In early December, #mining companies reported their results for November.
7 mining companies
Marathon Digital Holdings
Mined: 1,187 BTC (1% less than in October)
Sold: 700 BTC
Balance as of November 30th: 14,025 BTC
The total included 33 BTC from a 20% stake in a joint venture in the UAE and 3.5 #btc from an 80% stake in a data center in Paraguay. About 27,200 #bitcoin mining devices are connected to the network at the facility in Garden City, Texas - the internal fleet increased by 17% to about 184,400 units. The company added that it intends to build liquidity on its balance sheet in anticipation of the halving to capitalize on strategic opportunities.
Riot Platforms
Mined: 552 BTC (21% higher than in October)
Sold: 540 BTC
Balance as of November 30th: 7,358 BTC
Net revenue totaled $19.6 million (at an average price of $36,278 per coin). As of the end of November, the hashrate was estimated at 12.4 EH/s.
The company recalled that in June it entered into an agreement with MicroBT to purchase 33,280 bitcoin mining rigs with a total hash rate of 7.6 EH/s. In December, Riot Platforms activated an option to purchase 66,560 units for $290.5 million (excluding fees, taxes and possible adjustments).
Bitfarms
Mined: 392 BTC (1.5% less than in October)
Sold: 350 BTC
Balance as of November 30th: 802 BTC
The Company has placed a purchase order for 35,888 high-performance Bitmain T21 miners, with deliveries scheduled from March 2024 through May 2024. By deploying these new miners to seven of its eight existing farms in Quebec, combined with the development of a new facility in Paso Peh, Paraguay, the company expects to increase operating capacity by 29%, to 310 MW, and hash rate by 88%, to 12 EH/s, in the first half of 2024. Bitfarms reduced its total outstanding debt by $1.9 million, with a balance of $6 million at month-end.
Hut 8 Mining
Mined: 390 BTC (28.71% higher than in October)
Sold: -
Balance as of November 30th: 9,129 BTC
On November 30, the miner announced the completion of the merger process with US Bitcoin. The merged company was named Hut 8 Corp. (New Hut), with securities on the Toronto Stock Exchange and Nasdaq receiving the ticker HUT. At the end of the month, the total hash rate under management was 21.6 EH/s. The standalone Hut 8 Mining rose from 2.6 EH/s to 7.3 EH/s.
HIVE Blockchain
Mined: 276,3 BTC
Sold: -
Balance as of November 30th: 1,627 BTC
The firm's hash rate was 4.14 EH/s, including the capacity of its graphics processing unit (GPU) fleet. The figure was 5.2% higher than the result for the previous period.
The company also announced the purchase of an existing 6 MW data center in Buden, Sweden. The facility, located next to the firm's existing mining facility, is expected to add approximately 0.25 EH/s to the firm's hashrate.
According to HIVE Blockchain, the first cryptocurrency mining facilities acquired a year ago have fully paid for themselves including electricity costs.
Argo Blockchain
Mined: 145 BTC (5% higher than in October)
Sold: 124 BTC
Balance as of November 30th: 21 BTC
Revenues totaled $5.3 million - a 25% increase over the previous figure.
Bit Digital
Mined: 142,7 BTC (24% higher than in October)
Sold: -
Balance as of November 30th: 551,8 BTC
As of the end of the month, the firm's hash rate was approximately 2.25 EH/s. Bit Digital valued its treasury reserves in the first and second cryptocurrencies at 551.8 BTC and 16,064.8 ETH, with fair market values of approximately $20.8 million and $33 million, respectively (as of October 31). The company's cash and #cash equivalents totaled $14.9 million.
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 .đ