Bitfarms Leads in Bitcoin Mining Growth
In June, leading U.S. mining companies increased their capacities and improved bitcoin production. This occurred despite bitcoin’s price dropping over 20% after reaching a historic high of $74,000 in March.
These results were highlighted in reports on energy consumption and production from American miners. All companies indicated they are on track to meet their expansion goals.
Riot Platforms’ Performance
Riot Platforms saw a 19% increase in bitcoin production in June compared to May. They mined 255 BTC, valued at $14.5 million as of June 4. However, this was about half of what they mined during the same period last year.
The company exceeded its Q2 hash rate target, reaching 22.0 exahashes per second (EH/s) by June’s end. Riot secured $6.2 million in energy credits in Texas and aims to reach 31 EH/s by year-end.
Bitfarms and CleanSpark Growth
Bitfarms and CleanSpark also reported increased production in June. Meanwhile, Core Scientific and Hut 8 have not yet released their June data.
Cipher Mining’s Expansion
Cipher Mining continues expanding its data centers, Bear and Chief Mountain, in Texas. In June, Cipher mined 176 BTC, worth $10 million, a 6% increase from May. The company sold 103 BTC for $5.8 million, bringing its balance to 2,209 BTC, valued at $125 million.
Marathon Digital’s Optimization Efforts
Marathon Digital experienced a slight 4% decline in bitcoin production, mining 590 BTC ($33.6 million) in June, down from 616 BTC ($35 million) in May.
Marathon is optimizing operations with next-generation equipment and cooling systems. “We aim to reach 50 EH/s by year-end,” said CEO Fred Thiel.
Thiel noted, “A specific transaction yielded a fee of 0.85 BTC, five times the average of 0.15 BTC. This was enabled by Slipstream technology, which processes large or unusual bitcoin transactions.” Marathon held 18,536 BTC, valued over $1 billion, as of early July.
Bitdeer’s Slight Decline
Bitdeer, owned by Chinese billionaire Jihan Wu, reported a 2.7% decrease in bitcoin production. The company mined 179 BTC, worth $10 million, in June. Bitdeer noted high demand for its NVIDIA chip-based cloud AI services, which reached 75% capacity in July.
