Mining company reports for July 2023

BITCOIN MINERS ASIC bitcoin mining report
BITCOIN MINERS ASIC bitcoin mining report

In early August, mining companies reported on the results of their activities over the past month. ForkLog has collected the main indicators in one article.

Marathon Digital Holdings

According to an unaudited July report, Marathon Digital Holdings mined 1,176 BTC, up 20% from the previous period. The indicator is 1527% higher than the results of July 2022, said the head of the company Fred Thiel.

According to him, the operational hash rate increased by 6% to 18.8 EH/s. The installed computing power was 22.8 EH/s.

July Reports: Marathon Mined 1176 BTC and Argo Blockchain Decreased Production by 11%
Data: Marathon Digital Holdings.

As of August 1, Marathon holds a total of 12,964 BTC. The company sold 750 BTC during July and intends to sell some of its assets in the first cryptocurrency in the future “to support monthly operations, treasury management and general corporate purposes.”

July Reports: Marathon Mined 1176 BTC and Argo Blockchain Decreased Production by 11%
Data: Marathon Digital Holdings.

Earlier it became known that the investors of the mining company sued Thiel and several top managers for illegal embezzlement of the company’s assets for personal purposes. The plaintiffs also sought damages for wrongdoing that led to proceedings with the US Securities and Exchange Commission.

Argo Blockchain

In July, mining company Argo Blockchain produced 129 BTC or 4.2 BTC per day, 11% less than the previous figure.

“The decline was mainly driven by increased downtime at the Helios data center due to weather-related production and construction cuts,” the press release said.

As of July 31, the company held 46 BTC. Over the past month, the miner has installed 1,242 BlockMiner devices with a capacity of around 130 PH/s at facilities in Quebec. The remaining 1,628 vehicles will be deployed in the coming months.

The total hashrate was approximately 2.6 EH/s.

In July, the firm sold 51,340,000 shares of common stock to institutional and 6,160,000 shares to retail investors for £0.1 (~$0.13) – a total of 12% of current equity. As a result of the additional issue of securities, Argo Blockchain raised £5.75 million (~$7.5 million) to pay off debt and finance new projects.

Riot Platforms

Riot Platforms (formerly Riot Blockchain) mined 410 BTC in July against 460 BTC in June (-11% m/m). Year-on-year production increased by 29%.

The company sold 400 BTC at an average price of $30,293, raising $12.1 million. According to the report, Riot Platforms is holding 7,275 BTC.

July Reports: Marathon Mined 1176 BTC and Argo Blockchain Decreased Production by 11%
Data: Riot Platforms.

Riot deployed 95,904 bitcoin miners with a total hashrate of 10.7 EH/s.

At the end of June, the company announced the purchase of 33,280 bitcoin mining rigs with a total hashrate of 7.6 EH/st from MicroBT. The deal will be worth $162.9 million. The latest generation of ASIC miners will cost Riot approximately $21.5 per TH.

HIVE Blockchain

Mining company HIVE Blockchain Technologies mined 263 BTC in July against 259 BTC in June. The volume of its reserves reached 2032 BTC (as of August 1).

The firm’s hash rate increased by 5% to 3.64 EH/s, including the power of the graphics processing unit (GPU) fleet.

“The company’s end-of-year goal is a 10x increase in annual revenue from the GPU computing business for AI and HPC workloads, in addition to the bitcoin mining business,” the post reads.


In the second month of summer, Bitfarms mined 378 BTC (-24% y/y and -1.8% m/m). At the end of July, the hashrate reached 5.3 EH/s. The company also reported on the sale of 333 BTC.

July Reports: Marathon Mined 1176 BTC and Argo Blockchain Decreased Production by 11%
Data: Bitfarms.

“We are committed to a disciplined and consistent growth strategy […]. To that end, we initiated an expansion plan in July to nearly double our hydropower capacity to 350 MW through the acquisition of a 150 MW underutilized hydro plant in Paraguay,” Bitfarms CEO Jeff Morphy said in a statement.

Hut 8 Mining

In July, Hut 8 Mining generated 330 BTC with an average output of 10.61 BTC per day. At the end of the month, the mining company was holding 7736 BTC.

As of the same period, Hut 8 estimated its hashrate at 2.92 EH/s. In accordance with the strategy, the company transferred all mined coins to reserves.

In June, the miner agreed with Coinbase to open a credit line for him for $50 million secured by bitcoins. Then the CEO of the company, Jamie Leverton, said that the funds “will provide additional financial flexibility” for the period of halving in the network of the first cryptocurrency.

Earlier, the Canadian regulator approved the merger of Hut 8 Mining and US Bitcoin.

bit digital

Nasdaq-listed Bit Digital reported 133 BTC in July, up 12% from June. The company attributed the growth to a higher average active hashrate, which at the end of the month was 1.78 EH/s.

The treasury reserves in the first and second cryptocurrencies were valued by Bit Digital at 677 BTC and 12,167.2 ETH, with a fair market value of approximately $19.8 million and $22.6 million, respectively (as of July 31). The company’s cash and cash equivalents were $21.9 million.

In May, Bit Digital purchased 2,500 mining devices for $5 million to set up a new data center in Iceland. The firm called the decision a response to regulatory pressure from US authorities.

The dynamics of shares of mining companies over the past week:

  • Marathon Digital Holdings (MARA): -6.76%;
  • Argo Blockchain (ARBK): +3.62%;
  • Riot Blockchain (RIOT): -5.71%;
  • Hut 8 (HUT): -5.22%;
  • HIVE Blockchain (HIVE): -5.67%;
  • Bitfarms (BITF): -8.99%;
  • Bit Digital (BTBT): -10.70%.

Recall that as a result of the next recalculation on July 27, the difficulty of mining the first cryptocurrency decreased by 2.94%. The indicator rolled back from the high to around 52.33 T.

In the same month, Bitfinex experts noted the optimism of industry participants regarding Bitcoin. At the end of June, miners sent a record amount of $128 million worth of bitcoins to trading platforms – 315% of their daily production.

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