Crypto News: Public Bitcoin miners report monthly production
The first full week of August has wrapped up, and publicly traded Bitcoin miners have completed their monthly production updates.
Since the Bitcoin halving event in April, miners have faced significant challenges and are working to adapt to decreased revenues.
“Competition abroad will only intensify, and it strains credulity that US-listed companies will emerge as long-term low-cost producers and market share leaders in this highly commoditized industry,” noted short-seller Kerrisdale Capital in a report from June.
Last month, Bloomberg reported that Cipher Mining is considering a potential sale following interest from buyers.
Here’s a summary of how the largest miners performed in July:
MARA, formerly known as Marathon Digital, remains the largest public miner with a market cap of approximately $5 billion. Its Bitcoin production increased by 17% month-over-month, reaching 692 BTC, and its average operational hash rate grew by 5% to 27.5 EH/s.
As of July 31, MARA held 20,818 BTC and did not sell any in July. The company has adopted a HODL strategy for its BTC treasury policy, retaining all BTC mined and periodically making strategic open market purchases.
CleanSpark mined 494 BTC, a 10% increase from the previous month, and raised its treasury by 567% compared to the same time last year, bringing its total to 7,082 BTC. The average hash rate in July was 20.07 EH/s, yielding an average of 15.94 BTC mined daily.
Crypto News
Riot Platforms saw a 45% increase in production from June, mining 370 BTC last month. Riot also acquired Block Mining, a Kentucky-based Bitcoin miner, in a deal valued at $92.5 million.
Core Scientific mined 411 BTC in July, down from 430 in June, with a total hash rate of 20.1 EH/s. To support its HPC hosting business expansion, the company will relocate Bitcoin miners from HPC-dedicated data centers to Bitcoin mining facilities. Additionally, Block, Inc. (formerly Square) and Core Scientific announced a partnership to provide Core Scientific with Block’s new 3-nanometer mining ASICs.
Crypto News:
Other Notable Miners
The following companies have market caps below $2 billion:
Iris Energy produced 222 BTC in July, down from 233 BTC in June and 230 BTC in May. Cipher mined 178 BTC and sold 108 BTC, leaving it with a total of 2,270 BTC. TeraWulf’s monthly output rose by 13% to 155 BTC.
Hut 8 produced 105 BTC, increasing its total holdings to 9,102 BTC, and appointed a new CFO.
Bitfarms, currently under a potential takeover by Riot, mined 253 BTC in July, marking a 34% month-over-month increase. The company reported a 62% rise in monthly Bitcoin production since the halving event.
