Network hashrate remains stagnant around 200 EH/s, but that isn’t stopping miners from plowing ahead with additional deployments, ASIC purchases and infrastructure builds.
Here’s a quick look at the top highlights from July’s public miner financials.
Bitfarms mines 500 Bitcoin
Bitfarms (BITF) mined 500 BTC in July 2022, an increase of 19% from June 2022.
The firm achieved a daily average mining rate of 16.1 BTC, equivalent to $384,279 per day or $12 million per month. Bitfarm’s Hashrate Under Management (HUM) also increased 6%, from 3.6 EH/s in June to 3.8 EH/s.
Over July, the firm sold 1,623 BTC and utilized a portion of the proceeds from the sale to reduce the outstanding balance of its BTC-backed loan facility by $15 million. The loan’s balance now stands at $23 million. Bitfarms currently has 2,021 BTC in custody.
Bitfarms is currently seeking 6 EH/s under management by the end of the year. In July, it increased the current total power capacity from all its facilities 21% from 137 megawatts (MW) to 166 MW. Bitfarm’s Bunker facility added 18 MW, followed by 8 MW at its Ledger facility and 3 MW at its Washington state facility.
Iris Energy adds 1.7 EH/s order
Only one month after revising their 2022 HUM goal, Iris Energy (IREN) have reached an agreement with Bitmain for a further 1.7 EH/s worth of S19j Pro miners.
This revised plan will see them reach a growth target similar to those of Argo Blockchain (ARBK), Bitfarms (BITF), Hive Blockchain (HIVE) and Hut 8 Mining (HUT).
The firm has $83.3 million in credit with Bitmain from past orders, according to the investor note. Iris remains in discussion with Bitmain on fulfillment of outstanding orders outside of the 6.0 EH/s forecast.
The firm initially signed pre-orders with Bitmain for up to 150,000 S19s for some $533 million, per The Block. Fulfillment of portions of this order remain in negotiation.
Marathon Digital extends $100 million loan
Marathon Digital has refinanced its $100 million revolving line of credit with Silvergate Bank, in addition to opening up a second line of credit with the crypto-friendly bank.
The line of credit comes after Marathon Digital inked deals with multiple hosting providers to reach its hashrate goals. The firm signed a 200 MW deal with Applied Blockchain, among others, to reach a total hosting capacity of 254 MW, by the end of Q2 2023.
Hugh Gallagher, Marathon’s CFO, said “with these facilities in place, we have achieved our goals of adding both capacity and optionality in financing our future operations growth.”