Bitcoin Miners’ July BTC Production Snapshot, Marathon Leads the Pack

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The summer heat has been intense, not just in temperature but in the pressure bitcoin miners have faced since the April bitcoin halving event. With revenues slashed, the industry has been forced into a period of rapid adaptation, and July’s production reports reveal who is thriving and who is struggling.

The halving event has left many companies scrambling to adjust to reduced revenues. However, some bitcoin miners have shown a resilient attitude during this time.

Marathon Digital Leads the Pack

Marathon Digital (MARA) continues to lead the pack, standing tall as the largest public miner by market capitalization, valued at $5 billion. The company saw a 17% increase in bitcoin production, totaling 692 BTC in July. This growth is coupled with a 5% rise in its operational hash rate, now at 27.5 EH/s.

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Notably, Marathon Digital has adopted a HODL strategy, retaining all the bitcoin it mines, and as of July 31, holds a significant 20,818 BTC. The company has also signaled its intention to make strategic open market purchases of bitcoin periodically, bolstering its treasury.

Other Major Bitcoin Miners

CleanSpark had an impressive July as well, mining 494 BTC, reflecting a 10% increase from the previous month. The company’s treasury swelled by 567% compared to the same period last year, now holding 7,082 BTC. With an average hashrate of 20.07 EH/s, CleanSpark managed to mine an average of 15.94 BTC daily throughout the month.

Riot Platforms also saw a significant production jump, with a 45% increase from June, resulting in 370 BTC mined in July. In a strategic move, Riot acquired Block Mining, a Kentucky-based bitcoin miner, in a deal worth $92.5 million, strengthening its foothold in the market.

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Core Scientific, while experiencing a slight dip in production, earning 411 BTC in July compared to 430 in June, remains a key player. The company is in the process of migrating its bitcoin miners from data centers designated for HPC hosting to bitcoin mining-specific centers, as part of its expansion strategy. Core Scientific also struck a deal with Block, Inc. (formerly Square) to supply its operations with Block’s new 3-nanometer mining ASICs.

Smaller Players in the Market

Among the smaller bitcoin miners, Iris Energy mined 222 BTC in July, a slight drop from the previous months, while Cipher produced 178 BTC and sold 108 BTC, bringing its total BTC holdings to 2,270. TeraWulf saw a 13% rise in production, mining 155 BTC.

Meanwhile, Hut 8 added 105 BTC to its reserves, bringing its total to 9,102 BTC. The company also welcomed a new CFO, signaling potential shifts in its strategy. 

Bitfarms, amid takeover talks with Riot, earned 253 BTC in July, marking a 34% increase from June. The company highlighted that its monthly bitcoin production has surged by 62% since the halving event.

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