How are the mining companies faring after the Bitcoin halving? Major mining firms have all reported meeting their mid-year computational power targets in June!

Despite the ongoing impact of the halving event on major miners, leading to a significant decrease in their profitability in recent months; however, a look at the June production reports of miners reveals that most miners have still achieved their respective mid-year hash rate goals.

Overall Mining Market

According to data from Hashrate index, in terms of hash rate alone, the mining company Marathon Digital is leading the pack, followed closely by Core Scientific, CleanSpark, and Riot Platforms, all of which have surpassed 12 EH/s in hash rate midway through the year.

It is worth mentioning that Iris Energy, previously predicted by JPMorgan, has also made the list, with its stock IREN, along with CleanSpark CLSK, Bitdeer BTDR, and HUT 8 HUT, being among the few mining companies with growing stock prices this year; IREN has seen an astonishing 111.6% increase this year.

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June Production Capacity Reports of Major Mining Companies

Marathon Digital

Firstly, Marathon Digital, as the current leader in hash rate, has reached 26.3 EH/s in hash rate, but its output has decreased by 40% compared to the same period last year.

The company's latest press release also mentioned that with the full operation of their new facilities in Australia, Marathon has mined 10% more blocks in the month compared to the same period last year:

We continue to deploy the recently acquired sites using immersion cooling technology and next-generation hardware. With these further expansions, we expect to achieve our goal of 50 EH/s in hash rate by the end of this year.

Core Scientific

Next, Core Scientific, a mining company that has successfully made a comeback this year, has reached 20.4 EH/s in hash rate. Despite not releasing any reports for June, the company has been actively expanding its business as mentioned in a Forbes article.

Previously, the news of providing GPU hosting services to the AI service provider CoreWeave by Core Scientific has driven the overall market value of 14 Bitcoin miners to grow over $4 billion in the past month, a 22% increase, showing the high interest and approval from current market investors towards Bitcoin miners expanding their businesses.

JPMorgan: Miners taking on high-performance computing projects attract mining enterprise investors' interest

CleanSpark

Additionally, CleanSpark, due to its recent acquisition of five new Bitcoin mining facilities in Georgia, the United States, had an average operational hash rate of 17.85 EH/s in June, with a peak hash rate reaching the mid-year goal of 20 EH/s.

CEO Zach Bradford emphasized in a statement that achieving a significant milestone on the road to the year-end goal of 50 EH/s, the current hash rate is more than double that of last December:

While our peers are exploring other revenue sources, we are focused on increasing our Bitcoin mining hash rate and related revenue, with results to show for it.

Riot Platforms

On the other hand, Riot Platforms, another mining company that failed to acquire Bitfarms, saw its hash rate increase from 14.7 EH/s to 22 EH/s within a month after completing the installation of new facilities in Texas, USA, and expanding the available power capacity in Georgia.

As a mining company that also exceeded its mid-year hash rate target of 21.4 EH/s, Riot CEO Jason Les referred to this June as a "historic month" in an announcement:

The commissioning of the latest generation MicroBT miners in the last few days of this month sets the stage for efficiency and productivity improvements in the coming months.

Bitfarms

After successfully resisting an acquisition attempt by one of its major competitors, Riot Platforms, mining company Bitfarms also reported in June that its Bitcoin production for the month grew by 21% compared to the previous quarter, with a hash rate of 11.4 EH/s.

Bitfarms' Head of Mining, Ben Gagnon, stated that despite a 51% decrease in production compared to the same period last year due to the Bitcoin halving, the company is still on track to reach its goal of 21 EH/s by the end of the year:

The replacement of old mining machines has significantly increased our hash rate and played a crucial role in improving the energy efficiency and mining capability of our entire investment portfolio.