Riot Platforms Sees 19% Bitcoin Mining Boosts in June

June saw varied performances among key players in the Bitcoin mining industry, with Riot Platforms reporting significant growth and Marathon Digital experiencing a slight downturn.

Riot Platforms demonstrated a commendable performance in June, mining 19% more Bitcoin than in May. The company successfully mined 255 BTC, compared to 215 BTC the previous month. 

Despite this increase, their production was notably lower than the same period last year, primarily due to the Bitcoin halving event in April. 

Additionally, Riot surpassed its power target, achieving 22.0 exahash per second (EH/s), beyond the planned 21.4 EH/s. Moreover, Riot received $6.2 million in power credits from the Texas power grid and has set an ambitious target to reach a self-mining hash rate of 31 EH/s by year’s end.

Marathon Digital Faces Challenges

Marathons saw a decrease of 4% in their output for Bitcoin mining. The company had mined 590 BTC for the month, from the 616 BTC in May. Despite the decline, the company is actively optimizing its operations with the latest generation machines and cooling systems. 

Marathon remains focused on achieving a target hash rate of 50 EH/s by the end of the year. Additionally, the company’s Slipstream technology played a key role in processing a high-fee transaction that significantly contributed to its earnings.

Industry Dynamics

Other companies in the sector like Bitfarms and CleanSpark reported increases in Bitcoin production, indicating a general trend of growth despite challenges. However, Bitdeer faced a minor setback, with a 2.7% decline in bitcoin mining output, mining 179 BTC in June compared to 184 BTC in May. Despite the slight decrease, Bitdeer is determined to reach its hash rate target of 11.8 EH/s by year-end, with plans to deploy additional processors in its facilities.

As the Bitcoin mining industry navigates through 2024, the performances in June underscore the resilience and strategic adaptability of major firms. The results not only reflect individual company strengths but also hint at the broader challenges and opportunities within the dynamic cryptocurrency mining landscape.

Also Read: Riot Seeks Three Bitfarms Board Members, Holds 14.9% Stake