price
pressures but early 2023 has seen much higher prices for Bitcoin
✦ The electrical input has trended toward increasingly green, some public
companies have set carbon neutrality goals
✦ Some geographies are restricting electricity access but Bitcoin mining acts
as a load balancer for utility operators

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May 2023
Stephen Perrenod
OrionX.net/research
Thank you!

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References
✦ Overall: coinmarketcap.com, coinwarz.com, miningpoolstats.stream
✦ BTC: btc.com, blockchain.com
✦ Cryptocurrency topics: orionx.net/blog
✦ Ninth CryptoSuper500 List, OrionX, November 2022, https://orionx.net/research-reports/
✦ Cambridge Bitcoin Electricity Consumption Index: https://ccaf.io/cbeci/index
✦ Bitcoin Mining Council: https://bitcoinminingcouncil.com, endthefud.org,
✦ Mining rigs: asicminervalue.com, hashrateindex.com
✦ Reusable proof of work article by Hal Finney: https://nakamotoinstitute.org/finney/rpow/index.html
✦ Bitcoin’s Fundamental Value, in The Capital, on Medium, S. Perrenod 2022, https://medium.com/the-
capital/bitcoins-fundamental-value-derives-from-scarcity-security-then-utility-9e7d49bbd078
✦ Bitcoin and the Circular Economy, in The Capital, on Medium, S. Perrenod 2022,
https://medium.com/the- capital/bitcoin-and-the-circular-economy-f1a4db39480c