Bitcoin Mining Output Declines in April, Say Miners

In early May, mining companies reported their performance for the previous month. ForkLog compiled the key metrics in one article.

Marathon Digital Holdings

In April, Marathon Digital Holdings produced 850 BTC — a 21% increase from the same period last year. However, compared to March, the figure decreased by 5%.

According to the press release, the hash rate increased by 8% to a record 29.9 EH/s. The average operational figure for the past month rose by 15% to 21.1 EH/s.

“In April, we successfully connected miners to the network at approximately 2 EH/s across various sites […]. While the halving will reduce bitcoin production for everyone, we are accelerating our growth plans to mitigate this impact,” said the company’s CEO Fred Thiel.

As of April 30, 2024, Marathon held 17,631 BTC. The firm sold 600 BTC and confirmed its intention to sell part of its digital gold assets in the future “to support monthly operations, treasury management, and general corporate purposes.”

At the end of April, Marathon Digital increased its target hash rate for the first cryptocurrency network to 50 EH/s by the end of 2024. 

Argo Blockchain

In April, Argo Blockchain generated 99 BTC (3.3 BTC per day) after 103 BTC in March. Mining revenue amounted to $6.6 million (-6%).

“Daily bitcoin production in April remained the same as the previous month, despite the halving […]. This is primarily due to a temporary but significant increase in transaction fees in the days immediately following the halving,” the press release stated.

As of April 30, Argo Blockchain held digital assets equivalent to 12 BTC.

Riot Platforms

Last month, Riot Platforms mined 375 BTC. This figure is 12% lower than in March and 41% lower than in April 2023.

The company holds 8,872 BTC. As of the end of the month, the hash rate is estimated at 12.6 EH/s.

“In April, Riot reached a significant milestone by launching its second dedicated bitcoin mining facility in Corsicana, Texas, ahead of the halving on April 20, 2024. […] It is expected that […] by the end of the year, Riot’s self-mining capacity will reach 31 EH/s,” said the firm’s CEO Jason Les.

For the first quarter, Riot’s net income amounted to $211.8 million, with earnings per share of $0.82. Total revenue was $79.3 million compared to $73.2 million from January to March 2023. The company attributed the positive trend to the rising price of the first cryptocurrency.

During the quarter, 1,364 BTC were generated — 36% less than a year earlier. The reason was the increased mining difficulty. Revenue from core operations amounted to $74.6 million for the quarter.

HIVE Blockchain

HIVE Blockchain Technologies produced 212 BTC in April (an average of 7.1 BTC per day) compared to 224 BTC in the previous period. At the end of the month, the mining company held 2,377 BTC — 4% more than in March.

The hash rate was 5 EH/s, including the capacity of the GPU park. The figure was 6% higher than in the previous period.

“With the arrival of the remaining Antminer S21 from Bitmain in May and June, we expect to reach 5.5 EH/s,” stated HIVE President and CEO Aydin Kilic.

The company added that they remain optimistic about operational profitability after the halving. 

Bitfarms

In April, Bitfarms mined 269 BTC compared to 286 BTC in March (-6%). At the end of the month, the hash rate was 7 EH/s. 

Bitfarms attributed the production decline to the halving and increased mining difficulty, as well as maintenance at the Argentina facility.

The company sold 245 BTC, receiving $16.1 million. The number of bitcoins held is 830 (approximately $50.9 million as of April 30).

The company added that in April, they received confirmation from Canadian tax authorities for a VAT refund of $23.7 million plus interest. 

“This decision provides both a short-term source of cash and a long-term reduction in operating and capital costs,” the release stated.

Hut 8 Mining

In April, Hut 8 Mining mined 148 BTC, which is 36% less than in March. At the end of the month, the firm held 9,109 BTC.

The total hash rate under management was 26.6 EH/s, with 4.5 EH/s being self-managed.

The company reported that 63 MW were commissioned at the Salt Creek facility in Colorado. The Ionic Digital Cedarvale site, with a capacity of 215 MW, was also partially connected.

Bit Digital

Bit Digital mined 119.3 BTC in April — 12.5% less than the previous period. 

As of the end of the month, the firm’s hash rate was approximately 2.76 EH/s. 

Bit Digital’s treasury reserves in the first and second cryptocurrencies were estimated at 992.4 BTC and 20,241.7 ETH, with a fair market value of approximately $60.2 million and $61 million, respectively (as of April 30). The company’s cash and equivalents amounted to $43.7 million.

Stock performance of mining companies over the past five days (as of May 10, 2024):

• Marathon Digital Holdings (MARA): +9.68%;
• Argo Blockchain (ARBK): -3.52%;
• Riot Blockchain (RIOT): -3.47%;
• Hut 8 Corp. (HUT): -3.21%;
• HIVE Blockchain (HIVE): -5.93%;
• Bitfarms (BITF): -0.54%;
• Bit Digital (BTBT): 0%.

Earlier, CryptoQuant founder and CEO Ki Young Ju found no signs of bitcoin miner capitulation, despite the halving reducing the block reward.

On the day of the event, the average fee size in the first cryptocurrency network reached a record, largely due to the hype around the Runes protocol. According to TeraWulf CEO Nazar Khan, the latter serves as a “lifeline” for miners. 

The share of tokens on the Runes protocol in the total number of daily transactions on the first cryptocurrency blockchain on April 23 was 81.3%.