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Bet you Didn’t Expect These Companies to Mine Bitcoin

As the Bitcoin network’s hashrate continues growing, the dynamics of the mining industry and the kinds of individuals are more varied than ever. Obviously, most bitcoin financiers are familiar with self-mining, billion-dollar-market-value giants like Riot Blockchain, and reports of historic collaborations between energy titans like ExxonMobil and off-grid bitcoin miners. But beyond these rather common and predicted corporate stars, the mining market has actually seen significant growth in rather anomalous entities exploring mining and releasing pilot projects of different sizes to get direct exposure to mining.

From worldwide shipping business to health and wellness brand names to cryptocurrency loaning firms, mining is creeping into the business methods of a growing number of unanticipated entities. This post evaluates a few of the lesser-known, unforeseen companies that are exploring bitcoin mining.

Health And Health Brands

Mining computers
Bitcoin Miners

Considering the appeal of carnivorism and seed oil-free diet plans in some bitcoin financier circles, news that a health and wellness brand announced a mining endeavor might not be the biggest surprise. In June 2021, Florida-based Graystone Business, a self-described wellness, longevity and anti-aging company, announced their prepare for growing a bitcoin mining endeavor that introduced one month previously. In late September 2021 the company published an update revealing that their operations had actually effectively mined almost 0.1 BTC considering that launch, with over 2,000 TH/s of hashrate presently in operation and prepare for a few thousand more to come online over the coming months. In January, Graystone said they were running a total of 50 Antminer S19j Pro makers– okay for a wellness company.

Cryptocurrency Lenders

When somebody thinks of business bitcoin miners, financing firms probably aren’t the first company that enters your mind. However two of the general cryptocurrency market’s largest lending institutions are both actively mining with prepare for expansion.

In May, 2021, BlockFi announced its brand-new mining efforts in the form of a partnership with Blockstream’s mining unit. How much hashrate BlockFi is handling through Blockstream wasn’t divulged, however the lending business stated they saw mining as a complement to their financial service offerings.

Celsius is likewise investing greatly in bitcoin mining, with $500 million spent on its mining efforts since November 2021. In an interview, Celsius CEO Alex Mashinsky said his business runs 22,000 mining makers, the majority of which are Antminer S19 designs. Like BlockFi, Mashinsky explained his company’s mining efforts as a strategic complement to its lending organization.

Shipping Logistics Business

Delivering business do not typically mine bitcoin, however in February 2021, a self-described international shipping and freight-logistics incorporated services company jumped into the bitcoin mining arena. New York-based Sino-Global Shipping announced a brand-new executive leadership group simply over one year ago to lead their expansion efforts into bitcoin mining while still focusing on their core business. (So, a sort of corporate strategy like MicroStrategy’s renowned bitcoin-buying project, but for mining …) The statement triggered the cost for shares of Sino-Global to jump 130%. Because the initial announcement, the company has actually bought a couple of thousand mining makers, went into a joint endeavor to make new mining hardware and even accepted bitcoin as payment for their core services.

Property Management Firms

Bitcoin Circuit Board

Some of the world’s largest investment banking firms are the biggest shareholders for the public market’s leading bitcoin mining business. However the number of financial investment banks and wealth management firms mine bitcoin themselves? At least one: Horizon Kinetics. The New York-based investment management company began their first bitcoin mining system in 2017, releasing a 2nd mining initiative in 2018. The business supposedly handles roughly $7 billion in properties, and they cited the factor for exploring mining as a method to much better understand Bitcoin itself. Horizon’s mining growth technique has actually mainly involved purchasing several thousand mining makers and negotiating hosting contracts for their hardware.

Electric Utilities Companies

The fact that a multi-billion dollar, electric utility company has a subsidiary running a bitcoin mining pilot program might not be the most unexpected advancement for the mining market, given the important location that mining has in the energy markets of the near future. However thinking about that bitcoin mining as an industry is hardly one decade old, E.ON’s Hungarian subsidiary is a leader in its own market. The Hungary subsidiary of E.ON has actually partnered with another Hungary-based business, Enerhash, to install a little mining operation at one of their plants to check its ability to improve the economics and efficiency of the plant in various methods. What makes this partnership a lot more curious is how couple of media outlets have actually discussed it. Perhaps the absence of attention to E.ON Hungary’s mining activity was partially due to some of their press releases around the operation being written in Hungarian while most of the past year’s mining news has actually focused on North and Latin America.

Small Innovation Companies

It is very important to discuss that not every company who announces brand-new mining ventures or pilot projects are genuine. By signing up with the enjoyment and hype around bitcoin mining, many of these companies– typically publicly traded technology firms with small market capitalizations– are counting on desperate gimmicks to improve their share costs. Publishing a news release about bitcoin mining is easy. Developing a sustainable mining operation is much harder.

So, when it comes to numerous smaller companies that make comparable announcements, identifying which are legitimate explorations of the mining sector and which are not can be hard. But at the threat of that context too heavily overshadowing the business named in this paragraph, one example of a smaller innovation business that appears to actually be mining is Jasmine Technology. The publicly traded, Thailand-based telecom company publicly divulged its strategies to start mining bitcoin in December 2021, setting off a mind-blowing 6,700% surge in its share cost. At the time of the announcement, Jasmine Innovation apparently operated 325 mining devices and had mined 8 BTC.

Should Everybody Mine Bitcoin?

bitcoins and toys
People Mining Bitcoin

Having some direct or indirect direct exposure to mining most likely makes a lot of financial and strategic sense to a wide range of investors and businesses. And seeing a lot of different types of participants go into the mining market is, in this author’s view, fantastic. Although numerous companies are working to make services and products available so everyone can probably mine bitcoin, that does not indicate everyone needs to instantly begin mining. Every new miner needs a great method and a sluggish, determined start to their operations. The growth of Bitcoin’s hashrate is lined with numerous stopped working miners who planned improperly. A successful mining operation always begins gradually and thoroughly. Negligent and haphazard starts never ever last.


Even though energy titans and multi-billion-dollar self-mining business control today’s corporate mining landscape, a growing variety of atypical companies are incorporating bitcoin mining. Wider interest from these entities has couple of drawbacks, although bitcoin mining is a relatively nascent and dangerous market. How many of these operations will last more than one Bitcoin market cycle is an open question. However instead of simply purchasing bitcoin, corporations who want to mine it too are a special class of bulls in a league of their own.