At the beginning of April, #mining companies reported the results of their activities for March 2024.

Read. Bitcoin Miners: Report for February

7 mining companies

Marathon Digital Holdings

  • Mined: 894 BTC

  • Hashrate: 27.8 EH/s

  • Sold: 440 BTC

  • Balance as of March 31th: 17,381 BTC

The CEO of the company, Fred Till, explained that during the first quarter, production was affected by equipment failures, technical maintenance of power lines, and weather-related reductions in electricity consumption at several sites.

In March, Marathon Digital Holdings announced the purchase of a 200 MW data center in Garden City, Texas, from Applied Digital Corporation for $87.3 million.

Riot Platforms

  • Mined: 425 BTC

  • Hashrate: 12.4 EH/s

  • Sold: -

  • Balance as of March 31th: 8,490 BTC

According to plans, the total hash rate by the end of the year will reach 31 EH/s. By 2025, this figure is expected to increase to 41 EH/s.

Bitfarms

  • Mined: 286 BTC

  • Hashrate: 6.5 EH/s

  • Sold: 284 BTC

  • Balance as of March 31th: 806 BTC

Bitfarms attributed the production decline to participation in energy consumption reduction programs for network stabilization, maintenance of power stations in Argentina, and downtimes associated with equipment upgrades.

In March, the company acquired 51,908 Antminer T21 units. The firm exercised an option for 28,000 additional Antminer T21 units and also purchased an additional 19,280 similar miners at $14 per TH/s. The order also included 3,888 Antminer S21 units and 740 units of S21 hydro at $17.5 per TH/s.

Hut 8 Mining

  • Mined: 231 BTC

  • Hashrate: 25.5 EH/s

  • Sold: -

  • Balance as of March 31th: 9,102 BTC

According to the announcement, on March 6, the company closed a facility in Drumheller, Alberta, Canada. Some equipment was relocated to Medicine Hat, Alberta.

In March, Hut 8 CEO Asher Genuth dismissed the possibility of a new wave of bitcoin miner bankruptcies. He stated that in 2022, the main financial problems of sector players were associated with excessive debt and unpreparedness for rising electricity prices. Since then, companies have become less reliant on leverage and have been more inclined to attract equity financing for business development.

HIVE Blockchain

  • Mined: 224 BTC

  • Hashrate: 4.7 EH/s

  • Sold: -

  • Balance as of March 31th: 2,287 BTC

HIVE President and CEO Aydin Kilic reminded about the integration of Antminer S21 into the fleet. According to him, 2,000 devices should be connected by the halving scheduled for April 20. Another 3,000 miners will be delivered by June, bringing HIVE's total to 5,095 machines within the next three months. Kilic estimates that the aggregate hash rate will reach 5.5 EH/s.

Bit Digital

  • Mined: 136.4 BTC

  • Hashrate: 2.76 EH/s

  • Sold: -

  • Balance as of March 31th: 956.6 BTC

Bit Digital's treasury reserves in the first and second cryptocurrencies were valued at 956.6 #BTC and 16,032 #ETH respectively, with a fair market value of approximately $68.2 million and $58.5 million as of March 31. The company's cash and cash equivalents amounted to $34.9 million.

Argo Blockchain

  • Mined: 103 BTC

  • Hashrate: -

  • Sold: -

  • Balance as of March 31th: 26 BTC

In March, Argo Blockchain sold a data center in Mirabel, Quebec, Canada, and relocated the equipment to Baie-Comeau, Quebec. According to the press release, the process had minimal impact on the company's operations.

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 .👍