Bitcoin Mining Recovery in July: Miners Report Increased Production

In early August, mining companies disclosed their operational results for the previous month. ForkLog compiled the key metrics in one report.

MARA

In July, MARA (formerly Marathon Digital) produced 692 BTC — a 41% decrease compared to the same period last year. However, this was a 17% increase from June.

According to the press release, the average operational capacity increased by 5% last month, reaching 27.5 EH/s.

“We remain focused on achieving our hash rate target of 50 EH/s by 2024 and continue to install and activate miners according to plan,” stated the company’s CEO Fred Thiel.

In July, the company connected about 5,000 new devices to the network and relocated approximately 10,000 machines. The current fleet includes ~245,000 miners. 

As of July 31, 2024, MARA held 20,818 BTC. The firm decided not to sell bitcoins, reiterating its strategy of retaining the asset in reserves.

“We will retain all BTC mined during our operations and will periodically make strategic BTC purchases on the open market,” the press release stated.

By the end of July, MARA had increased its strategic bitcoin reserve to 20,000 BTC (~$1.3 billion), spending $100 million on this effort.

Previously, the firm was fined $138 million for breaching a non-circumvention agreement.

Argo Blockchain

In the second month of summer, Argo Blockchain generated 48 BTC (1.5 BTC per day). Mining revenue amounted to $3 million. 

As of July 31, Argo Blockchain held digital assets equivalent to 11 BTC.

Riot Platforms

Last month, Riot Platforms mined 370 BTC, a 45% increase from June but 10% lower than July 2023.

The company holds 9,704 BTC. By the end of the month, its hash rate was estimated at 23.3 EH/s.

“July was a significant step forward for Riot as we increased bitcoin production by 45% compared to June and completed the acquisition of [bitcoin miner Block Mining], expanding our operations into a new market,” noted the firm’s CEO Jason Les.

By the end of 2024, Riot aims to reach a hash rate of 36 EH/s.

The company is still attempting a hostile takeover of Bitfarms. In June, the latter adopted a shareholder rights plan via a “poison pill,” but the Ontario Capital Markets Tribunal ordered an immediate halt to the plan.

At the end of July, Bitfarms approved a new shareholder rights protection strategy.

HIVE Blockchain

HIVE Blockchain Technologies produced 116 BTC in July (averaging 3.7 BTC per day), increasing its reserves by 2%. By the end of the month, the mining company held 2,533 BTC.

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

“As of publication, about 8,400 of the [previously purchased] ASIC miners are installed at facilities in New Brunswick and Sweden, with the remaining 1,100 devices expected to be connected [in early August]. This will bring the total installed bitcoin mining capacity to 5.5 EH/s,” stated HIVE President Aydin Kilic.

In July, the company announced plans to build a 100 MW data center for mining the first cryptocurrency in Paraguay.

Bitfarms

In July, Bitfarms mined 253 BTC compared to 189 BTC in June (+34%). By the end of the month, the hash rate was 11.1 EH/s. 

“As we continue to implement our fleet upgrade program, we are gaining market share and increasing the volume of bitcoins mined month over month. Since the halving in April, the number of BTC mined per month has increased by 62%,” noted Bitfarms CEO Ben Gagnon.

The company sold 142 BTC, earning $8.6 million. The number of bitcoins held is 1,016 (approximately $67.2 million as of July 31).

Previously, Bitfarms reported performance issues with ~3,000 new Antminer T21 units from Bitmain. According to Gagnon, the batch should provide approximately 0.7 EH/s. The miners overheat even at relatively low temperatures, although other devices in the series operate normally.

Hut 8 Mining

In July, Hut 8 Mining mined 105 BTC compared to 107 BTC in June. By the end of the month, the firm held 9,102 BTC.

The total hash rate under management was 13.4 EH/s, with its own at 5.5 EH/s.

Bit Digital

Bit Digital generated 60.5 BTC in July — a 1.9% decrease from the previous period. 

By the end of the month, the firm’s hash rate was approximately 2.46 EH/s. Bit Digital’s treasury reserves in the first and second cryptocurrencies were valued at 641.8 BTC and 27,274.4 ETH, with a fair market value of approximately $41.5 million and $88.1 million respectively (as of July 31). The company’s cash and equivalents amounted to $82.1 million.

Stock performance of mining companies over the past five days (as of August 16, 2024):

• Marathon Digital Holdings (MARA): -2.12%;
• Argo Blockchain (ARBK): +5.87%;
• Riot Blockchain (RIOT): -0.25%;
• HIVE Blockchain (HIVE): +3.13%;
• Bitfarms (BITF): +1.11%;
• Bit Digital (BTBT): -10.03%.

On July 31, following the latest recalibration, the difficulty of mining the first cryptocurrency increased by 10.5% to 90.67 T.