These mining pubcos outgrow bitcoin in Q3
Squeezing the market share of private and smaller players
Bitcoin’s 30-day average hashrate has increased by 10% over the last quarter despite various power curtailment activities in America. According to monthly production updates in September, several public mining operations have aggressively expanded their hashrate over the summer, contributing to the rising mining difficulty.
Data analyzed by TheMinerMag below shows that Bitdeer, CleanSpark, Marathon, Cipher, Bit Digital, Bitfarms, and HIVE have notably outpaced the network since the end of June, increasing the realized hashrate from their proprietary mining business. Bitcoin’s monthly average hashrate grew by 38.19 EH/s from June to September and the seven companies alone added 13.88 EH/s.
Argo, DMG and Terawulf only moderately expanded their installed capacity, hence experiencing smaller gains in realized hashrate over the same period. Core Scientific and Iris Energy largely stayed put on their fleet capacity but Core has managed to improve its uptime to increase the realized production. Both companies announced plans recently to purchase more Antminers from Bitmain in a bid to stop their market shares from further erosion.
Riot saw a decline in realized hashrate from its bitcoin mining segment due to power curtailments in exchange for power sales and demand response credits. However, Riot realized more than 100% of its proprietary hashrate because sending the energy back to the grid generated more benefits than mining bitcoin with it.
Such an expansion spree ahead of the halving continues to squeeze the room for smaller players. The market share by bitcoin production of 14 out of 17 public mining operations actively tracked by TheMinerMag already reached 20.6% in September, higher than that in June even though Hut8, Northern Data, and Mawson have not yet put out the latest monthly updates as of writing.
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