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It's insightful to compare these key players in the Bitcoin mining and digital infrastructure space. While each company operates within a similar sector, their scale, operational efficiencies, and strategic focuses can vary significantly. Here's a comparative overview of the companies you mentioned, drawing on their latest reported metrics:

Comparative Overview of Digital Asset Miners

Note: Hashrate and BTC mined figures are from the latest available reports, which may vary by company (e.g., monthly vs. quarterly). Cost per BTC figures are approximate and may not be directly comparable due to different calculation methodologies (e.g., electricity cost vs. all-in cost). Institutional ownership and short interest percentages are dynamic and reflect the latest available Fintel data.

Key Observations:

• Scale and Production: Riot Platforms and IREN Limited appear to lead in terms of reported hashrate and Bitcoin production. Riot reported 35.4 EH/s and 1,426 BTC in Q2 2025,1 while IREN hit an installed hashrate of 50 EH/s and mined 620 BTC in June 2025.3 HIVE Digital is also scaling rapidly, reporting an average of 19.4 EH/s in September 2025 and targeting 25 EH/s by American Thanksgiving.20
• Cost Efficiency: IREN Limited reported a notably low net electricity cost per Bitcoin mined at $26,259 in June 2025.3 Cipher Mining also shows competitive electricity costs for its Odessa facility at ~$24,686 per BTC in Q2 2025.11 These figures are crucial post-halving.
• Balance Sheet Strength: Riot Platforms holds a significant Bitcoin treasury of 19,273 BTC and $330 million in cash as of Q2 2025,1 indicating a strong HODL strategy. Hut 8 also maintains a substantial Bitcoin reserve of 10,667 BTC.16 TeraWulf reported $90 million in cash and Bitcoin, but also $500 million in debt.13
• Institutional Sentiment & Short Interest: Companies like Riot Platforms, IREN, and Applied Digital show relatively high institutional ownership, suggesting a degree of confidence from larger investors. Conversely, TeraWulf, Applied Digital, and Riot Platforms exhibit higher short interest percentages relative to their float,14 which could indicate bearish sentiment or potential for short squeezes if catalysts emerge.
• Diversification: Several companies, including IREN, HIVE, Bitfarms, and TeraWulf, are actively pursuing high-performance computing (HPC) and AI initiatives to diversify revenue streams beyond pure Bitcoin mining.21 Applied Digital's business model is largely focused on hosting digital infrastructure, including HPC, rather than just self-mining Bitcoin.18

For a deeper dive into any of these companies' institutional ownership or short interest trends, you can explore their respective Fintel pages. For example, you can find detailed ownership data for Riot Platforms at Fintel RIOT2 or short interest for TeraWulf at Fintel WULF.14