Major Wall Street Bitcoin miners reported different manufacturing outcomes for November 2024, as community issue elevated by 7% through the month, impacting mining effectivity and output throughout the trade.
Although final month the value of BTC reached document ranges and practically approached $100,000, competitors, together with the time and prices required for cryptocurrency mining, additionally jumped visibly.
CleanSpark (NASDAQ: CLSK) maintained its place as one of many trade chief’s in November, producing 622 BTC, whereas Riot Platforms (NASDAQ: RIOT) adopted with 495 BTC. Bitfarms (NASDAQ: BITF) and Cipher Mining (NASDAQ: CIFR) reported related outputs of 204 and 202 BTC respectively, showcasing the tight competitors within the mid-tier phase. TeraWulf (NASDAQ: WULF) rounded out the group with 115 BTC mined through the month.
Zach Bradford, CEO of CleanSpark
“Our teams have been relentlessly executing, making progress towards our year-end hashrate goal of 37 EH/s while improving our efficiency,” mentioned CleanSpark CEO Zach Bradford.
Argo Blockchain (LSE: ARB, NASDAQ: ARBK), listed on each the London Stock Exchange and Wall Street, additionally reported its outcomes, producing 39 BTC in November—a decline from the 46 BTC mined the earlier month. However, mining revenues elevated by $0.4 million, reaching $3.4 million.
How does this evaluate to October? For many of the talked about corporations, the result’s worse. Last month, TeraWulf produced 150 BTC, Riot 505, and CleanSpark 655. The manufacturing decline noticed throughout most miners displays the difficult setting created by the community issue enhance.
Total Hash Rate (TH/s) was up in November. Source: Blockchain.com
The day earlier than, hover, MARA Holdings (NASDAQ: MARA), the most important publicly listed cryptocurrency mining firm, reported a document Bitcoin manufacturing, with its output growing by 26% to 907 BTC in November.
Fred Thiel, CEO, MARA, Source: LinkedIn
“November was a record-breaking month for MARA, with our mining operations achieving unprecedented levels of production. These results highlight the significant strides we’ve made in scaling operations and optimizing performance,” Fred Thiel, MARA’s chairman and CEO, famous.
Despite mining fewer tokens, miners earned extra. According to the most recent report from JPMorgan, apart from the fifth consecutive month of declining manufacturing, revenues elevated by 24%. Meanwhile, the mixed market capitalization of the 14 largest Bitcoin miners on Wall Street rose by 52%, reaching $36.2 billion.
Operational Developments and Hash Rate Expansion
Riot Platforms demonstrated seen progress in different areas than variety of mined tokens, reaching a complete deployed hash charge of 30.8 EH/s, marking a 148% enhance year-over-year. The firm’s growth throughout a number of areas, together with Rockdale, Corsicana, and Kentucky services, has strengthened its market place.
Jason Les, CEO of Riot Blockchain
“Stability in our production is a reflection of the ongoing operational improvements we continue to make, as demonstrated by our operating hash rate increasing 13% month-over-month compared to a 5% increase in our hash rate capacity,” commented Jason Les, the CEO of Riot. “Our work is not yet complete, and onsite teams continue deploying new miners and improving operations to increase our hash rate utilization further.”
Bitfarms additionally made notable progress in its North American growth, with practically 75% of its hashrate anticipated to come from North American knowledge facilities by the primary half of 2025. The firm’s working hashrate reached 12.8 EH/s, representing a 100% enhance from the earlier 12 months.
Cipher Mining continued its improvement on the Black Pearl knowledge middle, sustaining a gentle operational hash charge of 12.0 EH/s. The firm’s acquisition of the 100 MW Stingray web site positions it for future progress, with a complete potential energy capability exceeding 2.6 GW throughout 11 websites.
Tyler Page, CEO of of Ciper Mining
“By year-end, we expect to complete the Odessa upgrade, giving Cipher one of the most efficient fleets of mining rigs in the industry,” mentioned Tyler Page, CEO of Cipher.
Mining corporations are more and more targeted on fleet effectivity enhancements. TeraWulf led the pack with a powerful 19.2 J/TH effectivity ratio, whereas Riot reported 22.3 J/TH. Bitfarms introduced the improve of practically 19,000 T21 miners to extra environment friendly S21 Pro miners, anticipating to obtain a 19 w/TH effectivity charge, representing a ten% enchancment.
Treasury Management and Financial Strategy
Bitcoin holdings methods different considerably amongst operators. Riot maintained the most important treasury place with 11,425 BTC, representing a 55% enhance year-over-year. Cipher Mining held 1,383 BTC, whereas Bitfarms reported 870 BTC in its treasury after transferring 351 Bitcoin to Bitmain as a part of its miner improve settlement.
Miners additionally continued to optimize energy prices by numerous methods. Riot reported all-in energy prices of three.8c/kWh throughout its services, benefiting from $1.4 million in whole energy credit. Bitfarms maintained its dedication to renewable vitality, with 256 MW of hydropower capability supporting its operations.
Ben Gagnon, Source: Bitfarms’ Website
The aggressive panorama is driving miners to discover diversification alternatives. Bitfarms famous growing demand for fast capability in each HPC/AI and BTC mining, positioning itself to leverage its vitality portfolio of over 950 MW in 2025 for strategic alternatives in each sectors.
“By redirecting our miners to be deployed in the United States, we have best matched our miners with the underlying electricity economics across our large portfolio of flexible MWs,” commented Ben Gagnon, the CEO of Bitfarms. “With demand for immediate capacity for both HPC/AI and BTC mining surging and based on discussions with strategic partners, I am confident that our energy portfolio of over 950 MW in 2025 gives us unparalleled flexibility to take advantage of strategic opportunities in both HPC/AI and BTC mining.”
Several corporations introduced management adjustments and strategic initiatives. Bitfarms appointed Andrew J. Chang as an Independent Director and introduced the departure of its Chief Infrastructure Officer, whereas in search of new management with HPC/AI expertise to help its evolving technique.
