Handful of public bitcoin miners log modest hashing power gains for July

Bitcoin is feeling the dog days of summer like the rest of us. In the last thirty days, the world’s largest digital asset has receded 5.5%, per CoinGecko data.

But publicly bitcoin miners are pushing through, with two of them seeing modest hashing power gains in July and another two staying flat.

Marathon Digital’s operational hash rate ticked up 6.2% from June’s 17.7 exahashes per second (EH/s) to July’s 18.8 EH/s. 

The company also mined 1,176 bitcoin (BTC), a 20% jump from June and an over 15-fold increase from the same time last year. 

CEO Fred Thiel attributed the gains to the completion of the company’s facility in Ellendale, North Dakota, which he said now has six fully operational buildings. 

“Ellendale adds a total of 7.6 exahashes to our energized hash rate. The facility in Garden City, Texas is expected to come online next. Tie in work has been completed at this site, and we believe energization is likely imminent,” Thiel said in a statement. 

CleanSpark saw the largest gain in operational hash rate among its peers so far, upping its efficiency by over 13% in a one-month period, according to a press release.

In June, the company had a deployed fleet of over 68,000 miners boasting processing speeds of 6.7 EH/s. By July, the number of miners jumped to nearly 88,000 with average speeds of 7.6 EH/s.

Riot Platforms and Bitfarms’ hashing power remained flat month over month, 10.7 EH/s and 5.3 EH/s, respectively.

Riot mined 11% fewer bitcoin — 410 BTC — compared to June, though it’s important to note that over 17,000 miners remain offline in its Texas location after a severe winter storm tore through the area in December 2022.

Riot sold 400 bitcoin in July, same as June, but pocketed larger proceeds of $12.1 million due to a net price of $30,293 per bitcoin sold, according to its monthly report.

Bitfarms also produced slightly fewer bitcoin, mining 378 BTC in July and 385 BTC in June. However, last month’s haul is over 24% down from July 2022. 

Still, Bitfarms has outpaced the first seven months of 2022 in terms of total bitcoin mined, per its July report.

Bitfarms also increased its hydropower capabilities from 178 megawatts (MW) to 183 megawatts, which in part stems from its freshly-signed power agreements in Paraguay to power its mining facilities. 

In the stock market, Marathon is outperforming its peers, up 2.18% on Thursday at the time of publication. Riot returned to the green in the afternoon, while CleanSpark and Bitfarms were in the red.

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