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Major Wall
Street Bitcoin miners reported varied production results for November 2024, as
network difficulty increased by 7% during the month, impacting mining
efficiency and output across the industry.
Although
last month the price of BTC reached record levels and nearly approached
$100,000, competition, along with the time and costs required for
cryptocurrency mining, also jumped visibly.
CleanSpark (NASDAQ: CLSK) maintained its position as one of the industry leader’s in November, producing
622 BTC, while Riot Platforms (NASDAQ: RIOT) followed with 495 BTC. Bitfarms (NASDAQ: BITF) and Cipher Mining (NASDAQ: CIFR) reported similar outputs of 204 and 202 BTC respectively, showcasing the tight
competition in the mid-tier segment. TeraWulf (NASDAQ: WULF) rounded out the group with 115
BTC mined during 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,” said CleanSpark
CEO Zach Bradford.
Argo Blockchain (LSE: ARB, NASDAQ: ARBK), listed on both the London Stock Exchange and Wall Street, also reported its results, producing 39 BTC in November—a decline from the 46 BTC mined the previous month. However, mining revenues increased by $0.4 million, reaching $3.4 million.
How does
this compare to October? For most of the mentioned companies, the result is
worse. Last month, TeraWulf produced 150 BTC, Riot 505, and CleanSpark 655. The
production decline observed across most miners reflects the challenging
environment created by the network difficulty increase.
Total Hash Rate (TH/s) was up in November. Source: Blockchain.com
The day
before, hover, MARA Holdings (NASDAQ: MARA), the largest publicly listed
cryptocurrency mining company, reported a record Bitcoin production, with its
output increasing 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, noted.
Despite
mining fewer tokens, miners earned more. According to the latest report from
JPMorgan, aside from the fifth consecutive month of declining production,
revenues increased by 24%. Meanwhile, the combined 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 visible growth in other areas than number of mined
tokens, achieving a total deployed hash rate of 30.8 EH/s, marking a 148%
increase year-over-year. The company’s expansion across multiple locations,
including Rockdale, Corsicana, and Kentucky facilities, has strengthened its
market position.
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 also
made notable progress in its North American expansion, with nearly 75% of its
hashrate expected to come from North American data centers by the first half of
2025. The company’s operating hashrate reached 12.8 EH/s, representing a 100%
increase from the previous year.
Cipher
Mining continued its development at the Black Pearl data center, maintaining a
steady operational hash rate of 12.0 EH/s. The company’s acquisition of the 100
MW Stingray site positions it for future growth, with a total potential power
capacity exceeding 2.6 GW across 11 sites.
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,” said Tyler Page, CEO of
Cipher.
Mining
companies are increasingly focused on fleet efficiency improvements. TeraWulf
led the pack with an impressive 19.2 J/TH efficiency ratio, while Riot reported
22.3 J/TH. Bitfarms announced the upgrade of nearly 19,000 T21 miners to more
efficient S21 Pro miners, expecting to achieve a 19 w/TH efficiency rate,
representing a 10% improvement.
Treasury Management and
Financial Strategy
Bitcoin
holdings strategies varied significantly among operators. Riot maintained the
largest treasury position with 11,425 BTC, representing a 55% increase
year-over-year. Cipher Mining held 1,383 BTC, while Bitfarms reported 870 BTC
in its treasury after transferring 351 Bitcoin to Bitmain as part of its miner
upgrade agreement.
Miners also
continued to optimize power costs through various strategies. Riot reported
all-in power costs of 3.8c/kWh across its facilities, benefiting from $1.4
million in total power credits. Bitfarms maintained its commitment to renewable
energy, with 256 MW of hydropower capacity supporting its operations.
Ben Gagnon, Source: Bitfarms’ Website
The
competitive landscape is driving miners to explore diversification
opportunities. Bitfarms noted increasing demand for immediate capacity in both
HPC/AI and BTC mining, positioning itself to leverage its energy portfolio of
over 950 MW in 2025 for strategic opportunities in both 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
companies announced leadership changes and strategic initiatives. Bitfarms
appointed Andrew J. Chang as an Independent Director and announced the
departure of its Chief Infrastructure Officer, while seeking new leadership
with HPC/AI experience to support its evolving strategy.
