Eighth Top CryptoSupercomputer mining pools, May 2022. 20 top mining pools across Bitcoin and Ethereum have a $19 billion revenue run rate. The center of crypto mining has moved to the US with 38% share, increasingly publicly traded mining companies.

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May 2022
Stephen Perrenod
CryptoSuper 500 – Eighth List
Top Cryptocurrency Supercomputers

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Digital Money
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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✦ Cryptocurrencies (at least Bitcoin) represent 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 they are simply digital assets
✦ Most of the current 19,000+ 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)
✦ Surprise: your Bitcoin is not in your hardware 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 and second layer chains extend the
functionality
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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CryptoSuper
Methodology
✦ We only consider Proof of Work mined 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 over 200 Exahash/s and other top coins are mostly in the
Terahash/s domain, considerably less
✦ Most coins (Bitcoin, Ethereum) require ASICs to be profitably mined, GPU
mining still possible with Ethereum for now
✦ We compare mining pools by using the economic value of coins produced
per day = number of blocks mined x number of coins per block x price per
coin and adding transaction fee revenue
✦ We tabulate 20 pools producing over $200 million annual economic value in
Bitcoin, Ethereum. 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 over $570 billion (late May, 19+ million BTC at $30,000+)
✦ Bitcoin daily production = $27 million (miners also receive $0.3 million in fees)
– money supply inflation under 1.8%, was cut in half in May, 2020
– 24 hours x 6 blocks per hour x 6.25 coins x $30,000
✦ Annual production run rate, Bitcoin, almost $10 billion
✦ Ethereum #2 by market cap at $250 billion, daily production currently nearly equal to Bitcoin,
roughly $25 million of new ETH per day
✦ Top Mining Pools produce revenue of $19 billion annually across top 2 mined coins,
including new coins and transaction fees. Very little revenue from next few proof of work
coins at current prices.
✦ Bitcoin mining is not dirty relative to global use of energy; also, Bitcoin, unlike most electricity
outputs is not consumption, it is production that creates permanent value (mostly rising).
✦ In a 4/25/22 press release the Bitcoin Mining Council estimated that 58% of the Bitcoin
mining industry electricity inputs are from sustainable sources, based on a survey of 44
miners representing 50% of all Bitcoin hashrate. They report 0.16% of global energy and
only 0.08% of CO2 emissions (0.03 billion tons out of 35 billion tons).

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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,
followed by Kazakhstan with 13% and Canada 6%. Russia has dropped
in share.
✦ These four 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 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 ~
$400 million
✦ Most are HQ’d in the US and
Canada
✦ Data from company web sites
and Yahoo Finance, 5/19/22
✦ If these and some additional
Bitcoin mining public
companies can implement their
plans, by early 2023 they could
have close to 20% of global
hash rate among them
Publicly traded
Bitcoin Mining
Companies
✦
Company
Trading
Symbol
Market
Cap
$Billion
EPS Price $
Hash Rate
plans in
Exahashes
/sec
Bitcoin
Held
Core
Scientific
CORZ 1.26 -2.56 3.88
16.2 now,
31 by year
end
8497
Northern
Data AG
NDTAF 0.85 -7.66 33.5 Euros
Data
center and
cloud
provider
n/a
Marathon
Digital
MARA 1.10 -0.36 10.35
23 by early
2023
n/a
Riot
Blockchain
RIOT 0.91 -0.09 7.13
12.8 by
early 2023
5783
Hut8 Mining HUT 0.43 -0.42 2.49 2.54 now 6115
Iris Energy
Ltd.
IREN 0.37 -18.07 4.90
10 by early
2023
n/a
Bitfarms BITF 0.38 0.13 1.87 2.7 now 5243
Table 2. Some 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. Data from
Yahoo Finance on 5/19/22 and company websites.

