In early June, mining companies reported their performance results for the previous month. ForkLog has compiled the key figures in one article.
Marathon Digital Holdings
In May, Marathon Digital Holdings produced 616 BTC — a 51% decrease compared to the same period last year. Compared to April, the figure dropped by 27%.
According to the press release, the hash rate was 29.3 EH/s. The average operational figure for the past month increased by 22% (25.7 EH/s).
“Internationally, we recently announced an agreement with the Ministry of Energy and Petroleum of the Republic of Kenya to support and optimize renewable energy projects across the country. […] We aim for 50% of our revenues to come from abroad by 2028,” said company head Fred Thiel.
As of May 31, 2024, Marathon held 17,857 BTC. The firm sold 390 BTC and confirmed its intention to liquidate part of its digital gold assets in the future “to support monthly operations, treasury management, and general corporate purposes.”
Argo Blockchain
In the last month of spring, Argo Blockchain generated 45 BTC (1.5 BTC per day). Compared to April, the decrease was 55%, which the company attributed to a drop in hash price.
Mining revenue amounted to $2.9 million (-56%). As of May 31, Argo Blockchain held digital assets equivalent to 11 BTC.
Riot Platforms
Last month, Riot Platforms mined 215 BTC. The figure is 43% lower than in April and 68% lower than in May 2023.
The company holds 9,084 BTC. As of the end of the month, the hash rate is estimated at 14.7 EH/s.
“Riot’s unique energy strategy, which we typically employ most actively during the summer months, has already begun to yield significant results this year, providing approximately $7.3 million in May [in credits for demand response from the local operator ERCOT],” noted the firm’s CEO Jason Les.
The company added that at the Rockdale facility in Texas, the dismantling of problematic equipment and deployment of new Microbot M60S has begun. As a result, the hash rate at the facility decreased by 850 PH/s compared to April.
Additionally, due to a lightning strike, the data center in Corsicana was shut down for about three days. Operations resumed after a system protection check.
In May, Riot Platforms made a proposal to the board of directors of rival Bitfarms to acquire all outstanding shares at a price of $2.3. Representatives of the Canadian bitcoin miner deemed it “substantially undervaluing the firm and its growth prospects.”
In early June, Riot increased its beneficial stake in Bitfarms first to 12%, and then to 14%.
HIVE Blockchain
HIVE Blockchain Technologies produced 119 BTC (3.8 BTC per day) in May, compared to 212 BTC in the previous period. At the end of the month, the mining company held 2,451 BTC — 3% more than in April.
The average hash rate was 4.9 EH/s, with the month ending at 5 EH/s.
“We are pleased to announce the upcoming acquisition of 1,000 Antminers S21 Pro from Bitmain […]. The devices are expected to be shipped this month and will become an integral part of our strategy to continuously upgrade our fleet while expanding our HODL positions,” stated COO Luke Rossi.
Bitfarms
In May, Bitfarms mined 156 BTC compared to 269 BTC in April (-42%). At the end of the month, the hash rate was 7.5 EH/s.
The decline in production at Bitfarms was explained by the reduction in block rewards after halving, a drop in production volumes in Argentina, and downtime due to equipment upgrades.
The company sold 136 BTC, receiving $8.9 million. The number of bitcoins held is 850 (approximately $57.2 million as of May 31).
In June, the Bitfarms board of directors adopted a shareholder rights plan following the acquisition proposal by Riot Platforms. The initiative (commonly known as a “poison pill”) sets a threshold for the accumulation of securities at 15% before triggering, aimed at preventing an immediate threat to the strategic review process.
Bit Digital
Bit Digital generated 63.3 BTC in May — 47% less than in the previous period.
At the end of the month, the firm’s hash rate was approximately 2.54 EH/s. Bit Digital estimated its treasury reserves in the first and second cryptocurrencies at 1,038.4 BTC and 20,508.3 ETH, with a fair market value of approximately $70.1 million and $77.1 million respectively (as of May 31). The company’s cash and cash equivalents amounted to $47.3 million.
Stock performance of mining companies over the past five days (as of June 14, 2024):
- Marathon Digital Holdings (MARA): -3.71%;
- Argo Blockchain (ARBK): 0%;
- Riot Blockchain (RIOT): +7.96%;
- HIVE Blockchain (HIVE): +5.65%;
- Bitfarms (BITF): +13.77%;
- Bit Digital (BTBT): 0%.
Earlier in June, presidential candidate Donald Trump held a meeting with representatives of the bitcoin mining industry and promised to protect mining in the US and worldwide.
For more on what American politicians have said about digital assets and how they justified their positions, read the ForkLog article: