Bitcoin (BTC) Miners Marathon Digital and Riot Platforms Double Hash Rate Since June 2023
Bitcoin (BTC) miners Marathon Digital and Riot Platforms have been making significant strides in increasing their hash rates, with both companies doubling their capacity since June 2023. This surge in hash rate comes amidst various changes in the industry, with some firms seeing substantial growth while others report more modest increases.
Marathon Digital reported an impressive average operational hash rate of 26.3 exahashes per second (EH/s) in June, representing a 102% yearly increase from 13.0 EH/s. The company also saw a 2% monthly increase from 25.8 EH/s and aims to reach 50 EH/s by the end of the year. Marathon credited its rising hash rate to operational improvements at its Ellendale facility, which became fully operational in July.
Despite a slight dip in Bitcoin production from 616 BTC in May to 590 BTC in June, Marathon increased its Bitcoin holdings to 18,536 BTC, up 4% from the previous month. The company now holds a total of $1.4 billion in cash and Bitcoin as of June 30.
Riot Platforms also reported a doubling of its hash rate, reaching 22.0 EH/s in June, a 106% increase from the previous year. The company achieved this growth by adding 7.3 EH/s to its capacity at its Corsicana facility and utilizing the available capacity at its Rockdale facility. Riot’s Bitcoin production saw a slight increase from 215 BTC in May to 255 BTC in June, with the company holding 9,334 BTC at the end of the month.
Other firms in the industry have also seen significant hash rate increases, with CleanSpark doubling its capacity since December 2023 and BitFarms raising its month-end hash rate from 5.3 EH/s to 10.4 EH/s year-over-year. Cipher Mining and Bitdeer reported more modest increases in their hash rates, with Cipher Mining reaching 8.6 EH/s and Bitdeer managing 22.3 EH/s in June.
The cryptocurrency mining industry continues to evolve rapidly, with companies like Marathon Digital and Riot Platforms leading the way in increasing their hash rates and expanding their operations. As Bitcoin remains a popular investment choice, these firms are positioning themselves for continued growth and success in the market.