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

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✦ These 6 coins produce around
$20 billion of annual economic
value (AEV) (down from $42
billion in November, 2021)
✦ Bitcoin and Ethereum are
basically tied at $9 to $10 billion
per year
✦ Only BTC and ETH have pools
of over $200 million a year (20
such pools)
Top Six Proof-of-
Work Coins
✦
Coin Algorithm Block
Time
Block
Subsidy
Price $ Hash Rate Units
Bitcoin
(BTC)
SHA256 10 min. 6.25 30,016 235 Exa
Ethereum
(ETH)
Ethash 15 sec. 2 2054 1.09 Peta
Dogecoin
(Doge)
Scrypt 1 min. 10,000 0.086 429 Tera
Litecoin
(LTC)
Scrypt 2.5 min. 12.5 69.6 521 Tera
Bitcoin
Cash
(BCH)
SHA 256 10 min. 6.25 192.4 723 Peta
Ethereum
Classic
(ETC)
ETChash 14 sec. 3.2 20.6 22.68 Tera
Table 3. 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 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 Exahashes/sec range,
Bitcoin Cash has only 0.3% as much hash rate. Almost all the economic value is in Bitcoin and
Ethereum, they are the only ones with pools mining at over $200 million annual run rate.

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✦ These are nine of the fastest
Bitcoin mining rigs on the
market, from three vendors.
✦ The table shows hashrate,
electricity required, and
operating profit at 5 cents per
kilowatt-hour
✦ Some of these rigs are
announced for future
availability.
Top Mining Rigs
✦
Table 4. The first and second column give the manufacturer and model name for a number of the latest
mining rigs. The third, fourth, and fifth columns give suggested unit pricing, the hashrate for Bitcoin’s
SHA256 hashing algorithm in Terahashes/second, and the electricity draw in Watts. The operating
profitability is estimated for 5 cents per kWH electricity. The operator must cover capital costs and other
operating costs as well before deriving a profit. Some of these rigs will not ship until later this year.

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✦ Top 10 Bitcoin Mining
Pools and Top 10
Ethereum Mining Pools
✦ We also list the host
country
✦ These top 20 pools are
responsible for over 90%
of the value creation
✦ US now has 4, Germany,
Japan, and China 1 each
and the rest are global
Largest
Pool
Operators
✦
Pool Country Bitcoin ($M) Ethereum
($M)
Total $M
Ethermine Global 0 2,714 2,714
F2pool Global 1,307 1,346 2,652
Poolin US 1,102 920 2,022
Foundry USA US 1,889 0 1,889
Antpool China 1,386 256 1,642
Binance US 1,140 168 1,308
Hiveon Global 0 1,018 1,018
ViaBTC Germany 997 0 997
Slushpool Global 589 0 589
Btcdotcom Global 563 0 563
2Miners Global 0 531 531
flexpool.io Global 0 514 514
Nanopool Global 0 259 259
SBI crypto Japan 247 0 247
MiningPoolHub Global 0 229 229
Luxor US 216 0 216
Top 20 9,436 7,955 17,391
All Mining 9,708 9,411 19,119
Table 5. The top 20 Bitcoin and Ethereum pools, across 16 operators. The cutoff is
$200 million annual production. Collectively they produce $17.4 billion out of total
of $19.1 billion for both coins.

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Top pools, Bitcoin, Ethereum

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Top Bitcoin Mining Pools:
Share of blocks won by pool,
over three months prior to
and including 5/19/22.
13,155 blocks added to chain.
Top 6 pools account for 80% of
the blocks won and added to
the blockchain.

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Top Ethereum Mining Pools:
Share of 575,033 blocks by pool.
Data covers 3 months prior to
5/19/22 from BTC.com
Top 3 pools account for 54% of
won blocks

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May 2022
Stephen Perrenod
OrionX.net/research
Thank you!

17. @OrionX_net
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References
✦ Overall: coinmarketcap.com, coinwarz.com, cryptoslate.com
✦ BTC: btc.com, blockchain.com
✦ ETH: btc.com, etherscan.io
✦ Others: miningpoolstats.stream
✦ Cryptocurrency topics: orionx.net/blog
✦ Top Cryptocurrency Supercomputers November 2021,
https://www.slideshare.net/perrenod/top-cryptosupers-seventh-edition
✦ Cambridge Bitcoin Electricity Consumption Index: https://ccaf.io/cbeci/index
✦ Bitcoin Mining Council: endthefud.org, https://youtu.be/uotDxbKJmlo
✦ Mining rigs: asicminervalue.com