August 2023 Mining Updates: Marathon, Core Scientific, CleanSpark, Iris & More
August was another month of extreme weather for Bitcoin miners, resulting in numerous curtailment incidents that affected their overall performance.
Here are some of the available August updates provided by publicly listed miners in no particular order.
Marathon Digital
- Produced 1,072 BTC in August 2023 and 7,368 BTC Year-To-Date.
- Secured Miners for 5 EH/s Additional Hash Rate.
- Combined Unrestricted Cash and Bitcoin Was $445 Million as of August 31, 2023.
Core Scientific
- “High temperatures in August provided us with the opportunity to support our grid partners by reducing our power consumption and contributing more than 32,000 megawatt hours to help their customers.”
CleanSpark
- "The Company sold 43 bitcoins in August 2023 at an average of approximately $28,200 per BTC. Sales of BTC equated to proceeds of approximately $1.2 million. August daily BTC mined averaged 21.26 and reached a high of 22.11."
Iris Energy
Bitdeer Technologies
Bitfarms
- 5.6 EH/s online as of August 31, 2023, up 43.5% from August 31, 2022 and up 5.7% from July 31, 2023.
- 5.1 EH/s average online, up 3.3% from July 2023.
- 74.6 BTC/average EH/s, down 2.0% from 76.1 in July 2023.
- 383 BTC mined, up 1.3% from July 2023 and down 28.3% from August 2022.
Cipher Mining
- "“We saw temperatures and power demand in Texas continue to break records, resulting in the most significant monthly curtailment of the year from our power provider at Odessa."
- “On the corporate side, we also bolstered our treasury management platform this month by adding a $10mm term credit facility with Coinbase. This facility will be available for us to draw on as an additional tool in the future.”
Riot Platforms
- "Riot achieved a new monthly record for Power and Demand Response Credits, totaling $31.7 million in August, which surpassed the total amount of all Credits received in 2022."
- "Based on the average Bitcoin price in August, Power and Demand Response credits received equated to approximately 1,136 Bitcoin."
TeraWulf
- Self-mined 330 bitcoin in August with an average production rate of 11 bitcoin per day.
- Power cost averaged $10.3k per bitcoin produced, or approximately $0.036/kWh in August.
- Qualified for 10-minute spinning reserve ancillary service program at the Lake Mariner facility.
Hive Digital
- HIVE produced 274 Bitcoin in the month of August, from ASIC and GPU mining operations, representing an average of 74.7 Bitcoin Per Exahash, with an average hashrate of 3.67 EH/s for the month of August 2023;
- HIVE produced an average of 8.8 BTC per day in August 2023;
- HIVE ended the month with 3.69 EH/s of mining capacity, including ASIC and GPU BTC hashrate.
Stronghold Digital
- "Stronghold mined 219 Bitcoin in August and generated approximately $0.5 million in energy revenue, which represents the equivalent of approximately 16 additional Bitcoin based on the average price of Bitcoin during the month."
- In late August, Stronghold achieved hash rate capacity of 4 EH/s.
Bit Digital
- In August 2023, the Company produced 139.9 BTC, a 5% increase compared to the prior month. The increase was primarily driven by a higher average active hash rate, partially offset by an increase in network difficulty.
- The Company's active hash rate was approximately 2.03 EH/s as of August 31, 2023.
- Treasury holdings of BTC and ETH were 758.5 and 13,002.1 with a fair market value of approximately $19.7 million and $21.4 million, respectively, on August 31, 2023.
- The BTC equivalent[1] of our digital asset holdings as of August 31, 2023, was approximately 1,747.0 or approximately $45.3 million.
- The Company had cash and cash equivalents of $24.9 million as of August 31, 2023.
Argo Blockchain
- Argo Blockchain mined 105 bitcoin or bitcoin equivalents or 3.4 BTC per day, a 19.05% drop from 4.2 BTC per day mined in the previous month.
- Mining revenue in August amounted to $2.93 million vs $3.87 million in July.
- Decrease in BTC mined driven primarily by economic curtailment at Helios, which generated significant power credits that the Company expects will more than offset the foregone revenue from the curtailment.
- As of 31 August, company held 49 BTC.
Hut 8
- 103 Bitcoin were generated, resulting in an average production rate of approximately 3.3 Bitcoin per day.
- No bitcoin were sold during the month.
- Total balance of bitcoin in reserve was 9,255 on August 31 – 7,158 of which was unencumbered.
- Installed ASIC hashrate capacity at our Alberta facilities was 2.6 EH/s at the end of the month.
- Hut 8 produced 39.6 BTC/EH in August.
Sphere 3D
- 58.3 BTC mined in August, down 2.5% from July and up 359% YoY.
- Month-end operating hash rate was 1.3 EH/s, up 18% from July and 13x YoY.
- Operations achieved 74.1 BTC/EH efficiency.
- "Uptime was 66%, down from July due to a significant increase in curtailments over the month as a result of record high temperatures at our hosting partner sites."
DMG Blockchain
- DMG mined 46.7 bitcoin with 0.63 EH/s realized hashrate.
- DMG’s bitcoin balance as of August 31, 2023 was 477 bitcoin.
- DMG’s realized hashrate was well below its installed nameplate hashrate due mainly to ongoing heat issues.
SATO Technologies
Bit Origin
- "As of August 31, 2023, the total mining hash rate stands at 403 PH/s with 4,250 miners installed in the Indiana facility, representing all miners the Company has purchased."
- "The Company mined 23.5 Bitcoins and achieved a revenue of US$655,647 in August 2023."
