In early April, mining companies reported on their activities for the past month. Blocksays compiled the key metrics in one material.
Marathon Digital Holdings In March, Marathon Digital Holdings mined 894 BTC — 7% more than the previous month.
Miners Increased Bitcoin Production Ahead of Halving Source: Marathon Digital Holdings. According to a press release, the hash rate dropped by 3% to 27.8 EH/s. The average operational metric for the past month increased by 4% to 18.3 EH/s.
Company CEO Fred Thiel explained that equipment failures, technical maintenance of power lines, and weather-related reductions in power consumption at several sites affected production during the first quarter. ‘We intend to continue developing our portfolio of Bitcoin mining projects, which will increase in capacity to approximately 1.1 GW spread across 11 sites on three continents, and utilize our recently announced technological innovations such as a two-phase immersion cooling system to optimize performance and expand our footprint,’ noted Thiel.
As of March 31, 2024, Marathon held 17,381 BTC on its balance sheet. The firm sold 440 BTC and confirmed its intention to liquidate part of its digital gold assets in the future ‘to support monthly operations, treasury management, and general corporate purposes.’
Miners Increased Bitcoin Production Ahead of Halving Source: Marathon Digital Holdings. In March, Marathon Digital Holdings announced the purchase of a 200 MW data center in Garden City, Texas from Applied Digital Corporation for $87.3 million.
Argo Blockchain During the first month of spring, Argo Blockchain generated 103 BTC (3.3 BTC per day). The company noted a 5% increase compared to the previous period despite mining difficulty rising.
Revenue amounted to $7 million — a 55% increase from February. As of March 31, the company held 26 BTC. In March, Argo Blockchain sold its data center in Mirabel, Quebec, Canada, and relocated equipment to Baie-Comeau, Quebec. According to the press release, this process had almost no impact on the company’s operations.
Riot Platforms In the past month, Riot Platforms mined 425 BTC, which is 2% higher than February but 39% lower than March 2023.
The company holds 8490 BTC. At the end of the month, the hash rate was estimated at 12.4 EH/s. The company plans to reach a total capacity of 31 EH/s by the end of the year. By 2025, this figure is expected to grow to 41 EH/s.
HIVE Blockchain HIVE Blockchain Technologies produced 224 BTC in March (averaging 7.2 BTC per day). By month-end, the mining company held 2287 BTC — a 7% increase from January.
The hash rate reached 4.7 EH/s, including GPU mining capacities, which is 13% higher than the previous period. HIVE’s President and CEO, Aydin Kilic, highlighted the integration of Antminer S21 into the company’s operations. According to him, 2000 devices are expected to be operational by the halving scheduled for April 20.
Another 3000 miners will be deployed by June, totaling 5095 machines within the next three months. Kilic estimates that the combined hash rate will reach 5.5 EH/s.
Bitfarms In March, Bitfarms mined 286 BTC compared to 300 BTC in February (-5%). The hash rate at month-end was 6.5 EH/s. The decline in production at Bitfarms was attributed to participation in energy consumption reduction programs to stabilize the network, maintenance of power stations in Argentina, and downtime related to equipment upgrades.
The company sold 284 BTC for $19.2 million. The amount of BTC held was 806 (approximately $56.7 million as of March 31). In March, the company acquired 51,908 Antminer T21s. The firm exercised an option for 28,000 Antminer T21s and additionally purchased 19,280 similar miners at $14 per TH/s. The order also included 3888 Antminer S21s and 740 units of S21 hydro at $17.5 per TH/s.
Hut 8 Mining In March, Hut 8 Mining produced 231 BTC compared to 292 BTC in February. By month-end, the firm held 9102 BTC.
The total managed hash rate was 25.5 EH/s, with proprietary hash rate at 5.4 EH/s. According to the announcement, on March 6, the company closed its facility in Drumheller, Alberta, Canada. Some equipment was relocated to Medicine Hat, Alberta. In March, Hut 8 CEO Ather Genuk ruled out a new wave of bitcoin miner bankruptcies. He stated that in 2022, most financial issues in the sector were due to excessive debt and unpreparedness for rising electricity prices. Since then, companies have relied less on leverage and have increasingly sought shareholder capital for business development.