2024-02-27

Bitcoin Miners - Marathon Digital, Riot Platform, Hut 8

  • Riot Platforms boosted BTC output by 19% in 2023, mines 6,626 Bitcoin
  • Marathon Digital Holdings launches direct Bitcoin transaction submission service
  • Hut 8 begins construction on 63MW crypto mining site in Texas


Riot Platforms boosted BTC output by 19% in 2023, mines 6,626 Bitcoin

Bitcoin mining firm Riot Platforms recorded a 19% increase in the number of Bitcoin it produced in 2023, mining 6,626 BTC. 

While several of Riot Platform’s competitors mined more Bitcoin in 2023, Riot is preparing for 2024’s Bitcoin halving after acquiring 66,560 mining rigs from MicroBT.

Riot’s cost to mine Bitcoin for 2023, net of power credits allocated to self-mining, averaged $7,539 per Bitcoin versus $11,225 in 2022, a decrease of 33% year-over-year.

The increase in Bitcoin Mining revenue was driven by slightly higher values of Bitcoin mined in 2023, which averaged $28,859 per Bitcoin as compared to an average price of $28,245 per Bitcoin in 2022.

Meanwhile, over the past month, Riot’s share price surged by 47.47%. However, last week, it declined approximately 10.65% last week over the five-day trading period.

https://g.co/finance/RIOT:NASDAQ

In December 2023, Cointelegraph reported that Riot acquired 66,560 mining rigs from manufacturer MicroBT, marking one of the largest expansions of hash rate in the firm’s history ahead of the Bitcoin halving scheduled for April.

2023
Core Scientific produced 19,274 Bitcoin,
CleanSpark mined over 7,300 Bitcoin,
Marathon Digital mined 12,852 Bitcoin.

https://cointelegraph.com/news/riot-platforms-bitcoin-mining-production-halving


Marathon Digital Holdings launches direct Bitcoin transaction submission service

Marathon is uniquely capable of offering these services because of our scale, our mining pool, and our team’s technological expertise.

Marathon Digital is among the largest, most active Bitcoin miners in the world. 

It posted a company record in December 2023, mining 1,853 BTC. 

This concluded a year where the company mined 12,852 BTC in total, representing more than half a billion dollars.

It bears mention that Marathon Digital reportedly holds over 15,000 BTC as part of a war chest worth over $1 billion.



While some analysts predict close United States competitor Riot Platforms may be better positioned to come out ahead in the long run, Marathon has ironically taken a commanding lead in the early sprint leading up to April.

https://cointelegraph.com/news/marathon-digital-holdings-launches-direct-bitcoin-btc-transaction-submission-service


Hut 8 begins construction on 63MW crypto mining site in Texas

North American digital asset miner Hut 8 has begun construction on a new 63-megawatt mining facility in Culberson County, Texas, its fifth United States mining location. 

The new facility is expected to be open for business with miners online by Q2 2024.

Hut 8 expects to be able to mine Bitcoin (BTC) at 30% lower rates than its cost to mine at its other sites in Texas and Nebraska.

"Compared to the benchmark of approximately $460,000 per MW set by recent acquisitions in the area, our all-in cost to design and build the Culberson County site is expected to be less than $275,000 per MW. This represents a savings of more than 40%, or approximately $18,500,000 in upfront development costs per every 100 MW of expansion." ~ Hut 8 CEO Asher Genoot

Canada-based Hut 8 and US Bitcoin Corp. formed a new company via a merger in December 2023. 

After the reported $725 million merger, the company resumed operations under the name Hut 8 as a U.S.-domiciled corporation headquartered in Miami, Florida.

https://cointelegraph.com/news/hut-8-begins-construction-bitcoin-63-mw-crypto-mining-site-texas