The 9%
decline in Bitcoin’s (BTC) price in August has negatively impacted the
production results reported by publicly listed cryptocurrency miners. This is
confirmed by Riot Platforms, which produced 333 BTC last month, 19% less than in July. In contrast to the overall market trend, HIVE Digital has slightly improved its mining results.
However,
both companies are looking for profits away from the mining business. Riot is
focusing on energy sales, which is bringing the company record revenues, while
HIVE is looking towards supporting the artificial intelligence industry.
Finance
Magnates reported
yesterday (Wednesday) that the Texas heatwaves (along with high energy prices)
and the low valuation of Bitcoin have negatively impacted the production of
Marathon Digital Holdings (NASDAQ: MARA). The report showed a 9%
month-over-month decline in BTC production to 1,072 BTC.
Following
Marathon’s lead, Riot Platforms (NASDAQ: RIOT) saw its month-over-month (MoM)
production shrink by 19%, from 410 BTC reported in July to 333 in August.
Year-over-year (YoY), the production declined by 11%.
Riot Produces 333 Bitcoin While Realizing Expanded Benefits of Power Strategy.
“August was a landmark month for Riot in showcasing the benefits of…