Bit Digital and Iris Energy recently released their June Bitcoin mining results, showcasing a rise in hash rate compared to the previous year but a decline in BTC output since April. Bit Digital reported a hash rate of 2.57 exahashes per second (EH/s) in June, up from 2.54 EH/s in May and 1.78 EH/s in June 2023. Despite the increase in hash rate, the firm produced 61.7 BTC in June, a 2.5% decrease from May.
Iris Energy, on the other hand, mined 233 BTC in June, which was a slight improvement from the 230 BTC mined in May. However, this output was lower than the 358 BTC mined in April. The firm reported $15,490 in mining revenue for June, up from $15,079 in May, showcasing a consistent performance in terms of revenue generation.
Argo Blockchain also shared their mining results, revealing that they mined 44 BTC in June, a slight decrease from the 45 BTC mined in May and a significant drop from the 99 BTC mined in April. Despite the decline in output, the firm was able to generate $2.9 million in mining revenue for the month.
It is worth noting that many mining companies have reported an increase in hash rate over the past year, with Marathon Digital and Riot Platforms doubling their hash rate year-over-year. However, most of these firms have also experienced a reduction in Bitcoin output compared to April. This decline in output can be attributed to the halving of Bitcoin, which reduced block rewards for miners.
Overall, the latest mining results from Bit Digital, Iris Energy, and Argo Blockchain highlight the ongoing challenges and opportunities in the Bitcoin mining industry. Despite fluctuations in output and revenue, these firms continue to adapt to the changing landscape of cryptocurrency mining and strive to maintain profitability in a competitive market.