Major Wall
Street Bitcoin miners reported varied production results for November 2024, as
network difficulty increased by 7% during the month, impacting mining
efficiency and output across the industry.
Although
last month the price of BTC reached record levels and nearly approached
$100,000, competition, along with the time and costs required for
cryptocurrency mining, also jumped visibly.
CleanSpark (NASDAQ: CLSK) maintained its position as one of the industry leader’s in November, producing
622 BTC, while Riot Platforms (NASDAQ: RIOT) followed with 495 BTC. Bitfarms (NASDAQ: BITF) and Cipher Mining (NASDAQ: CIFR) reported similar outputs of 204 and 202 BTC respectively, showcasing the tight
competition in the mid-tier segment. TeraWulf (NASDAQ: WULF) rounded out the group with 115
BTC mined during 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,” said CleanSpark
CEO Zach Bradford.
Argo Blockchain (LSE: ARB, NASDAQ: ARBK), listed on both the London Stock Exchange and Wall Street, also reported its results, producing 39 BTC in November—a decline from the 46 BTC mined the previous month. However, mining revenues increased by $0.4 million, reaching $3.4 million.
How does
this compare to October? For most of the mentioned companies, the result is
worse. Last month, TeraWulf produced 150 BTC, Riot 505, and CleanSpark 655. The
production decline observed across most miners reflects the challenging
environment created by the network difficulty increase.
Total Hash Rate (TH/s) was up in November. Source: Blockchain.com
The day
before, hover, MARA Holdings (NASDAQ: MARA), the largest publicly listed
cryptocurrency mining company, reported a record Bitcoin production, with its
output increasing 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, noted.
Despite
mining fewer tokens, miners earned more. According to the latest report from
JPMorgan, aside from the fifth consecutive month of declining production,
revenues increased by 24%. Meanwhile, the combined 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 visible growth in other areas than number of mined
tokens, achieving a total deployed hash rate of 30.8 EH/s, marking a 148%
increase year-over-year. The company’s expansion across multiple locations,
including Rockdale, Corsicana, and Kentucky facilities, has strengthened its
market position.
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 also
made notable progress in its North American expansion, with nearly 75% of its
hashrate expected to come from North American data centers by the first half of
2025. The company’s operating hashrate reached 12.8 EH/s, representing a 100%
increase from the previous year.
Cipher
Mining continued its development at the Black Pearl data center, maintaining a
steady operational hash rate of 12.0 EH/s. The company’s acquisition of the 100
MW Stingray site positions it for future growth, with a total potential power
capacity exceeding 2.6 GW across 11 sites.
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,” said Tyler Page, CEO of
Cipher.
Mining
companies are increasingly focused on fleet efficiency improvements. TeraWulf
led the pack with an impressive 19.2 J/TH efficiency ratio, while Riot reported
22.3 J/TH. Bitfarms announced the upgrade of nearly 19,000 T21 miners to more
efficient S21 Pro miners, expecting to achieve a 19 w/TH efficiency rate,
representing a 10% improvement.
Treasury Management and
Financial Strategy
Bitcoin
holdings strategies varied significantly among operators. Riot maintained the
largest treasury position with 11,425 BTC, representing a 55% increase
year-over-year. Cipher Mining held 1,383 BTC, while Bitfarms reported 870 BTC
in its treasury after transferring 351 Bitcoin to Bitmain as part of its miner
upgrade agreement.
Miners also
continued to optimize power costs through various strategies. Riot reported
all-in power costs of 3.8c/kWh across its facilities, benefiting from $1.4
million in total power credits. Bitfarms maintained its commitment to renewable
energy, with 256 MW of hydropower capacity supporting its operations.
Ben Gagnon, Source: Bitfarms’ Website
The
competitive landscape is driving miners to explore diversification
opportunities. Bitfarms noted increasing demand for immediate capacity in both
HPC/AI and BTC mining, positioning itself to leverage its energy portfolio of
over 950 MW in 2025 for strategic opportunities in both 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
companies announced leadership changes and strategic initiatives. Bitfarms
appointed Andrew J. Chang as an Independent Director and announced the
departure of its Chief Infrastructure Officer, while seeking new leadership
with HPC/AI experience to support its evolving strategy.
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