Bitcoin Mining Recovery Eludes Miners in June

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

Marathon Digital Holdings

In June, Marathon Digital Holdings produced 590 BTC — a 40% decrease compared to the same period last year. Compared to May, the figure dropped by 4%.

According to the press release, the hash rate increased by 8% to 31.5 EH/s. The average operational figure for the past month rose by 2% to 26.3 EH/s.

“While production fell by 40% year-over-year to 590 BTC, primarily due to the April halving, transaction fees accounted for nearly 7% of the total volume,” noted the company’s head Fred Thiel.

As of June 30, 2024, Marathon held 18,536 BTC. The firm decided not to sell bitcoins but confirmed its intention to liquidate some of its digital gold assets in the future “to support monthly operations, treasury management, and general corporate purposes.”

At the end of the month, Marathon Digital launched a pilot project in Finland to use the heat generated during cryptocurrency mining for residential heating. 

Later, it became known that the company began mining Kaspa (KAS) to diversify its income.

Argo Blockchain

In the first month of summer, Argo Blockchain generated 44 BTC (1.5 BTC per day). Mining revenue amounted to $2.9 million — similar to May’s figure. 

As of June 30, Argo Blockchain owned digital assets equivalent to 11 BTC.

Riot Platforms

In the past month, Riot Platforms mined 255 BTC. The figure is 19% lower than May and 45% lower than June 2023.

The company holds 9,334 BTC. As of the end of the month, the hash rate is estimated at 22 EH/s.

“June was a historic month for Riot, during which we added an additional 7.3 EH/s in buildings A1 and A2 at the Corsicana facility and, using additional available capacity at the Rockdale facility, brought the total to 22.0 EH/s,” noted the firm’s CEO Jason Les.

By the end of 2024, Riot Platforms expects to increase the hash rate to 31 EH/s.

Earlier, the company proposed acquiring rival Bitfarms. In June, the latter adopted a shareholder rights protection plan through a “poison pill.” Riot nominated three independent directors to the board of the target firm.

HIVE Blockchain

HIVE Blockchain Technologies in June produced 119 BTC (an average of 4 BTC per day), increasing its reserves by 2%. By the end of the month, the mining company held 2,496 BTC.

The average hash rate was 4.7 EH/s, with the month ending at 4.9 EH/s.

“We expect a total of 2,150 S21 Pro miners to be shipped next week, bringing HIVE’s total operational hash rate to 5.5 EH/s after deployment [of equipment], and the global fleet performance to 24.5 J/TH. HIVE expects these devices to be installed by the end of July,” stated HIVE President Aydin Kilic.

Bitfarms

In June, Bitfarms mined 189 BTC compared to 156 BTC in May (+21%). By the end of the month, the hash rate was 10.4 EH/s. 

“We continue to make progress in upgrading our fleet and building new facilities, having installed over 39,000 new miners and decommissioned over 39,000 old devices this year. We ended the month with 11.4 EH/s installed, 10.4 EH/s operational, and an efficiency of 25 w/TH,” noted Bitfarms’ Chief Mining Officer Ben Gagnon.

The company sold 134 BTC, generating $8.8 million. The number of bitcoins held is 905 (approximately $55.2 million as of June 30).

Bit Digital

Bit Digital generated 61.7 BTC in June — 2.5% less than the previous period. 

By the end of the month, the firm’s hash rate was approximately 2.57 EH/s. Bit Digital valued its treasury reserves in the first and second cryptocurrencies at 585.9 BTC and 29,927.9 ETH, with a fair market value of approximately $36.7 million and $102.7 million, respectively (as of June 30). The company’s cash and cash equivalents amounted to $60.8 million.

Stock performance of mining companies over the past five days (as of July 12, 2024):

• Marathon Digital Holdings (MARA): -3.21%;
• Argo Blockchain (ARBK): -3.48%;
• Riot Blockchain (RIOT): +1.64%;
• HIVE Blockchain (HIVE): +17.38%;
• Bitfarms (BITF): +5.6%;
• Bit Digital (BTBT): 16.89%.

Back in June 15, the market value of 14 US-listed mining companies tracked by JPMorgan rose to a historic peak of $22.8 billion.