Despite hideously hot summer, bitcoin miners manage 13 EH jump in hashrate

Large bitcoin mining corporations have been behind an enormous improve in common community hashrate within the third quarter.

Seven corporations are notably driving the rise, together with Bitdeer, CleanSpark, Marathon Digital, Cipher, Bit Digital, Bitfarms, and HIVE. Collectively, these corporations grew Bitcoin’s month-to-month common hashrate by 13.88 exahashes per second (EH/s) from June to September, in keeping with TheMinerMag.

TheMinerMag put the entire quarterly improve in month-to-month common hashrate at 38.19 EH/s. To place that in perspective, Bitcoin’s whole hashrate is simply over 404 EH/s as of Monday.

Bitdeer was a standout among the many relaxation, exploding its realized hashrate by over 120% within the third quarter. CleanSpark and Marathon additionally made vital positive factors on this entrance, every growing computational energy final quarter by round 43% and 38%, respectively.

All of this occurred regardless of a record-breaking summer time warmth wave all through North America that compelled many miners to close off their rigs so extra energy on the grid may very well be directed to households weathering 100+ diploma temperatures.

Texas miner Riot Platforms racked up $31.7 million in energy and demand response credit from the state’s electrical energy operator in August.

Conversely, this technique from Riot — shutting down a big portion of their operations in Texas — additionally possible contributed to its 14% lower in realized hashrate final quarter, in keeping with knowledge from TheMinerMag.

Right here’s a peek at a number of the high performers within the mining house and what they’re doing to advance extra environment friendly operations.


As talked about, Singapore-based Bitdeer was the primary miner when it comes to increasing its computing energy.

A significant component in its success was its August completion of its 100 MW knowledge middle in Gedu, Bhutan, in keeping with Bitdeer CEO Linghui Kong.

Subsequently, Bitdeer was in a position to preserve “steady operations” at that website for the total month of September, Kong mentioned in October.

“The variety of Bitcoin mined by our self-mining enterprise elevated by 25.8% from the earlier month, and nearly tripled from the identical interval of the earlier 12 months, to 482 bitcoins,” Kong mentioned in an Oct. 5 assertion. “Throughout September, 217 bitcoins have been mined on the Gedu mining datacenter, which was roughly 45% of our whole bitcoin being mined for the month.”

Although Bitdeer booked a internet lack of $40.4 million within the second quarter of 2023, the corporate remains to be pursuing an aggressive development technique.

For instance, the agency is within the midst of establishing a 175 MW immersion cooling knowledge middle in Norway. Bitdeer supplied no indication as to when that might be accomplished.

Marathon Digital

Marathon has seen overwhelming development all through 2023. By August, it had put in sufficient {hardware} all through its assortment of information facilities that its lofty 23 EH/s aim is now inside putting distance.

Its US operational hash price reached 15.8 EH/s in September, a 20% month-over-month improve, in keeping with CEO Fred Thiel.

Past development in mining energy, Thiel additionally cited decreased curtailment as a cause why manufacturing has improved to 1,242 bitcoin final month — a 16% bounce from August.

“The rise in bitcoin manufacturing from August was resulting from improved uptime and decreased curtailment exercise in Texas,” Thiel mentioned in an Oct. 4 assertion.

Energization of Marathon’s facility in Backyard Metropolis, Texas remains to be not full, and the corporate is targeted on growing the mining effectivity of its location in McCamey, Texas.

Within the medium time period, Marathon additionally lately introduced that it retired “the bulk” of its convertible debt at a “vital low cost,” which may put it in a stronger place for the bitcoin halving occasion in April 2024.

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