July reports: Marathon Digital mined 1,176 BTC, Argo Blockchain cuts production by 11%

In early August, mining companies reported their results for the past month. ForkLog has compiled the key indicators in one piece.

Marathon Digital Holdings

According to the unaudited report for July, Marathon Digital Holdings mined 1,176 BTC — up 20% from the previous period. The figure is 1527% higher than July 2022, according to the company’s CEO Fred Thiel.

According to him, the operational hash rate rose 6% — to 18.8 EH/s. Installed compute capacity stood at 22.8 EH/s.

As of August 1, Marathon held a total of 12,964 BTC. The company sold 750 BTC during July and plans to realise a portion of its assets in BTC in the future for monthly operations, treasury management and overall corporate goals.

Earlier it was disclosed that investors of the mining company filed a lawsuit against Til and several top executives for misappropriation of company assets for personal gain. The plaintiffs also sought damages for actions that led to SEC investigations.

Argo Blockchain

For July, the mining company Argo Blockchain produced 129 BTC or 4.2 BTC per day — down 11% from the prior figure.

«The decrease was driven primarily by increased downtime at the Helios data-centre due to weather-related production curtailment and construction», the press release said.

As of July 31, the company owned 46 BTC. During the month the miner installed 1,242 BlockMiner devices with a total capacity of around 130 PH/s at sites in Quebec. The remaining 1,628 machines will be deployed in coming months.

The overall hash rate stood at approximately 2.6 EH/s.

In July the firm sold 51,340,000 ordinary shares to institutional investors and 6,160,000 shares to retail investors at £0.1 (~$0.13) — a total of 12% of its current equity. As a result of the share issue, Argo Blockchain raised £5.75m (~$7.5m) to repay debt and fund new projects.

Riot Platforms

Riot Platforms (formerly Riot Blockchain) mined 410 BTC in July versus 460 BTC in June (-11% MoM). Year-on-year production rose 29%.

The company sold 400 BTC at an average price of $30,293, generating $12.1 million. According to the report, Riot Platforms holds 7,275 BTC.

The deployed Riot mining fleet comprised 95,904 Bitcoin miners with a total hash rate of 10.7 EH/s.

At the end of June, the company announced the purchase of 33,280 installations for Bitcoin mining with a total hash rate of 7.6 EH/s from MicroBT. The deal value stands at $162.9 million. Last-generation ASIC miners will cost Riot about $21.5 per TH.

HIVE Blockchain

HIVE Blockchain Technologies mined 263 BTC in July, compared with 259 BTC in June. Its reserves stood at 2032 BTC (as of August 1).

The company’s hash rate rose 5% to 3.64 EH/s, including its GPU computing power.

«The company’s goal for year-end is to achieve a tenfold increase in annual revenue from GPU-based computing for AI workloads and high-performance computing in addition to its Bitcoin mining business», the release said.

Bitfarms

For July Bitfarms mined 378 BTC (−24% YoY and −1.8% MoM). By the end of July its hash rate reached 5.3 EH/s. The company also reported selling 333 BTC.

«We remain focused on a disciplined and steady growth strategy […]. To this end in July we initiated a plan to expand, nearly doubling our hydroelectric capacity to 350 MW through the acquisition of a 150 MW underutilised hydro plant in Paraguay», said Bitfarms CEO Geoff Morphy.

Hut 8 Mining

In July Hut 8 Mining generated 330 BTC at an average rate of 10.61 BTC per day. By month-end the mining company held 7,736 BTC.

As of the same period Hut 8 valued its hash rate at 2.92 EH/s. Under its strategy, all mined coins were moved into reserves.

In June the miner agreed with Coinbase to open a $50 million credit line backed by Bitcoin. Then-CEO Jamie Leverton said the funds would provide additional financial flexibility during the Bitcoin halving.

Earlier the Canadian regulator approved the merger of Hut 8 Mining and US Bitcoin.

Bit Digital

Nasdaq-listed Bit Digital reported mining 133 BTC in July — up 12% from June. The company attributed the rise to a higher average active hash rate, which stood at 1.78 EH/s at month-end.

The Bitcoin and Ether reserves were 677 BTC and 12 167.2 ETH with fair market values of about $19.8 million and $22.6 million respectively (as of July 31). The company’s cash and cash equivalents amounted to $21.9 million.

In May Bit Digital purchased 2,500 devices for $5 million to establish a new data centre in Iceland. The move was described as a response to regulatory pressure from US authorities.

Share-price moves of mining companies over the past week:

• Marathon Digital Holdings (MARA): -6.76%;
• Argo Blockchain (ARBK): +3.62%;
• Riot Blockchain (RIOT): -5.71%;
• Hut 8 (HUT): -5.22%;
• HIVE Blockchain (HIVE): -5.67%;
• Bitfarms (BITF): -8.99%;
• Bit Digital (BTBT): -10.70%.

As a reminder, after the latest recalibration on July 27 Bitcoin mining difficulty fell by 2.94%. The metric retreated from its peak at 52.33 T.

In the same month, Bitfinex experts noted optimism among industry participants regarding Bitcoin. In late June, miners sent a record amount of Bitcoin to trading platforms worth $128 million — 315% of their daily mining.