At the beginning of February, #mining companies reported the results of their activities for January 2024.

Read. Bitcoin Miners: Report for December

7 mining companies

Marathon Digital Holdings

  • Mined: 1,084 BTC

  • Hashrate: 26.4 EH/s

  • Sold: -

  • Balance as of January 31th: 15,741 BTC

According to Fred Thiel, the company's CEO, the low performance was attributed to weather-related factors and equipment failures.

Marathon Digital Holdings, in collaboration with a partner, has completed the construction of a facility in Abu Dhabi and continues the implementation of a project in Paraguay.

Instead of selling the initial cryptocurrency, the company acquired 183.5 #BTC at an average price of $39,738. However, Marathon stated its intention to liquidate a portion of its digital gold assets in the future to support monthly operations, treasury management, and overall corporate objectives.

Riot Platforms

  • Mined: 520 BTC

  • Hashrate: 12.4 EH/s

  • Sold: 212 BTC

  • Balance as of January 31th: 7,648 BTC

The net revenue amounted to $9.5 million (at an average price of $44,860 per coin).

Riot Platforms received an amount equivalent to 77 BTC as credits for responding to the demand and supply ratio of electricity from the local ERCOT operator.

Riot reiterated the development of a facility in Corsicana, Texas. It is anticipated that in the initial phase, its capacity will be 400 MW, and after the facility's commissioning, it will increase to 1 GW.

By the end of 2024, Riot expects the total hash rate to reach 29 EH/s.

Bitfarms

  • Mined: 357 BTC

  • Hashrate: 6.5 EH/s

  • Sold: 357 BTC

  • Balance as of January 31th: 804 BTC

Bitfarms has reduced its total outstanding debt by $2 million, leaving a remaining balance of $2 million at the end of the month. The miner plans to settle this amount by February.

The company also announced plans to commence the implementation of a hash rate expansion strategy in 2024. They aim to achieve a hash rate of 12 EH/s in the first half of the year and further increase it to 21 EH/s in the second half.

Hut 8 Mining

  • Mined: 339 BTC

  • Hashrate: 22.3 EH/s

  • Sold: -

  • Balance as of January 31th: 9,116 BTC

The company also mentioned that they will receive $13.6 million as a result of terminating the contract for managed services with Granbury and Kirni.

Additionally, due to preventive maintenance on Hut 8 equipment, the company temporarily deactivated certain devices throughout January.

HIVE Blockchain

  • Mined: 234.6 BTC

  • Hashrate: 3.88 EH/s

  • Sold: -

  • Balance as of January 31th: 1,939 BTC

The hash rate indicator turned out to be 5.6% lower than in the previous period, which the company attributed to cold weather in the locations of the data centers (Sweden, Iceland, and Canada).

Bit Digital

  • Mined: 145.7 BTC

  • Hashrate: 2.5 EH/s

  • Sold: -

  • Balance as of January 31th: 739.2 BTC

The treasury reserves in the first and second cryptocurrencies for Bit Digital were evaluated at 739.2 BTC and 18,072.2 ETH, with a fair market value of approximately $31.4 million and $41.3 million respectively (as of January 31st). The company's cash and cash equivalents amounted to $22.6 million.

Argo Blockchain

  • Mined: 124 BTC

  • Hashrate: -

  • Sold: -

  • Balance as of January 31th: 18 BTC

In mid-January, the overall computing power of the #Bitcoin network decreased by 33% over several days due to cold weather in Texas, leading to the local miners being disconnected from the power grid.

Mining is indeed an interesting topic. It's fascinating to see how these companies are navigating the mining landscape and the impact it has on the overall cryptocurrency market. We'd like to hear your opinion .👍