Bitcoin mining production roundup: April

Quick Take

  • Some of the major crypto miners put out a monthly report detailing the total number of bitcoin mined and hash rate increase, among other data.
  • Here are some highlights from April.

In this new monthly roundup, The Block collected information on the production, growth efforts and other activities of some of the world's publicly traded bitcoin miners.

Hive

The company produced 268.8 bitcoin in April and grew its hash rate by 8%, from 2.0 EH/s of bitcoin mining at the beginning of the month to 2.15 EH/s by the end of the month.

It also produced 2,537 ETH, with that dedicated hash rate growing from 6.1 to 6.26 terahash per second (TH/s) during April.

Hive is keeping in line with its HODL strategy as of May, owning 2,832 BTCand 15,914 ETH.

Hive said that it “continued its strong momentum in hashing power expansion” and was able to grow its hash rate through “ongoing optimizations and electrical upgrades.”

Hut 8

In April, Hut 8 produced 309 BTC — 15% of which was derived from Ethereum mining, for which gets paid in bitcoin.

“As unseasonable weather drove increased power demand from residents and businesses, we reduced our consumption to ensure a steady supply on the grid,” the company said in a statement, adding that it also limited consumption at its Drumheller facility due to an electricity price spike.

As of April 30, the firm held a total of 6,769 BTC as part of its strategy.

Hut 8 announced in April that by the end of the month it would no longer host miners and become a fully self-mining company.

Core Scientific

In April, Core Scientific mined 1,121 BTC. By the end of the month, the company held around 9,618 BTC and had approximately 85,000 miners in operation for self-mining, representing a hash rate of about 8.9 EH/s.

Additionally, Core Scientific operated 8.1 EH/s for hosting customers.

"We expanded both our self-mining and hosting businesses in the month of April,” Core Scientific said CEO, Mike Levitt

Argo

Argo mined 166 BTC in April, generating a revenue of $6.8 million, with a mining margin of 75%.

By the end of the month, the company held 2,447 BTC as well as other digital assets worth the equivalent of 235 BTC.

Last month, Argo also announced the promotion of Justin Nolan to Chief Growth Officer.

CleanSpark

During April, CleanSpark mined 313 BTC and converted a total of 285 BTC to fund its own growth and operation. As of April 30, it held 448 BTC.

CleanSpark’s total hash rate is 2.4 EH/s, backed by a fleet of 24,000 “latest-generation” bitcoin miners.

The company brought in approximately $11.9 million from the sale of bitcoin in April, most of which was invested into its Norcross facility.

Bitfarms

After surpassing 3 EH/s in early April, the company reached 3.3 EH/s by the end of the month, due to the start of operations at Leger, its ninth facility, located in Québec, Canada. This represents a 22% increase from 2.7 EH/s at the end of March.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

“We continue to be on track to complete the build-out of Leger in May, as well as the second phase of construction at The Bunker in June,” said Bitfarms CEO Emiliano Grodzki.

In total, Bitfarmed mined 405 BTC last month. As of April 30, it held 5,646 BTC, valued at around $217 million, per the company’s announcement.

The company also debuted a revamped miner management system that has been in the works for nine months, improving its capacity to manage and track miners.

Marathon

Marathon saw a dip of 30% in bitcoin production in April compared to the previous month, due to "maintenance issues" that caused their facility in Montana to operate below normal levels.

Overall, the company said it's still on track to meet its previously announced goal of reaching 23.3 exahash per second (Hh/s) in early 2023.

In April, 4,183 miners were installed — representing 0.4 EH/s — at a facility in Texas run by Marathon's partner Compute North. They were supposed to be powered starting April 17, which would have brought the hash rate up by 11% but that was delayed until May due to a requirement from the energy provider.

On its Q1 earnings call Wednesday, Marathon also announced a net loss of $13 million, despite hitting a “record” level of bitcoin production.

Iris Energy

Iris Energy mined a total of 137 BTC in April, a 13% increase over the previous month.

The Australia-based company increased its average operating hash rate to 1.038 EH/s. Monthly operating revenue also went up by 6% to $5.4 million.

It commission 0.3 EH/s ahead of schedule at its facility in Mackenzie, Canada, with the goal of reaching 1.5 EH/s (the equivalent of 50 megawatts) in an initial phase.

The company also broke ground in a new facility in Texas in April.

Northern Data

In April, Northern Data mined 324 BTC (a 13% month-over-month increase) and 4,583 ETH, a decrease of 9% justified by “​​planned maintenance for inventory.” 

As of Thursday, the company owned close to 1,390 ETH and 39,800 ETH, with a value of approximately €153 million.

By the end of April, the company had a fleet of 44,900 miners and a hash rate of 4.07 EH/s. It plans to reach a total of 100,000 miners, equating to 9.3 EH/s, by the end of the year.

Gem Mining

GEM Mining produced 244.8 BTC during April, a 3.2% decrease from the previous month.

However, the company increased its hash rate from 1.85 EH/s in March to 1.88 EH/s in April. By the end of the month, it had a total of 19,175 miners.

The company also reported $10.15 million in revenue in April, a decrease of 4.3% compared to March.

GEM Mining’s CEO, John Warren, said April’s results were the second-best in the company’s history.

“We will continue to build on this success as we bring our additional 13,000 fully funded and hosted machines online by the end of 2022,” he said. 

This report has been updated with additional information.


© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended