Bitcoin miners Marathon, Riot double hash rate YoY Bitcoin miners Marathon, Riot double hash rate YoY
Other firms also reported various levels of hash rate growth.
2 min read
Updated: Jul. 4, 2024 at 12:50 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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.
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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Author 
Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Marathon Digital
Marathon Digital Holdings is a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets.
Riot Platforms
Riot Platforms is a bitcoin mining company, supporting the Bitcoin blockchain through rapidly expanding industrial-scale mining focused in the United States.
Bitdeer
Bitdeer is a provider of digital mining services for popular PoW cryptocurrencies.
Cipher Mining
Cipher Mining is an industrial-scale Bitcoin mining company dedicated to expanding and strengthening the Bitcoin networkโs critical infrastructure in the United States.
Bitfarms
Bitfarms (NASDAQ/TSX: BITF) is a Canadian Bitcoin mining company that was founded in 2017.
CleanSpark
CleanSpark (NASDAQ: CLSK) is a sustainable bitcoin mining and energy technology company that is incorporated in Nevada.