• Riot Platforms mined 19% more bitcoin in June compared to May, while Marathon Digital saw a slight decline in bitcoin mining production
• Cipher Mining’s bitcoin mining production increased by 6% month-over-month, while Bitdeer and Bitfarms also saw increases
• The mining companies are continuing to invest in expanding their mining operations and optimizing facilities in response to the Bitcoin halving event in April
The halving event in April 2020 slashed bitcoin mining rewards in half. In response, bitcoin mining companies have invested heavily in infrastructure upgrades and struck deals to secure cheap energy. This allows them to remain profitable despite the reduced bitcoin payouts.
Riot Platforms Ramps Up Output
Riot Platforms increased its bitcoin production by 19% in June compared to May. The company mined 255 bitcoins, up from 215 the previous month. While still below its output last year, Riot hit its energy target for the quarter. The company remains on track to achieve its goal of 31 exahashes per second in mining capacity by year’s end.
Modest Gains for Cipher Mining
Cipher Mining saw a modest 6% rise in monthly bitcoin production. The company mined 176 bitcoins in June versus 166 in May. Cipher continues to expand its data centers in Texas and expects to finish deploying new mining rigs soon.
Marathon and Bitdeer See Small Drops
Marathon Digital Holdings experienced a slight 4% decrease in its monthly bitcoin mining. The company earned 590 bitcoins in June compared to 616 in May. Marathon says its mining optimization efforts remain on schedule.
Bitdeer’s self-mining output fell 2.7% to 179 bitcoins versus 184 in May. But the company saw strong customer demand for its AI cloud mining services. Bitdeer maintains it will reach its target of 118 exahashes by year’s end.
Looking Ahead
With bitcoin prices falling, mining companies are focused on upgrading to the latest equipment and securing cheap energy deals. Their June updates show most miners on track to hit their hashing power goals for the year. But the bitcoin halving continues to constrain production levels compared to previous years.
Conclusion
The bitcoin halving slashed mining rewards but also drove innovation in the sector. Companies like Riot and Marathon invested heavily in new infrastructure and struck bargain energy deals. Their production updates show miners adapting and remaining profitable in the post-halving landscape. But output levels remain below last year’s with the reduced bitcoin payouts. How miners continue to optimize in the months ahead will determine if they can return to pre-halving production rates.
