The crypto mining industry belong to the data centers industry, mining needs nearly the same set of skils needed in a data center with one exception: mining operation.
Launching a mining operation basicaly need:
- Miner
- Network
- Data center
- HVAC
- Electrical
- Facility
Those are the fields of knowledge required in a mining site, Deploying a mining operation require skilled workforce in those fields.
A crypto mining site need energy, cooling and software, the industry employ technician and engineers qualified in:
- Electric engineeering,
- HVAC technology,
- Mechanical engineering,
- Networking,
- Automation software,
The organization needed to operate a mining site is similar to the common production organization in any industry and is typically set in function like:
- Mining
- Operations
- Maintenance
- Production
- Automation
- Engineering
The hierarchical system in a mining site typically follow this pattern:
- Vice president
- Director
- Engineer
- Manager
- Supervisor
- Technician
- Operator
The mining technician is may be the job that represent the best the industry, let's take a closer look to it:
mining technician
Title:
Depending on the organization the mining tecnician can have other responsabilities and job titles like:
- Miner maintenance technician,
- Miner repair technician,
- ASIC technician,
- Data center technician,
Qualification:
- Associate degree in computer science,
- High school diploma,
- Comptia A+,
- Comptia Network+,
What he do:
- - install,
- - configure,
- - deploy,
- - maintain,
- - diagnose,
- - repair,
- - upgrade,
- - monitor,
Work on:
- - electronics and computer boards,
- - miners,
- - networking hardware,
- - hash boards,
- - control boards,
- - network switches,
Use
- - Cat-5,
- - Multi-meter,
- - screwdriver,
- - test-light,
- - box cutter,
- - wire cutters,
Crypto Mining companies by Headcount in 2023
| Company | 2023 | 2022 | % 22/23 |
|---|---|---|---|
| riot platforms, inc | 534 | 489 | 9 |
| core scientific inc | 286 | 235 | 22 |
| Hut 8 mining | 219 | ||
| bitdeer technologies group | 211 | 183 | 15 |
| bitfarms | 170 | 150 | 13 |
| cleanspark inc | 131 | 130 | 1 |
| Iris energy Ltd | 100 | 102 | -2 |
| BIT Mining Limited | 75 | 74 | 1 |
| Marathon digital holdings, inc | 60 | 30 | 100 |
| griid infrastructure inc | 43 | 3 | 1,333 |
| greenidge generation holdings inc | 40 | 65 | -38 |
| soluna holdings inc | 40 | 32 | 25 |
| cipher mining | 35 | 26 | 35 |
| Argo Blockchain plc | 30 | 82 | -63 |
| bitfufu inc | 29 | ||
| Bit Digital Inc. | 24 | 18 | 33 |
| TeraWulf inc | 10 | 8 | 25 |
| lm funding america inc | 8 | 8 | 0 |
| griphon digital mining inc | 3 | 112 | -97 |
Headcount Increase
Griid infrastructure inc 1,333 % increase in headcount is the result of a merger with ADIT EDTECH ACQUISITION CORP
in the past Marathon digital holdings, inc had third-party hosted sites, the company now is managing a mix of:
- third-party hosted sites,
- self-owned and operated sites,
that’s what explain te 100 % increase in headcount.
cipher mining began bitcoin mining operations on the Odessa facility in November 2022, this may explain the 35 % increase in headcount.
Headcount Reduction
greenidge generation holdings inc appointed 2 new CEO in a very short period of time, in October 2022 and in October 2023, this created instatability and caused a -38 % reduction in headcount.
Argo Blockchain plc registered a -63 % reduction in headcount following the sale of their Helios facility in december 2022
griphon digital mining inc was in in the SaaS business serving the cannabis industry. In the fourth quarter of 2022, the company shifted strategy and implemeted a restructing plan that resulted in -97 % decrease in headcount.
It's a young industry and there is no giant:
| Largest by | Nbr | |
|---|---|---|
| Core scientific inc | Revenue | us$M 502.4 |
| Riot platforms inc | Headcount | 534 |
The launch of a mining site generate employment, when the sale of a facility lead to headcount reduction. what is specific to the industry is the option to host all or a portion of mining operation in a site operated by a hosting provider, this lead to a smaller headcount when the revenue is relatively high.
Crypto Mining companies by [revenue/Headcount] in 2023
| Company | [revenue/Headcount] in $M |
|---|---|
| bitfufu inc | 9,80 |
| TeraWulf inc | 6,92 |
| Marathon digital holdings, inc | 6,46 |
| cipher mining | 3,62 |
| griphon digital mining inc | 2,28 |
| Bit Digital Inc. | 1,87 |
| greenidge generation holdings inc | 1,76 |
| core scientific inc | 1,76 |
| bitdeer technologies group | 1,75 |
| Argo Blockchain plc | 1,69 |
| lm funding america inc | 1,62 |
| cleanspark inc | 1,29 |
| bitfarms | 0,86 |
| Iris energy Ltd | 0,79 |
| Hut 8 mining | 0,66 |
| BIT Mining Limited | 0,57 |
| soluna holdings inc | 0,53 |
| riot platforms, inc | 0,53 |
| griid infrastructure inc | 0,46 |
revenue/headcount ratio
bitfufu inc has 2 main sources of revenue :
- sales of cloud-mining solutions,
- self-mining revenue,
The cloud-mining solutions is a rental service that does not require hiring employees and that’s probably why bitfufu inc has the highest [revenue/headcount] ratio with $M9,8 per employee.
Marathon digital holdings, inc does not self-host their mining rigs and rely upon third-party hosting operators, this mean that they dont hire employees to manage on site operations and that’s why they have a relatively high 6,46 [revenue/headcount] ratio.
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