HIVE and TeraWulf prioritize efficiency to navigate Bitcoin halving impact.
Both miners maintain strong gross margins despite decreased production.
Expansion plans highlight their commitment to long-term growth in the Bitcoin mining sector.
Bitcoin miners HIVE Blockchain and TeraWulf are focusing on efficiency to navigate the challenges posed by the recent Bitcoin halving. Michael Saylor, founder of Microstrategy, emphasized the importance of miners adopting the “Bitcoin Standard,” echoing the sentiment of the broader industry.
Bitcoin Miners should adopt the #Bitcoin Standard.
— Michael Saylor⚡️ (@saylor) August 13, 2024
HIVE mined 449 Bitcoin during the quarter, a decline from the previous quarter’s 658 BTC, while TeraWulf self-mined 699 Bitcoin. In comparison, competitor Riot Platforms produced 370 BTC in July alone. This shift in production highlights the notable impact of the halving event in April 2024.
Both companies are focusing on operational efficiency and cost management to stay competitive. HIVE reported a gross operating margin of 35%, while TeraWulf achieved a higher gross profit margin of 60.9%. These margins reflect the companies’ efforts to optimize their operations in a challenging environment.
In addition to current production, HIVE and TeraWulf also have ambitious expansion plans. HIVE is planning to convert 30 MW of its existing Bitcoin mining capacity to Tier-3 infrastructure for GPU operation. Meanwhile, TeraWulf has commenced construction on Building 5 at its Lake Mariner Facility, aiming to add 50 MW of infrastructure capacity by Q1 2025.
TeraWulf's Second Quarter 2024 Financial Results 🐺🔵 Q2 2024 Revenue of $35.6 million, gross profit (exclusive of depreciation) of $21.7 million and Non-GAAP Adjusted EBITDA of $19.5 million🔵 Revenue growth of 130.2% year-over-year for the three-month period ended June 30,…
— TeraWulf (@TeraWulfInc) August 12, 2024
However, despite their efforts, both HIVE and TeraWulf are not the largest publicly traded Bitcoin miners. Investors can find the top five miners with the highest market capitalization on Wall Street for a more comprehensive comparison.
As of the latest data, Bitcoin is trading at $58,849.41, with a 24-hour trading volume of $33,104,984,413. It has seen a slight decline of 1.26% in the last 24 hours, bringing its market capitalization to $1.16 trillion. The circulating supply stands at 19,739,334 BTC, with a maximum supply of 21 million BTC.
Source: TradingView
In terms of technical indicators, Bitcoin’s RSI on the daily price chart is at 44.51, indicating a neutral position. Traders might see this as a potential opportunity to enter or exit positions. Additionally, the MACD is below the signal line, suggesting a possible bearish trend. Hence, traders are advised to exercise caution and closely monitor price movements.
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