Mining company reports for August 2023

BITCOIN MINERS ASIC miner report on bitcoin mining
BITCOIN MINERS ASIC miner report on bitcoin mining

At the beginning of August, 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 August, Marathon Digital Holdings generated 1,072 BTC – 9% less than in July, but more than five times more than the last month of 2022.

“The decline in production since July was largely due to increased production cutback activity in Texas due to record high temperatures,” explained company CEO Fred Thiel.

According to him, the operational hashrate increased by 2% month-on-month to 19.1 EH/s. The installed computing power was 23.1 EH/s. The change in indicators in the company was associated with the replacement of S19 Pro miners from Bitmain with S19 XP.

Riot Platforms cut production in August, and Bitfarms mined 383 BTC
Data: Marathon Digital Holdings.

As of August 31, Marathon holds a total of 13,286 BTC. The company sold 750 BTC during the month and intends to sell a portion of its assets into the first cryptocurrency in the future “to support monthly operations, treasury management and general corporate purposes.”

Riot Platforms cut production in August, and Bitfarms mined 383 BTC
Data: Marathon Digital Holdings.

In August, Thiel admitted that the US Securities and Exchange Commission would approve a spot exchange-traded fund based on the first cryptocurrency with a probability of greater than 50%.

Argo Blockchain

According to a report from Argo Blockchain, the company mined 105 BTC or 3.4 BTC per day in August. The reduction in the figure from July 4.6 BTC per day was associated with the downtime of the Helios data center.

As of August 31, the company owned 49 BTC. Over the past month, the miner installed and launched 900 BlockMiner devices with a capacity of approximately 95 PH/s at a facility in Quebec. Argo Blockchain expects to receive and deploy the remaining 728 units in the near future.

Previously, the company reported that in the first half of the year it received a net loss of $18.8 million and reduced debt to $75 million. At the end of June 2022, its debt was $143 million.

Riot Platforms

Riot Platforms (formerly Riot Blockchain) mined 333 BTC in August – 19% less than the July figure (410 BTC).

Riot Platforms cut production in August, and Bitfarms mined 383 BTC
Data: Riot Platforms.

The company received $31.6 million in supply and demand response credits from Texas operator ERCOT. The amount was a record for Riot for the month and exceeded the figure for the entire 2022.

The firm still has 17,040 Bitcoin miners unconnected in Building G of its Rockdale data center, which was damaged by a snowstorm last December. Therefore, the company’s operational hashrate is 10.7 EH/s against the total installed equipment capacity of 12.5 EH/s.

Riot previously reported a reduction in net loss to $27.7 million in the second quarter. Revenue for the period was $76.7 million.

HIVE Blockchain

Mining company HIVE Blockchain Technologies produced 274 BTC in August (an average of 8.8 BTC per day).

The company’s hashrate was 3.69 EH/s, including the power of the graphics processing unit (GPU) fleet.

“We are pleased to announce the order of high-performance SuperMicro servers that will further increase the power of our artificial intelligence computing infrastructure by more than 2.5 times,” said HIVE President and CEO Aydin Kilic.

The company also announced the expansion of artificial intelligence and high-performance computing infrastructure in Canada in addition to its current operations in Sweden.


Over the last month of summer, Bitfarms mined 383 BTC, which is 1.3% more than July results. At the end of August, the hashrate reached 5.6 EH/s thanks to the connection of new devices and further optimization of the fleet.

Riot Platforms cut production in August, and Bitfarms mined 383 BTC
Data: Bitfarms.

Of the 383 BTC mined, the company sold 323 BTC, receiving $9 million. Bitfarms reduced its total outstanding debt by $1.9 million, leaving a balance of $11.8 million at the end of the month.

Hut 8 Mining

During August, Hut 8 Mining generated 103 BTC (an average of 3.3 BTC per day). At the end of the month, the mining company held 9,255 BTC.

As of the same period, the miner estimated his hashrate at 2.6 EH/s.

“Our 9,255 BTC on balance continues to provide Hut 8 and our shareholders with a strategic and differentiated advantage,” it said.

Bit Digital

Nasdaq-listed Bit Digital reported mining 139.9 BTC, up 5% from the previous month. The company attributed the growth to a higher average active hashrate, which at the end of the month amounted to 2.03 EH/s.

Bit Digital estimated treasury reserves in the first and second cryptocurrencies to be 758.5 ​​BTC and 13,002.1 ETH, with a fair market value of approximately $19.7 million and $21.4 million, respectively (as of August 31). The company’s cash and cash equivalents were $24.9 million.

Dynamics of securities of mining companies over the past week:

  • Marathon Digital Holdings (MARA): -19.63%;
  • Argo Blockchain (ARBK): -7.08%;
  • Riot Blockchain (RIOT): -10.97%;
  • Hut 8 (HUT): -12.3%;
  • HIVE Blockchain (HIVE): -12.95%;
  • Bitfarms (BITF): -19.71%;
  • Bit Digital (BTBT): -11.49%.

Let us remind you that as a result of the next recalculation on September 6, the difficulty of mining the first cryptocurrency decreased by 2.65%. The indicator reached 54.15 T.

In the same month, JPMorgan experts lowered their estimate of the cost of mining 1 BTC from $21,000 to $18,000. This happened after the Cambridge Center for Alternative Finance revised its mining electricity consumption index methodology.

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