Nobody can accurately predict the future price of Bitcoin. What can be calculated – with an understanding of current performance and mining difficulty – is the expected issuance of Bitcoin over a given period.

The table below highlights the monthly mining update for the four medium sized Bitcoin miners – Bitfarms (BITF), Cleanspark (CLSK), Hive Blockchain (HIVE) and Hut 8 (HUT) – defined as miners with an equivalent hashrate of between two and four EH/s.

The table below highlights the year to date production for each of the above miners.

Read: Understanding public miner performance

Let’s consider the May updates in more detail.


May was another great month for Bitfarms, which increased its hashrate 100 PH/s to 3.4 EH/s. It produced 431 Bitcoin, equating to 13.9 Bitcoin mined per day. Equivalent to $431,000 per day or approximately $13.3 million for the month, assuming a Bitcoin price of $31,000. As at May 31, Bitfarms currently holds 6,075 Bitcoin representing a total value of $188 million.

Bitfarms completed the build out of their “Leger” facility with 7,400 miners generating 740 PH/s, making it their single largest site. The second phase of construction at “The Bunker” is continuing and is due to increase the site’s capacity to 36 megawatts (MW) when completed. With more miner deliveries due, Bitfarms is on track to achieve 4.0 EH/s by the end of Q2, and a total 6.0 EH/s by the end of the year.


Cleanspark produced 312 Bitcoin in May, and increased their hashrate by 100 PH. Having now deployed over 25,000 latest generation miners and achieved 2.5 EH/s, the firm’s daily production reached a high of 10.69 Bitcoin per day.

The Utah-based firm has produced 1,523 Bitcoin year-to-date, but unlike many of the listed North American miners, have used the strategy of selling Bitcoin to fund their operational and capital growth. As at May 31, they held 550 Bitcoin equating to approximately $17.5 million. Cleanspark sold 210 Bitcoin in May for proceeds of $6.9 million.

Hive Blockchain

Hive has been one of the best Bitcoin miner performers over the last 12 months in terms of production by EH/s. In May, they produced 273.4 Bitcoin and 2,694 Ethereum. They also increased their Bitcoin hash rate to 2.18 EH/s in addition to the 6.26 Terahash of Etherum mining capacity.

The Canada-based firm’s total Bitcoin equivalent production in May 2022 was 459.2 Bitcoin at a rate of 14.8 Bitcoin produced per day at an average of 3.4 EH/s, as of May 31.

“HIVE continued its strong momentum in expanding our hashrate,” Executive Chairman of HIVE Frank Holmes said in a statement. “Notably our Bitcoin mining hashrate grew by 8% this month, through installations and electrical upgrades.”

Hive currently has 3,186 Bitcoin and approximately 9,000 Ethereum coins, as at June 5, 2022, with a total hodl value of $122 million.  Hive have used their Ethereum mining over the past 12 months to help fund their operational and capital requirements. The firm is still on plan to be at 6.2 EH/s Bitcoin equivalent hashrate in one year, based on contracted monthly deliveries of ASIC and GPU hardware.

Hut 8 Mining Corp

Hut 8 mined 309 Bitcoin with an installed capacity of 2.64 EH/s, and an average production rate of 10 Bitcoin per day over the month of May.  Of this production, 14% of the Bitcoin is achieved through Ethereum mining, for which they receive payment in Bitcoin, at a production cost approximately $3,654 per Bitcoin.

Hut 8 have amassed a large 100% self mined hodl of 7,078 Bitcoin, with a value of approximately $348 million. All Bitcoin is deposited into custody, consistent with Hut 8’s long standing strategy.

Hut 8’s third mine in North Bay, Ontario began operating on 15 MW of power on June 2, adding approximately 400 PH/s to Hut 8’s operating capacity, and bringing them closer to their 6.0 EH/s total by end of year. They will continue to add miners and increase the power throughout June. Anticipate that the North Bay mine will have a measurable impact on the firm’s production results going forward.

Closing thoughts

Medium size-listed firms continue to show high efficiencies, perhaps as a result of beneficial economies of scale. Each operator performed at over 90% efficiency, resulting in higher mining margins. Efficiency as a value is perhaps put best by Ben Gagnon, Bitfarms Chief Mining Officer, who recently spoke at the AIM Summit in London:

“Judge miners on what they do each month, and not solely on the future hash rate growth strategies you see being published.”

Disclaimer: This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any investment or to adopt any investment strategy. This information is for educational purposes only and is as of the date of that particular presentation. Compass does not guarantee profits from mining activity. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a mining product, service or strategy. Changes in the rates of exchange of cryptocurrencies, hashrate, difficulty, network transaction fees, hosting and other fees may cause the efficiency and returns of mining to diminish or increase. Individuals are responsible for their own decisions regarding cryptocurrency mining, including all financial and operational risks.