In early September, mining companies reported their performance for the previous month. ForkLog compiled the key figures in one article.
MARA
In August, MARA (formerly Marathon Digital) produced 673 BTC. Compared to July, this figure decreased by 3%.
According to the press release, the activated hash rate increased to 35.2 EH/s, which is 11% more than in July.
“Within [the USA], we continue to enhance the operation of our facilities and remain on track to achieve our goal of 50 EH/s by the end of 2024. During the month, we connected nearly 18 immersion containers in Granbury, Texas. We are transitioning much of this data center from air-cooled to MARA immersion containers and plan to install at least 30 more in September,” noted the company’s head, Fred Thiel.
Currently, the miner operates about 54% of the 1.1 GW available capacity.
As of August 31, 2024, MARA held 25,945 BTC. The firm decided not to sell assets this month.
Earlier, the company announced its intention to raise $250 million for bitcoin acquisition through the issuance of convertible bonds of a similar amount.
Argo Blockchain
For the third month of summer, Argo Blockchain generated 38 BTC (1.2 BTC per day). Mining revenue amounted to $2.3 million compared to $3 million in July.
“Bitcoin production decreased due to more frequent economic downturns during the month and a lower hash price,” the press release stated.
As of July 31, Argo Blockchain owned digital assets equivalent to 10 BTC.
Riot Platforms
Last month, Riot Platforms mined 322 BTC. This figure is 13% lower than in July and 3% lower than in August 2023.
The company holds 10,019 BTC. As of the end of the month, the hash rate is estimated at 23.5 EH/s.
“Historically, August is the hottest month of the year in Texas, leading to some of the highest periods of demand on the power grid,” stated the firm’s CEO, Jason Les.
By the end of 2024, Riot expects to increase the hash rate to 36 EH/s. The company is also completing the construction of a new 100 MW facility.
In August, the miner continued its hostile takeover of Bitfarms. Riot Platforms acquired another 1 million shares of its competitor, increasing its stake to 18.9%.
HIVE Blockchain
As of August 31, 2024, HIVE Blockchain Technologies held 2,567 BTC valued at $151 million. Last month, the figure was 2,533 BTC (~$164 million).
The company’s CEO, Aydin Kilic, reported ongoing optimization of the fleet, forecasting an increase in hash rate to 13.5 EH/s following the launch of a bitcoin farm in Paraguay. HIVE announced its construction at the end of July.
Bitfarms
In August, Bitfarms produced 233 BTC compared to 253 BTC in July (-8.5%). At the end of the month, the hash rate was 11.3 EH/s.
“The acquisition of Stronghold Digital Mining marks an important step for Bitfarms, strengthening our position as a dominant player in the mining and computing sectors […]. Additionally, we are preparing for multi-year growth to 1.6 GW, approximately 66% of which will be located in the USA, a significant increase from the current 6%,” noted Bitfarms CEO Ben Gagnon.
The company sold 147 BTC, receiving $8.8 million. The number of bitcoins held is 1,016 (approximately $65.1 million as of August 31).
Earlier, Bitfarms reported performance issues with ~3,000 new Antminer T21 installations from Bitmain. According to Gagnon, the batch should provide approximately 0.7 EH/s. The miners overheat even at relatively low temperatures, although the rest of the series’ devices operate normally.
Hut 8 Mining
In August, Hut 8 Mining produced 87 BTC compared to 105 BTC in June. At the end of the month, the firm held 9,105 BTC.
The total hash rate under management was 13.9 EH/s, with its own at 5.6 EH/s.
Bit Digital
Bit Digital generated 53.4 BTC in August — 11.7% less than the previous period.
At the end of the month, the firm’s hash rate was approximately 2.43 EH/s. Bit Digital’s treasury reserves were estimated at 682.4 BTC and 27,331 ETH, with a fair market value of approximately $40.2 million and $68.7 million respectively (as of August 31). The company’s cash and equivalents totaled $106.9 million.
Stock performance of mining companies over the past five days (as of September 14, 2024):
- Marathon Digital Holdings (MARA): +16.8%;
- Argo Blockchain (ARBK): +6.36%;
- Riot Blockchain (RIOT): +9.42%;
- HIVE Blockchain (HIVE): +13.65%;
- Bitfarms (BITF): +10.27%;
- Bit Digital (BTBT): +12.77%.
On September 11, the difficulty of mining the first cryptocurrency increased by 3.58% following the latest recalculation. The figure reached a new all-time high of 92.67 T.