Bitcoin’s hashrate has nearly doubled in the past 12 months. According to the CoinWarz site, we are at 335 EH/s. At the current rate, we will reach 400 PE/s in the coming months.
The rise of BTC, however, offers a breath of fresh air after a tough year in 2022. Here are the results of American miners listed on the stock exchange since the beginning of the year.
Marathon
Marathon had a record month in March producing 825 bitcoins. An increase of 9.1% compared to the previous month. Which gives us a quarter at 2,195 bitcoins, the second biggest harvest after Core Scientific.
In all, Marathon connected 2 PE/s last month, including 9,400 S19 XP. That is 11.5 PE/s in total. Its ASIC park is undoubtedly the most modern in America. Mostly Antminers S19j Pro and S19 XP.
Fred Thiel’s firm is aiming for more than 23 pe/s by the middle of the year. The latter also gave a very interesting ITW to Bloomberg last week:
“I think Bitcoin’s rise is tied to a flight to safe havens. Bitcoin has been correlated to NASDAQ for the past few years, but we are now seeing a decorrelation. Bitcoin is now more correlated to gold »did he declare.
Another interesting statement: “The bulk of BTC buying happens in Asia. This trend continues during European hours before reversing during American hours.
The company is installing immersion cooling technology at a number of sites, which should increase operational efficiency by reducing the amount of power required for ASICs.
The company sold 750 bitcoins during the month, but still holds 11,466 bitcoins, or $326 million.
TERAWULF
TeraWulf has made headlines in recent weeks with the connection of its ASICs to an American nuclear power plant. The miner doubled its hashrate from 1.40 EH/s to 2.8 EH/s during the quarter. It is planned to reach 5.5 PE/s by adding 50 MW of additional energy in the coming weeks.
The company produced 233 bitcoins in March, but continues to sell them to cover its debts and operating costs. The company holds 0 BTC in cash.
The particularity of Terawulf is to mine thanks to essentially renewable energies, but also with one of the cheapest kWh: $0.032/kWh, or $7,048 per bitcoin, which corresponds to an impressive gross margin of 72%.
CleanSpark
Another miner on display lately: CleanSpark. The miner has just announced his intention to double its hashrate by issuing a check for $145 million with a view to reaching 16 PE/s. Which gives us a price of 23 dollars per TH/s. A boon.
In all, 45,000 S19XP Antminers are expected in Sandervilles. That is 6.3 PE/s which will be added to the 67,700 miners already installed (6.7 PE/s).
Zach Bradford: “Discussed why we haven’t bought a lot of XP in the past 12 months, and more recently discussed the reasons with @invest_answers and @wsfoxley. ROI is the foundation of how we cost-effectively create one of the most efficient fleets before the halving.
It’s all about timing. Patience pays off. The cost of XP has dropped significantly over the past few months and we were able to seize the opportunity at the right time. This is an important step on our way to 16 EH/s. »
CleanSpark had a great month producing 598 bitcoins. That is 1,871 bitcoins mined over the whole of the first quarter. Nevertheless, 502 BTC had to be sold. The miner only holds 196 bitcoins in cash.
BitFarms
BitFarms produced 424 bitcoins in March across its 10 locations in four countries. Or a stagnation compared to February.
Its average hashrate was 4.6 PE/s, for a utilization rate of 97%, which was only surpassed in North America by Bit Digital and CleanSpark.
BitFarms recently announced that it has entered into agreements to acquire 22 megawatts (MW) of hydroelectric capacity in Quebec. BitFarms plans to connect miners to 11 MW by the end of the second quarter, and the remaining 11 MW in the second half of 2024.
The company sold 394 of its monthly production to cover its investment and operating costs, which allowed it to accumulate an additional 30 BTC in its treasury which reached 435 bitcoins.
Ben Gagnon: “The price of BTC has increased by 72%. This is more than the increase in mining difficulty which was 32.5%. As a result, industry margins increased by 31% in dollars per TH in Q1 2023. The continued increase in difficulty levels reflects increased investment and bullish sentiment in the industry in general.”
riot
The Texas miner, which has the third largest reserves (7,072 BTC), produced 695 BTC in March. That’s an increase of about 36% over last year. However, the miner sold 97% of his March harvest.
The deployed fleet reached 94,176 miners as of March 31, enabling the production of more than 10.5 PE/s. These figures exclude 17,040 miners offline due to damage caused by severe winter conditions in December.
riot now expects to reach full standalone hash rate capacity of 12.5 PE/s in the second half of 2023.
Note that the miner has only reached a utilization rate of 63% of its ASICs, much less than other miners such as Bit Digital, CleanSpark, Marathon or BitFarms, closer to 100%.
Riot is hiring if you are interested in a career in mining!
Hut8, Iris Energy, Core Scientific, Argo
With 9,133 BTC, HUT8 still boasts the highest amount of own-mined bitcoin among publicly traded miners. The Canadian miner mined 131 BTC in March thanks to its 4.3 EH/s.
Argo maintained its hashrate at 2.5 EH/s, unchanged since August 2022. The miner on the verge of bankruptcy mined 161 BTC, down 10.2% from the previous month. The company sold 177 bitcoins in March to cover its operating costs and has 85 bitcoins in reserve.
Core Scientific, also on the verge of bankruptcy at the end of last year, is coming out of the water. The American giant mined 1,410 BTC on its own and 474 BTC for various clients. That is 207,000 minors working on its facilities.
The miner operates 155,000 own bitcoin miners, which represents an impressive hashrate of 16.1 PE/s. And 21.8 EH/s in all. Unfortunately, the debts incurred by Core mean that absolutely all BTC must be sold. 0 BTC…
Iris Energy increased its hashrate from 1.73 EH/s to 1.91 EH/s during the month of March. The miner is even now at 3.6 EH/s with 1.9 EH/s waiting to be installed. The goal is to reach 5.5 PE/s. The miner currently holds 0 bitcoin.
Let’s finish by pointing out that Intel has just stopped ASIC production. The semiconductor giant wants to refocus its business on foundry rather than ASIC design. This is bad for the decentralization of Bitcoin which is now almost 50% concentrated in the United States…
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