These five North American firms mined 58% more bitcoin in July thanks to China

Aug 11, 2021 | The Block News | 0 comments


Five publicly listed North American bitcoin mining firms have churned out a total of 1,802 bitcoin in July – on average 58% more than what they did in June.

Marathon Digital, Riot Blockchain, Argo Blockchain, Bitfarm and Hut8 have all been through a significantly productive month in July even though they did not materially increase their hashing power, according to each miner’s July production updates released until Tuesday.

That was largely due to the fact that the bitcoin network witnessed the biggest bitcoin mining difficulty drop ever last month after China issued shutdown orders to local bitcoin mining operations in June. As a result, the market shares of both non-Chinese bitcoin mining pools and mining operations outside China have increased significantly.

Although it’s expected that every bitcoin mining operation outside China that was not disrupted would enjoy a bigger share of bitcoin mining’s daily cake, the updates from the five publicly-listed firms offer a look into how much exactly they have benefitted from the shutdown of their Chinese rivals.

The table below breaks down their monthly mined bitcoin based on financial disclosures and their month-over-month growth.

Bitcoin Miner July June MoM growth
Riot 444 243 82%
Marathon 442 265.6 66.42%
Bitfarm 391 265 47.55%
Hut8 300 195 53.85%
Argo 225 167 34.73%
Total 1,802 1,135.6 58.68%

Nasdaq-listed Marathon and Riot Blockchain have recorded a growth of over 50% among the five even though they barely expanded their mining fleet in July compared to the operations in June.

As of July 30, Marathon had about 19,000 units of the newest generation of bitcoin ASIC miners – the same with what it had as of June 30. Riot also said that due to its infrastructure upgrade, the installation of its recently received hardware has extended into August.

“Due predominantly to favorable changes in the global hash rate, July proved to be an immensely productive month for our mining operations,” Marathon’s CEO Fred Thiel said in a statement. 

In a similar note, Peter Wall, CEO of London-listed Argo, attributed the July growth to his firm being “able to capitalize on the reduction in global hash rate and mining difficulty.” Argo’s mining fleet is based in its facilities in Canada and it’s applying to be listed on Nasdaq as well.

Canada-listed Bitfarm, on the other hand, noted that the recent macroeconomic events in China have positioned itself to “accumulate more bitcoin on its balance sheet than previously anticipated.” 

But not every U.S.-listed bitcoin mining firm has made the most out of China’s policy change.

BIT Mining, BIT Digital and The9 City, which previously had mining operations inside China, have been materially affected and are on track of shipping out the machines to regions like Kazahkstan, Russia, and the U.S.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

News Source from

Related Articles

These 3 NFT Projects Collectively Captured Over $10 Billion in Sales

These 3 NFT Projects Collectively Captured Over $10 Billion in Sales

Non-fungible token (NFT) assets have taken the world by storm in 2021 and three current projects in the NFT universe have seen sales stretch into the billions. Statistics show that the NFT marketplace Opensea, the blockchain NFT game Axie Infinity, and the digital...

FTX will begin to move key operations to Bahamas as part of HQ shift

FTX will begin to move key operations to Bahamas as part of HQ shift

FTX is moving some key operations from its long-standing headquarters in Hong Kong to the Bahamas.  FTX Ltd. CEO and founder Sam Bankman-Fried tweeted today that the firm is in the process of moving its headquarters to the Bahamas from Hong Kong. The exchange's...

Pin It on Pinterest

Share This