Despite
Bitcoin’s (BTC) mixed summer performance, one of Wall
Street’s largest cryptocurrency miners managed to increase production. Riot
Platforms (NASDAQ: RIOT) reported in its latest report a 45% increase in mining
to 370 BTC in July.
Wall Street Bitcoin Miner
Riot Increases Production
According
to Riot’s report published
this week, BTC mining in July reached 370 tokens, growing significantly
from the 255 reported in June when Bitcoin prices were falling sharply.
Although this is 10% less than in July 2023 (410 BTC), considering the average
prices from these two periods, Riot would earn much more from the smaller
number of Bitcoins mined last month.
Riot Produces 370 #Bitcoin in July 2024 and Expands into Kentucky.“July was a major step forward for Riot, as we increased our Bitcoin production 45% over June and completed a new acquisition, expanding our operations into a new market,” said @JasonLes_, CEO of Riot.🔗 Read…
— Riot Platforms, Inc. (@RiotPlatforms) August 5, 2024
The average
number of BTC produced daily reached nearly 12 BTC, which at the average
cryptocurrency value from June gives about $750,000 in daily revenue. Riot also
reported that the operating hash rate in July increased by 37% to 15.5 EH/s
compared to 11.4 EH/s reported in June and by 188% compared to 5.4 EH/s from
July 2023.
“July
was a major step forward for Riot, as we increased our Bitcoin production 45%
over June and completed a new acquisition, expanding our operations into a new
market,” said Jason Les, CEO of Riot. “From this acquisition, Riot
immediately added 1 EH of self-mining capacity and will begin to add additional
hash rate based on already available capacity at the newly acquired Kentucky
facilities.”
The
acquisition Les refers to is the $92.5 million purchase of Kentucky-based Block
Mining. The transaction, which closed on July 23, involves an $18.5 million
cash payment and $74 million in Riot common stock.
Currently,
the company holds 9,704 BTC in its reserves, which is 33% more than in July
2023. By the end of the month, they were valued at over $630 million.
Hut8 Also Reports New BTC
Production Results
Another
publicly traded Wall Street miner that reported its mining results for July was
Hut8 (NASDAQ: HUT). Last month, it
mined 105 BTC, two less than the previous month, using a power of 5.5 EH/s.
July highlights- Continued realizing the impact of optimization efforts; average energy cost has declined materially since bringing Salt Creek online and completing the planned deployment of our curtailment software- Announced plans for a site in the Texas Panhandle with 205…
— Hut 8 (@Hut8Corp) August 5, 2024
Although
the results are clearly more modest than Riot’s, it should be noted that Hut8
operates on a smaller scale. Moreover, it is not in the group of the five
largest Bitcoin miners listed on Wall Street.
The company
may soon receive a substantial cash injection, as one of its competitors,
Marathon Digital, is to pay Hut8 Chief Strategy Officer, Michael Ho, $138
million in connection with a contract breach.
The lawsuit
alleged that Ho developed a growth strategy for Marathon, including plans for a
large-scale Bitcoin mining facility in North America. Marathon was accused of
implementing this strategy without compensating Ho for the proprietary
information he provided.
Meanwhile,
Argo Blockchain, another publicly traded cryptocurrency miner, reported its
mining results. The result of 48 BTC turned out to be slightly better than the
44 mined in June 2023. However, this is significantly less than the 129 tokens
acquired in the same period last year.
This article was written by Damian Chmiel at www.financemagnates.com.
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