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Satoshi Gazette
Mining

Nine Listed Miners Held 53,846 Bitcoin at 30 September, 14,374 Fewer Than in June

Riot sold 10,599 bitcoin in the quarter and Keel all but a nominal amount of its treasury. MARA's 34,012 are 63 percent of the nine's holdings, 17,852 of them pledged and 1,408 lent. IREN and Core Scientific say they are winding down mining.

By Satoshi Gazette//Block 975,462/3 min read

A long open-sided industrial shed under a clear blue sky, with rows of large cooling fans along its wall, a yellow crane lifting a white modular data-centre unit into place beside it, red dust on the ground and a row of grey transformer cabinets. Illustration generated by Satoshi Gazette.

Nine of the ten listed bitcoin miners the Gazette reads from their SEC quarterly reports held 53,846 bitcoin at 30 September 2026, against 68,220 at 30 June, by reports filed between 2 and 9 November.11 Eight of them sold about 21,444 bitcoin in the quarter; TeraWulf states its sales in dollars only.08 The nine are MARA, Hut 8 with its subsidiary American Bitcoin, Riot, Keel, Core Scientific, Cipher, HIVE, TeraWulf and IREN. CleanSpark's year ends on 30 September and its annual report is not yet filed; Bitdeer, Canaan, BitFuFu and Cango file on foreign forms and are outside the count.

Riot sold 10,599 bitcoin and held 2,418 at the quarter's end, down from 11,380; its $200 million bitcoin-backed credit facility was terminated on 21 September and all pledged bitcoin released.03 Keel sold 2,520, the 2,261 it held in June and the 259 it mined, and reports its holdings at 30 September as "nominal".05 MARA's report gives sales of approximately 26,984 bitcoin for nine months and 23,093 for six, 3,891 for the quarter; it held 34,012, with 17,852 pledged as collateral and 1,408 lent, and after the quarter reports selling 13,597 more and repaying the loans.09 Hut 8 held 16,787 on a consolidated basis, 8,427 of them in American Bitcoin; it sold about 1,419 in the quarter, 465 of them at American Bitcoin, and reports selling about 2,148 more in October.0204

A paired horizontal bar chart of bitcoin held by nine listed miners at 30 June (grey) and 30 September 2026 (red where lower, black where higher): MARA 35,577 to 34,012; Hut 8 with American Bitcoin 17,316 to 16,787; Riot 11,380 to 2,418; Keel 2,261 to nominal; Core Scientific 848 to 32; Cipher 646 to 310; HIVE 190 to 269; TeraWulf 2 to 18; IREN 0 to 0.
Bitcoin held at 30 June and 30 September 2026 by the nine listed miners whose quarterly reports state it, as each report states it; Keel reports its holding as "nominal" and Cipher's is approximate. The 30 June figures are the Gazette's public miners series' second-quarter rows.Satoshi Gazette chart · Forms 10-Q on EDGAR · Gazette public miners series · Data as of 10 Nov 2026Sources: 09 · 02 · 03 · 05 · 06 · 01 · 10 · 08 · 07 · 11Full-size chart →
Method

Each company's bitcoin held at period end is read from the digital assets note of its Form 10-Q for the quarter ended 30 September 2026 (Hut 8 on a consolidated basis, American Bitcoin inside it); the 30 June figures are the series' second-quarter rows, read from the second-quarter reports the same way. Two independent readings of each report were compared and their differences settled on 10 November 2026.

The nine mined about 7,133 bitcoin in the quarter. The eight with a second-quarter count, all but Core Scientific, mined about 6,959 against 7,730.06 IREN mined 402, down from 922, and sold all of it; Keel mined 259 in Québec, down from 372; MARA 2,217, down from 2,384.07 Riot mined 1,637, up from 1,587, and HIVE 1,070, up from 1,004.10

Two of the nine say they are winding down bitcoin mining. IREN: "We aim to substantially complete this transition by December 31, 2026 with immaterial Bitcoin mining operations expected to continue through calendar year 2027." Core Scientific: "Our hosted mining operations are expected to conclude by December 31, 2026, while we continue to wind down our self-mining operations." Keel states that "Effective June 29, 2026, the Company ceased its Bitcoin Mining operations in the United States as part of its strategic transition to develop data centers for HPC and AI use", and that it maintains what it calls legacy mining in Canada while it converts its Québec sites. TeraWulf says its capital and operating focus "are centered on HPC data center development" and that it "intends to continue bitcoin mining operations where they remain economically attractive and do not conflict with HPC development". Cipher closed its Black Pearl facility to mining in February for conversion to an HPC data center and mines at Odessa.01 HIVE is winding down its hashrate service in Sweden, about 9 percent of its hydroelectric capacity, while its Paraguay sites expand. MARA, Riot, Hut 8 and American Bitcoin state no such plan; MARA calls bitcoin mining "the foundation of our business", and Riot's report records a 910 MW lease at Corsicana to Anthropic, effective 4 November, beside its mining.

The held figures are as each report states them. Hut 8's includes American Bitcoin's and 3,090 bitcoin pledged to its machine supplier; HIVE's 269 excludes 212 it has deposited with the same supplier and may buy back; MARA's includes bitcoin pledged and lent; Cipher's is approximate; Keel's "nominal" is counted as none. Hut 8's mined count is approximate, and MARA's and Cipher's are differences between nine-month and six-month figures.