{"id":82814,"date":"2023-08-09T12:00:09","date_gmt":"2023-08-09T09:00:09","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=82814"},"modified":"2025-09-12T07:20:43","modified_gmt":"2025-09-12T04:20:43","slug":"july-reports-marathon-digital-mined-1176-btc-argo-blockchain-cuts-production-by-11","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/july-reports-marathon-digital-mined-1176-btc-argo-blockchain-cuts-production-by-11\/","title":{"rendered":"July reports: Marathon Digital mined 1,176 BTC, Argo Blockchain cuts production by 11%"},"content":{"rendered":"

In early August, mining companies reported their results for the past month. ForkLog has compiled the key indicators in one piece.<\/p>\n

Marathon Digital Holdings<\/strong><\/h2>\n

According to the unaudited report<\/a> for July, Marathon Digital Holdings mined 1,176 BTC \u2014 up 20% from the previous period<\/a>. The figure is 1527% higher than July 2022, according to the company’s CEO Fred Thiel.<\/p>\n

According to him, the operational hash rate rose 6% \u2014 to 18.8 EH\/s. Installed compute capacity stood at 22.8 EH\/s.<\/p>\n

\"July
Data: Marathon Digital Holdings.<\/figcaption><\/figure>\n

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

\"July
Data: Marathon Digital Holdings.<\/figcaption><\/figure>\n

Earlier it was disclosed that investors of the mining company filed a lawsuit<\/a> 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<\/a>.<\/p>\n

Argo Blockchain<\/strong><\/h2>\n

For July, the mining company Argo Blockchain produced<\/a> 129 BTC or 4.2 BTC per day \u2014 down 11% from the prior figure.<\/p>\n

\n

\u00abThe decrease was driven primarily by increased downtime at the Helios data-centre due to weather-related production curtailment and construction\u00bb, the press release said.<\/p>\n<\/blockquote>\n

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.<\/p>\n

The overall hash rate stood at approximately 2.6 EH\/s.<\/p>\n

In July the firm sold<\/a> 51,340,000 ordinary shares to institutional investors and 6,160,000 shares to retail investors at \u00a30.1 (~$0.13) \u2014 a total of 12% of its current equity. As a result of the share issue, Argo Blockchain raised \u00a35.75m (~$7.5m) to repay debt and fund new projects.<\/p>\n

Riot Platforms<\/strong><\/h2>\n

Riot Platforms (formerly Riot Blockchain<\/a>) mined<\/a> 410 BTC in July versus 460 BTC in June (-11% MoM). Year-on-year production rose 29%.<\/p>\n

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.<\/p>\n

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

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

At the end of June, the company announced the purchase of 33,280 installations<\/a> 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.<\/p>\n

HIVE Blockchain<\/strong><\/h2>\n

HIVE Blockchain Technologies mined 263 BTC in July, compared with 259 BTC in June<\/a>. Its reserves stood at 2032 BTC (as of August 1).<\/p>\n

The company\u2019s hash rate rose 5% to 3.64 EH\/s, including its GPU computing power.<\/p>\n

\n

\u00abThe company\u2019s 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\u00bb, the release said.<\/p>\n<\/blockquote>\n

Bitfarms<\/strong><\/h2>\n

For July Bitfarms mined<\/a> 378 BTC (\u221224% YoY and \u22121.8% MoM). By the end of July its hash rate reached 5.3 EH\/s. The company also reported selling 333 BTC.<\/p>\n

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

\u00abWe remain focused on a disciplined and steady growth strategy [\u2026]. 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\u00bb, said Bitfarms CEO Geoff Morphy.<\/p>\n<\/blockquote>\n

Hut 8 Mining<\/strong><\/h2>\n

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

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.<\/p>\n

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

Earlier the Canadian regulator approved the merger<\/a> of Hut 8 Mining and US Bitcoin.<\/p>\n

Bit Digital<\/strong><\/h2>\n

Nasdaq-listed Bit Digital reported<\/a> mining 133 BTC in July \u2014 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.<\/p>\n

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\u2019s cash and cash equivalents amounted to $21.9 million.<\/p>\n

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

Share-price moves of mining companies over the past week:<\/strong><\/p>\n