Bitcoin miners Marathon, Riot double hash rate YoY

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Bitcoin (BTC) miners Marathon Digital and Riot Platforms have doubled their hash rate since June 2023 amid various degrees of change at other firms.

On July 3, Marathon reported an average operational hash rate of 26.3 exahashes per second (EH/s) in June, representing a 102% yearly increase from 13.0 EH/s. The change also marks a 2% monthly increase from 25.8 EH/s. The company targets 50 EH/s by year-end.

Marathon attributed its rising hash rate to operational improvements at its Ellendale facility and to the site becoming fully operational in July.

Marathon produced 590 BTC in June, down 4% from 616 BTC in May.

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The company also increased its Bitcoin holdings to 18,536 BTC, up 4% from 17,857 BTC in May. As of June 30, Marathon held $1.4 billion in total cash and Bitcoin.

Riot also doubles hash rate

On July 3, Riot Platforms said it achieved a 22.0 EH/s hash rate in June, marking a 106% increase from 10.7 EH/s in June 2023 and a 50% increase from 14.7 EH/s in May.

The company increased its hash rate by adding 7.3 EH/s to its hash rate capacity in two buildings at its Corsicana facility. It also used the available capacity at its Rockdale facility.

Bitcoin production rose slightly month-over-month: Riot generated 255 BTC in June, up 19% from 215 BTC in May. It held 9,334 BTC in June, up 3% from 9,084 BTC in May.

Other performance reports

At least two more firms have nearly doubled their hash rate over various periods. CleanSpark recently reported doubling its hash rate since December 2023, while BitFarms raised its month-end hash rate from 5.3 EH/s to 10.4 EH/s year-over-year.

Some firms have reported lesser hash rate increases. Cipher Mining reported a month-end operating hash rate of 8.6 EH/S, up from 8.0 EH/s in May and 6.0 EH/s the previous year. The company mined 176 BTC in June, up from 166 BTC in May.

Bitdeer reported 22.3 EH/s hash rate under management in June, down from 22.4 E/H in May but up from 18.8 the previous year. Bitdeer mined 179 BTC through self-mining, down from 184 BTC in May.

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