A few interesting observations from publicly listed Bitcoin miners' latest operation updates:
Transparency in Reporting: The U.S. listed miners, especially those with larger market caps, provide the most transparent operation updates compared to public miners listed elsewhere. Most of these large-cap miners release monthly reports, while smaller-cap miners tend to report quarterly or even on a fiscal basis.
Marathon Digital Holdings (MARA): Marathon Digital Holdings leads Bitcoin production for June with 551.51 BTC. The company also has the largest market cap and Bitcoin holdings among its peers.
Positive Production Growth: Several miners have shown positive production growth compared to May:
- TeraWulf Inc (WULF): 22.92%
- Bitfarms Ltd (BITF): 21.15%
- Cipher Mining (CIFR): 19.73%
- Riot Blockchain (RIOT): 18.6%
- Hut 8 Mining Corp (HUT): 17.58%
- DMG Blockchain Solutions (DMGI): 4.35%
- Iris Energy (IREN): 1.3%
In specific, Bitfarms Ltd (BITF) shows the 2nd-highest positive monthly growth. It’s no surprise that the company rejected the MA offer from Riot due to its growth. With a new CEO who knows the operations and the company in place, Bitfarms will likely maintain its robust growth.
Impact of Halving: All miners, for which data is available, show a decline in Bitcoin production compared to pre-halving levels. On average, production has declined by 45.2% among miners who disclose their monthly operations.
Resilient Performer: CleanSpark Inc (CLSK) stands out for showing the smallest six-month and year-over-year declines at 38.19% and 9.37% respectively. This resilience is attributed to its strategic mining expansions.
What are your thoughts on these updates? Feel free to share your insights and join the conversation! As always, you can write back to get the Excel sheet for your own data analysis.
