MINING + AI & VISIONBY ZIA · NEW MEXICO Discuss the $500K round
XCON RESEARCH NOTE · 01 NOVEMBER 2026

The scale of
Bitcoin mining.

How leading public operators compare on disclosed self-mining hashrate, power footprint, and operating model—and where XCON’s proposed Artesia-area concept sits on that scale.

Explore comparison ↓
COMPARISON BASISPublished operations metricsLatest company disclosures located by Nov. 1, 2026. Reporting dates and definitions differ.
01 HOW TO READ THE NUMBERS

Compare disclosures,
not company slogans.

Bitcoin operators report different measures: energized or operating hashrate, peak operational hashrate, nameplate capacity, hosted capacity, and power portfolios. They are not interchangeable. This page compares each company’s latest reported self-mining measure available on the research date, and keeps power figures in their own column.

This is a selected comparison of large publicly reporting operators, not a definitive global ranking. Private operators, state-backed operations, mining pools, and firms with less current comparable data are not fully represented. All operating metrics below are company-reported; figures may be unaudited.

02 LARGE PUBLIC OPERATORS / SELECTED SNAPSHOTS

Four different routes
to scale.

Hashrate is a mining output measure. Power capacity reflects a company’s infrastructure position, which may include idle, planned, hosted, or non-mining capacity. Read each note before comparing.

MARA branded micro data center container and Bitcoin mining hardwareMICRO DATA CENTER · MARA
01 / MARA HOLDINGSSOURCE ↗

Energy portfolio
meets large fleet.

70.3 EH/sEnergized hashrate
June 30, 2026
~1.9 GWTotal energy capacity
Dec. 31, 2025 disclosure

MARA reported 70.3 EH/s of energized hashrate at Q2 2026. Its FY2025 filing described a mix of owned and hosted sites and 1.9 GW total energy capacity. This power figure is not equivalent to mining load or all-online capacity.

Image: MARA micro data center project, via MARA’s official site.
Aerial view of a hydropower-region data center campus associated with Bitdeer in BhutanGEDU, BHUTAN · BITDEER
02 / BITDEERSOURCE ↗

Hardware, sites,
and proprietary mining.

79.9 EH/sSelf-mining hashrate
Aug. 31, 2026
84.1 EH/sTotal proprietary hashrate
includes other proprietary

Bitdeer’s August update reported 79.9 EH/s in self-mining and 84.1 EH/s total proprietary hashrate. It separately reported 21.6 EH/s of co-mining in third-party data centers; that is not included in self-mining.

Image: Gedu mining hub, Bitdeer, via CoinDesk sponsored content; illustrative company-site image.
Bitcoin mining modular data center units at a CleanSpark siteMINING INFRASTRUCTURE · CLEANSPARK
03 / CLEANSPARKSOURCE ↗

High fleet utilization
across a power portfolio.

50 EH/sOperational hashrate
Sept. 30, 2026
808 MWUtilized mining power
Sept. 30, 2026

CleanSpark reported 50 EH/s operational hashrate, 36.0 EH/s average operating hashrate, and 808 MW utilized. Its operational hashrate is the highest achieved concurrently by installed, functional miners—not the period average.

Image: CleanSpark mining infrastructure via Data Center Dynamics.
Aerial image of Riot Platforms' Corsicana Bitcoin mining campusCORSICANA, TEXAS · RIOT
04 / RIOT PLATFORMSSOURCE ↗

Mining capacity alongside
AI data center conversion.

44.4 EH/sCompany-stated hashrate capacity
website snapshot · Nov. 1, 2026
241 IT MWContracted AI data center capacity
Q2 2026 company release

Riot’s current company site states 44.4 EH/s hash-rate capacity and 100% self-mining. Separately, its Q2 release described 241 MW of critical IT capacity contracted across AI data center leases. These are distinct activities and measures.

Image: Riot Corsicana facility via Riot / PR Newswire.
03 WHAT THE COMPARISON SAYS

Megawatts alone
don’t tell the mining story.

The companies above show why scale comparisons need more than a single number. A headline power portfolio may cover facilities at different development stages or include capacity reserved for non-mining uses. Hashrate depends on installed hardware, fleet efficiency, uptime, and how the operator defines its metric.

For XCON, a credible comparison will require the final ASIC model and quantity, confirmed power delivery, cooling and auxiliary load, and an operating plan. Without those inputs, translating a proposed MW envelope into EH/s would be speculation.

MARA · ENERGIZED70.3
BITDEER · SELF-MINING79.9
CLEANSPARK · OPERATIONAL PEAK50
RIOT · CAPACITY44.4
EH/s shown as reported. Reporting periods and definitions differ; bars are directional only, not like-for-like performance.
04 XCON / PROPOSED CONCEPT AT BOTTOM
SEPARATE MINING + AI FACILITIES

North of Artesia,
New Mexico.

PROPOSED
NOT OPERATING
XCON proposed concept campus with AI data center and separate modular mining yardXCON CAMPUS CONCEPT · NOT A BUILT FACILITY
PLANNED MINING LOAD44 MW

40 modular MD5 installations, based on the supplied concept assumptions.

PLANNED AI FACILITY~1.4 MW

Estimated facility load for proposed 64-server Phase 1, at assumed PUE 1.25.

COMBINED CAMPUS LOAD~45.4 MW

Before shared ancillary load and upstream losses; power service is not secured.

MINING HASHRATENot yet
specified

Miner make, model, fleet count, and efficiency have not been selected.

What can be compared today?

XCON’s proposed 44 MW mining load is a planning envelope, not an operating fleet. It is about 5.4% of CleanSpark’s reported 808 MW utilized power figure, but that comparison describes electrical scale only. It does not imply comparable hashrate, profitability, efficiency, reliability, or commissioning status. The supplied concept lists up to 160 miner slots per MD5 unit; a final miner population and mix remain unselected.

Review the XCON concept ↗
05 PRIMARY SOURCES + IMAGE CREDITS

Read the original
company disclosures.

BitdeerAugust 2026 operations update · self-mining, proprietary and co-mining definitions ↗ MARAQ2 2026 shareholder letter · 70.3 EH/s energized hashrate ↗ MARAFY2025 Form 10-K · owned/hosted sites and total energy capacity ↗ CleanSparkSeptember 2026 operations update · hashrate and utilized MW definitions ↗ Riot PlatformsCompany website · hash-rate capacity snapshot viewed Nov. 1, 2026 ↗ Riot PlatformsQ2 2026 results · AI data-center leases and bitcoin mining business ↗ Riot image creditCorsicana facility image distributed by Riot through PR Newswire ↗ Bitdeer image creditGedu mining hub image published in CoinDesk sponsored content ↗ CleanSpark image creditMining infrastructure image published by Data Center Dynamics ↗ MARA image creditOfficial MARA project image for micro data center deployment ↗

Research snapshot dated November 1, 2026. Figures are reproduced from company materials and may be unaudited, revised, or based on company-specific definitions. Capacity does not necessarily mean energized or utilized power. Images are credited to their publishers, may depict a specific site rather than the full company fleet, and do not imply endorsement. This comparison is informational, not investment advice. XCON figures are preliminary planning assumptions supplied for the project; no XCON mining hashrate, power service, site control, or operating status is represented as secured.