In early June, mining companies reported on the results of their activities for the past month. ForkLog has collected the main indicators in one material.
Marathon Digital Holdings
In May, Marathon Digital Holdings produced 616 BTC — 51% less than in the same period last year. Compared to April, the indicator decreased by 27%.
Data: Marathon Digital Holdings.According to the press release, the hashrate was 29.3 EH/s. The average operating figure for the past month increased by 22% (25.7 EH/s).
"At the international level, we recently announced an agreement with the Ministry of Energy and Petroleum of the Republic of Kenya to support and optimize renewable energy projects throughout the country. [...] We aim to ensure that 50% of revenues come from abroad by 2028," said the head of the company, Fred Thiel.
As of May 31, 2024, Marathon had 17,857 BTC on its balance sheet. The firm sold 390 BTC and confirmed its intention to sell some of its assets in digital gold in the future "to support monthly operations, treasury management and general corporate purposes."
Data: Marathon Digital Holdings.Argo Blockchain
Over the last month of spring, Argo Blockchain generated 45 BTC (1.5 BTC per day). Compared to April, the decrease was 55%, which the company explained by the drop in the hash rate.
Revenue from mining amounted to $2.9 million (-56%). As of May 31, Argo Blockchain owned digital assets worth the equivalent of 11 BTC.
Riot Platforms
Over the past month, Riot Platforms has accumulated 215 BTC. The indicator is 43% lower than in April and 68% lower than in May 2023.
The company holds 9084 BTC. As of the end of the month, the hashrate is estimated at 14.7 EH/s.
Data: Riot Platforms."Riot's unique energy strategy, which we usually use most actively in the summer months, has already begun to produce significant results this year, securing approximately $7.3 million in May [in the form of loans for responding to the supply—demand ratio of electricity from local operator ERCOT]," said Jason Les, CEO of the firm.
The company added that the dismantling of problematic equipment and the deployment of new Microbot M60S began at the facility in Rockdale (Texas). As a result, the hashrate at the enterprise decreased by 850 PH/c compared to April.
In addition, due to a lightning strike, the data center in Corsica suspended work for about three days. Activity resumed after checking the security system.
In May, Riot Platforms submitted an offer to the board of directors of rival Bitfarms to buy all shares traded on the market at a price of $2.3. Representatives of the Canadian bitcoin miner assessed it as "significantly underestimating the company and its growth prospects."
In early June, Riot increased its beneficial ownership in Bitfarms, first to 12%, and then to 14%.
HIVE Blockchain
HIVE Blockchain Technologies produced 119 BTC (3.8 BTC per day) in May against 212 BTC in the previous period. At the end of the month, the mining company held 2,451 BTC — 3% more than in April.
The average hashrate was 4.9 EH/s, while HIVE ended the month with an indicator of 5 EH/s.
"We are pleased to announce the upcoming acquisition of 1000 Antminers S21 Pro from Bitmain [...]. The devices are expected to ship this month and will become an integral part of our strategy of constantly updating the fleet while expanding our HODL positions," said Chief Operating Officer Luc Rossi.
Bitfarms
In May, Bitfarms mined 156 BTC compared to 269 BTC in April (-42%). At the end of the month, the hashrate was 7.5 EH/s.
Data: Bitfarms.The decline in production at Bitfarms was explained by a reduction in block rewards after halving, a drop in production volumes in Argentina and downtime due to equipment upgrades.
The company sold 136 BTC, receiving $8.9 million. The number of bitcoins held is 850 (approximately $57.2 million as of May 31).
Data: Bitfarms.In June, the Bitfarms board of directors adopted a shareholder rights protection plan after putting forward an offer to buy Riot Platforms. The initiative (in practice called the "poison pill") sets a threshold for the accumulation of securities in the amount of 15% until the moment of activation, which is designed to prevent an immediate threat to the strategic analysis process.
Bit Digital
Bit Digital generated 63.3 BTC in May — 47% less than in the previous period.
At the end of the month, the company's hashrate was approximately 2.54 EH/s. Bit Digital estimated treasury reserves in the first and second cryptocurrencies at 1038.4 BTC and 20,508.3 ETH at a fair market value of approximately $70.1 million and $77.1 million, respectively (as of May 31). The company's cash and cash equivalents amounted to $47.3 million.
Dynamics of securities of mining companies over the past five days (as of June 14, 2024):
Marathon Digital Holdings (MARA): -3,71%;Argo Blockchain (ARBK): 0%;Riot Blockchain (RIOT): +7,96%;HIVE Blockchain (HIVE): +5,65%;Bitfarms (BITF): +13,77%;Bit Digital (BTBT): 0%.Recall that in June, presidential candidate Donald Trump held a meeting with representatives of the bitcoin mining industry and promised to protect mining in the United States and around the world.
Read about what American politicians said about digital assets and how they argued their positions in the ForkLog material:
https://forklog.com/exclusive/ot-kritiki-do-obeshhanij-zashhitit-bitkoin-chto-i-pochemu-politiki-ssha-govoryat-o-kriptovalyutah