as mining companies preparing to release their third quarter financial reports to the public, the latest data from September shows a significant reshuffling of the Bitcoin mining leaderboard over the past year. The rankings, once dominated by a few clear leaders, now show a new wave of medium-sized mining companies rapidly approaching the top after a year of active expansion.

Cipher Mining, Bitdeer, and HIVE Digital have risen to the top ranks in terms of realized computing power, narrowing the gap with long-time leaders such as MARA, CleanSpark, and Bitmain proxy company Cango. Their rise highlights the trend of medium-sized public mining companies rapidly expanding their capacity since the halving in 2024.

In September 2025, publicly listed mining companies collectively achieved a realized computing power of 326 EH/s, up from 150 EH/s a year ago, accounting for approximately 31.6%, compared to 22% in September of the previous 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 listed mining companies, with realized computing powers of 53.3 EH/s, 45.6 EH/s, and 44.7 EH/s respectively. However, several medium-sized mining companies have rapidly narrowed the gap since 2024: IREN achieved 167% growth, entering the top tier; Cipher Mining (CIFR) grew by 152% to reach 18.2 EH/s; Bitdeer (BTDR) grew by 267% through the deployment of the new SEALMINER to reach 32.7 EH/s; HIVE benefited from a new hydroelectric mining facility in Paraguay, increasing its computing power from 5.3 EH/s to 19.3 EH/s in the past year.