At the beginning of June, #mining companies reported the results of their activities for May 2024.

Read. Bitcoin Miners: Report for April

7 mining companies

Marathon Digital Holdings

  • Mined: 616 BTC

  • Hashrate: 29.3 EH/s

  • Sold: 390 BTC

  • Balance as of May 31th: 17,857 BTC

The company sold 390 #BTC and confirmed its intention to realize part of its digital gold assets in the future to support monthly operations, treasury management, and general corporate purposes.

Riot Platforms

  • Mined: 215 BTC

  • Hashrate: 14.7 EH/s

  • Sold: -

  • Balance as of May 31th: 9,084 BTC

The company added that the dismantling of problematic equipment and the deployment of new Microbot M60S units have begun at the Rockdale (Texas) facility. As a result, the hashrate at the facility decreased by 850 PH/s compared to April.

Additionally, due to a lightning strike, the data center in Corsicana was down for about three days. Operations resumed after the protection system was inspected.

In May, Riot Platforms submitted a proposal to the board of directors of the competing Bitfarms to purchase all market-traded shares at a price of $2.3. Representatives of the Canadian bitcoin miner assessed it as "substantially undervaluing the company and its growth prospects."

In early June, Riot increased its beneficial ownership in Bitfarms first to 12% and then to 14%.

Bitfarms

  • Mined: 156 BTC

  • Hashrate: 7.5 EH/s

  • Sold: 136 BTC

  • Balance as of May 31th: 850 BTC

The decline in production at Bitfarms was explained by the reduction in block rewards after halving, a drop in mining volumes in Argentina, and downtime due to equipment upgrades. In June, Bitfarms' board of directors adopted a shareholder rights protection plan after the purchase proposal from Riot Platforms. The initiative (commonly known as a "poison pill") sets a threshold of 15% for the accumulation of securities before it triggers, intended to prevent an immediate threat to the strategic review process.

HIVE Blockchain

  • Mined: 119 BTC

  • Hashrate: 4.9 EH/s

  • Sold: -

  • Balance as of May 31th: 2,451 BTC

The company purchased 1,000 Antminer S21 Pro units from Bitmain. The devices are expected to be shipped this month.

Hut 8 Mining

  • Mined: -

  • Hashrate: -

  • Sold: -

  • Balance as of May 31th: -

Bit Digital

  • Mined: 63.3 BTC

  • Hashrate: 2.54 EH/s

  • Sold: -

  • Balance as of May 31th: 1038.4 BTC

Bit Digital assessed its treasury reserves in the first and second cryptocurrencies at 1,038.4 BTC and 20,508.3 ETH with a fair market value of approximately $70.1 million and $77.1 million respectively (as of May 31). The company's cash and cash equivalents amounted to $47.3 million.

Argo Blockchain

  • Mined: 45 BTC

  • Hashrate: -

  • Sold: -

  • Balance as of May 31th: 11 BTC

In the last month of spring, Argo Blockchain generated 45 BTC (1.5 BTC per day). Compared to April, this represents a 55% decrease, which the company attributed to a drop in hash price.

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 .👍