Bitcoin miners Marathon Digital and Riot Platforms have both significantly increased their hash rates year over year, showcasing the growth and development in the cryptocurrency mining industry. Marathon reported a 102% yearly increase in their hash rate, reaching 26.3 exahashes per second in June. This rise was attributed to operational improvements at their Ellendale facility and becoming fully operational in July. Additionally, Marathon produced 590 BTC in June and increased their Bitcoin holdings to 18,536 BTC.
On the other hand, Riot Platforms achieved a 106% increase in their hash rate, reaching 22.0 EH/s in June. This growth was fueled by adding capacity to their Corsicana facility and utilizing the available capacity at their Rockdale facility. Riot also saw an increase in Bitcoin production, generating 255 BTC in June and holding 9,334 BTC.
Other firms in the industry have also seen significant hash rate growth. CleanSpark 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. Cipher Mining and Bitdeer have also reported hash rate increases, showcasing the overall trend of growth in the sector.
It is evident that the cryptocurrency mining industry is experiencing rapid expansion and development, with key players like Marathon and Riot leading the way in increasing hash rates and Bitcoin production. As the industry continues to evolve, it will be interesting to see how these companies adapt to the changing landscape and maintain their competitive edge in the market.