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Home»ADOPTION NEWS»Riot Platforms Reports 19% Increase in June Bitcoin Mining Production, Marathon Digital Slightly Down
ADOPTION NEWS

Riot Platforms Reports 19% Increase in June Bitcoin Mining Production, Marathon Digital Slightly Down

By Crypto FlexsJuly 3, 20244 Mins Read
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Riot Platforms Reports 19% Increase in June Bitcoin Mining Production, Marathon Digital Slightly Down
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Mining companies across the industry have released statistics detailing their mining activity and energy consumption for June, as companies ramp up investment in new generation infrastructure and sign long-term energy procurement contracts in response to the dramatic changes brought about by the April halving event.

Riot Platforms has outperformed Bitcoin mining activity since May, with its monthly Bitcoin mining volume increasing by 19%, bringing in 255 BTC in June and 215 BTC in May. However, as expected, the company has only mined about half as much Bitcoin as it did in the same period last year following the Bitcoin halving in April.

Riot said in its filing that the company surpassed its Q2 power goal of 21.4 exahashes per second (EH/s), reaching 22.0 EH/s by the end of the month. Riot also announced that it received $6.2 million in power credits from the Texas power grid, a slight decrease from the previous month, and that it is targeting a total self-mining hashrate capacity of 31 EH/s by the end of the year.

Fellow mining companies Bitfarms and CleanSpark have also managed to increase the number of bitcoins they mine each month.

Cipher’s reasonable profit

In June, Cipher Mining expanded its Texas data centers, known as Bear and Chief Mountain, to 30 megawatts.

“Bear has now received and installed all of its new mining equipment and we expect to complete installation of the remaining new mining equipment at Chief later this month,” CEO Tyler Page said in a company filing.

Cipher produced 176 bitcoins in June, up 6% from the 166 bitcoins the company mined in May, and sold 103 bitcoins, ending the month with about 2,209 bitcoins.

Marathon, Bitdeer’s small loss

Marathon mined 590 BTC in May, down 4% from the previous month, compared to 616 BTC in May. However, according to Marathon Chairman and CEO Fred Thiel, the filing notes that Marathon is working to optimize its operations with the latest generation machines and cooling systems, and is “on track to reach its goal of 50 EH/s by the end of the year.”

“One particular transaction generated a fee of 0.85 BTC, compared to an average of about 0.15 BTC, which is largely due to our technical advantages, specifically Slipstream,” Thiel said in the filing. Slipstream allows Marathon to process large or non-standard Bitcoin transactions that other miners might otherwise ignore.

The company now holds 18,536 BTC, up from 17,857 the previous month.

Bitdeer, a U.S.-listed mining company owned by Chinese billionaire Jihan Wu, also reported a slight decline in the number of bitcoins mined. The company mined 179 BTC in June, down 2.7% from 184 BTC in May, but the company noted in its filing that its “AI cloud service powered by NVIDIA DGX SuperPODs with H100 systems saw strong demand from customers, reaching 75% utilization during the month.”

The company plans to deploy additional processors at its Texas and Norway Tidal facilities to achieve its own hash rate goal of 11.8 EH/s by the end of the year.

According to The Block’s Bitcoin price page, the Bitcoin price has fallen by about 2.75% over the past 24 hours to $60,218 as of the time of this article’s publication.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Current financial disclosures include:

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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