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%,…
