{"id":16976,"date":"2024-09-15T12:00:00","date_gmt":"2024-09-15T09:00:00","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-mining-output-declines-in-august-miners-report\/"},"modified":"2024-09-15T12:00:00","modified_gmt":"2024-09-15T09:00:00","slug":"bitcoin-mining-output-declines-in-august-miners-report","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoin-mining-output-declines-in-august-miners-report\/","title":{"rendered":"Bitcoin Mining Output Declines in August, Miners Report"},"content":{"rendered":"

In early September, mining companies reported their performance for the previous month. ForkLog compiled the key figures in one article.<\/p>\n

MARA<\/h2>\n

In August, MARA (formerly Marathon Digital) produced<\/a> 673 BTC. Compared to July<\/a>, this figure decreased by 3%.<\/p>\n

\"Bitcoin<\/figure>\n
\"Bitcoin
Data: MARA.<\/figcaption><\/figure>\n

According to the press release, the activated hash rate increased to 35.2 EH\/s, which is 11% more than in July.<\/p>\n

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\u201cWithin [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,\u201d noted the company’s head, Fred Thiel.<\/p>\n<\/blockquote>\n

Currently, the miner operates about 54% of the 1.1 GW available capacity. <\/p>\n

As of August 31, 2024, MARA held 25,945 BTC. The firm decided not to sell assets this month.<\/p>\n

Earlier, the company announced<\/a> its intention to raise $250 million for bitcoin acquisition through the issuance of convertible bonds of a similar amount. <\/p>\n

Argo Blockchain<\/h2>\n

For the third month of summer, Argo Blockchain generated<\/a> 38 BTC (1.2 BTC per day). Mining revenue amounted to $2.3 million compared to $3 million in July.<\/p>\n

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\u201cBitcoin production decreased due to more frequent economic downturns during the month and a lower hash price<\/span>,\u201d the press release stated. <\/p>\n<\/blockquote>\n

As of July 31, Argo Blockchain owned digital assets equivalent to 10 BTC.<\/p>\n

Riot Platforms<\/h2>\n

Last month, Riot Platforms mined<\/a> 322 BTC. This figure is 13% lower than in July and 3% lower than in August 2023.<\/p>\n

The company holds 10,019 BTC. As of the end of the month, the hash rate is estimated at 23.5 EH\/s.<\/p>\n

\"Bitcoin
Data: Riot Platforms.<\/figcaption><\/figure>\n
\n

\u201cHistorically, August is the hottest month of the year in Texas, leading to some of the highest periods of demand on the power grid,\u201d stated the firm’s CEO, Jason Les.<\/p>\n<\/blockquote>\n

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. <\/p>\n

In August, the miner continued its hostile takeover of Bitfarms. Riot Platforms acquired<\/a> another 1 million shares of its competitor, increasing its stake to 18.9%.<\/p>\n

HIVE Blockchain<\/h2>\n

As of August 31, 2024, HIVE Blockchain Technologies held<\/a> 2,567 BTC valued at $151 million. Last month, the figure was 2,533 BTC (~$164 million). <\/p>\n

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<\/a> its construction at the end of July. <\/p>\n

Bitfarms<\/h2>\n

In August, Bitfarms produced<\/a> 233 BTC compared to 253 BTC in July (-8.5%). At the end of the month, the hash rate was 11.3 EH\/s. <\/p>\n

\"Bitcoin
Data: Bitfarms.<\/figcaption><\/figure>\n
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\u201cThe acquisition of Stronghold Digital Mining<\/a> marks an important step for Bitfarms, strengthening our position as a dominant player in the mining and computing sectors [\u2026]. 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%,\u201d noted Bitfarms CEO Ben Gagnon.<\/p>\n<\/blockquote>\n

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).<\/p>\n

\"Bitcoin
Data: Bitfarms.<\/figcaption><\/figure>\n

Earlier, Bitfarms reported<\/a> 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.<\/p>\n

Hut 8 Mining<\/h2>\n

In August, Hut 8 Mining produced<\/a> 87 BTC compared to 105 BTC in June. At the end of the month, the firm held 9,105 BTC.<\/p>\n

The total hash rate under management was 13.9 EH\/s, with its own at 5.6 EH\/s.<\/p>\n

\"Bitcoin
Data: Hut 8 Mining.<\/figcaption><\/figure>\n

Bit Digital <\/h2>\n

Bit Digital generated<\/a> 53.4 BTC in August \u2014 11.7% less than the previous period. <\/p>\n

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.<\/p>\n

Stock performance of mining companies over the past five days (as of September 14, 2024):<\/strong><\/p>\n