While the top-class Bitcoin miners have largely suspended or delayed fleet expansion, in August a small group of competitors accelerated growth, recording the strongest profits in Bitcoin production.
This article comes from Theminermag, an industry publication of cryptocurrency mining, and focuses on the latest news and research on the institutional Bitcoin mining company.
According to their monthly updates, Hive, Bitdeer, Cipher and Canaan all reported double-digit increases in hashrates realized last month, in contrast to the more reserved stances taken by the biggest operators.
Hive has grown its hashrate realized in August by 27.9% at 16.2 EH/s, producing 247 bitcoins. Profits were driven by the energyization of the Paraguay site obtained from BitFarms, surpassing its installed capacity of 18 EH/s that month.
Hive predicted daily production of around 12 BTC after the 100 megawatt phase 3 Valenzuela site was fully rolled out, repeating it to reach 25 EH/s on US Thanksgiving.
Bitdeer has yet to disclose monthly results, but reported in a weekly update that it had mined 335 btc over the four weeks of August, implying a realized hashrate of around 22 eh/s. That figure represents nearly 25% growth since July, excluding the remaining days of the month.
Cipher Lifted achieved Hashrate from 18.4% to 15.8 EH/s, generating 236 BTC. Management said Black Pearl Phase I Sites account for nearly 40% of production and are on track to reach 10 EH/s by the end of the third quarter, expanding Cipher's fleet to around 23.5 EH/s.
Canaan, a manufacturer that also operates its own mining fleet, mined 98 BTC in August, increasing the realized hashrate by 15.7% to 6.4 EH/s. The company reported an installed capacity of 8.6 EH/s, with some equipment delivered an additional 1.46 EH/s but not yet deployed. If all rigs are online, it is expected to exceed 10 EH/s.
Growth emphasizes differences in strategy. Despite the price of Bitcoin exceeding $100,000, large miners during the last market cycle are slowing new purchases under pressure from record network hash rates, low trading fees. In contrast, second-tier companies are still expanding – partly by tapping inventory. As manufacturers, Bitdeer and Canaan are increasing their operations by leaning against their own machine stockpiles.
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