Riot Platforms produced 370 BTC in July, 115 more than the previous month.
Hut8 also reported mining results, acquiring 105 BTC.
Despite
Bitcoin's (BTC) mixed summer performance, one of Wall
Street's largest cryptocurrency miners managed to increase production. Riot
Platforms (NASDAQ: RIOT) reported in its latest report a 45% increase in mining
to 370 BTC in July.
Wall Street Bitcoin Miner
Riot Increases Production
According
to Riot's report published
this week, BTC mining in July reached 370 tokens, growing significantly
from the 255 reported in June when Bitcoin prices were falling sharply.
Although this is 10% less than in July 2023 (410 BTC), considering the average
prices from these two periods, Riot would earn much more from the smaller
number of Bitcoins mined last month.
The average
number of BTC produced daily reached nearly 12 BTC, which at the average
cryptocurrency value from June gives about $750,000 in daily revenue. Riot also
reported that the operating hash rate in July increased by 37% to 15.5 EH/s
compared to 11.4 EH/s reported in June and by 188% compared to 5.4 EH/s from
July 2023.
"July
was a major step forward for Riot, as we increased our Bitcoin production 45%
over June and completed a new acquisition, expanding our operations into a new
market," said Jason Les, CEO of Riot. "From this acquisition, Riot
immediately added 1 EH of self-mining capacity and will begin to add additional
hash rate based on already available capacity at the newly acquired Kentucky
facilities."
The
acquisition Les refers to is the $92.5 million purchase of Kentucky-based Block
Mining. The transaction, which closed on July 23, involves an $18.5 million
cash payment and $74 million in Riot common stock.
Currently,
the company holds 9,704 BTC in its reserves, which is 33% more than in July
2023. By the end of the month, they were valued at over $630 million.
Hut8 Also Reports New BTC
Production Results
Another
publicly traded Wall Street miner that reported its mining results for July was
Hut8 (NASDAQ: HUT). Last month, it
mined 105 BTC, two less than the previous month, using a power of 5.5 EH/s.
The company
may soon receive a substantial cash injection, as one of its competitors,
Marathon Digital, is to pay Hut8 Chief Strategy Officer, Michael Ho, $138
million in connection with a contract breach.
The lawsuit
alleged that Ho developed a growth strategy for Marathon, including plans for a
large-scale Bitcoin mining facility in North America. Marathon was accused of
implementing this strategy without compensating Ho for the proprietary
information he provided.
Meanwhile,
Argo Blockchain, another publicly traded cryptocurrency miner, reported its
mining results. The result of 48 BTC turned out to be slightly better than the
44 mined in June 2023. However, this is significantly less than the 129 tokens
acquired in the same period last year.
Despite
Bitcoin's (BTC) mixed summer performance, one of Wall
Street's largest cryptocurrency miners managed to increase production. Riot
Platforms (NASDAQ: RIOT) reported in its latest report a 45% increase in mining
to 370 BTC in July.
Wall Street Bitcoin Miner
Riot Increases Production
According
to Riot's report published
this week, BTC mining in July reached 370 tokens, growing significantly
from the 255 reported in June when Bitcoin prices were falling sharply.
Although this is 10% less than in July 2023 (410 BTC), considering the average
prices from these two periods, Riot would earn much more from the smaller
number of Bitcoins mined last month.
The average
number of BTC produced daily reached nearly 12 BTC, which at the average
cryptocurrency value from June gives about $750,000 in daily revenue. Riot also
reported that the operating hash rate in July increased by 37% to 15.5 EH/s
compared to 11.4 EH/s reported in June and by 188% compared to 5.4 EH/s from
July 2023.
"July
was a major step forward for Riot, as we increased our Bitcoin production 45%
over June and completed a new acquisition, expanding our operations into a new
market," said Jason Les, CEO of Riot. "From this acquisition, Riot
immediately added 1 EH of self-mining capacity and will begin to add additional
hash rate based on already available capacity at the newly acquired Kentucky
facilities."
The
acquisition Les refers to is the $92.5 million purchase of Kentucky-based Block
Mining. The transaction, which closed on July 23, involves an $18.5 million
cash payment and $74 million in Riot common stock.
Currently,
the company holds 9,704 BTC in its reserves, which is 33% more than in July
2023. By the end of the month, they were valued at over $630 million.
Hut8 Also Reports New BTC
Production Results
Another
publicly traded Wall Street miner that reported its mining results for July was
Hut8 (NASDAQ: HUT). Last month, it
mined 105 BTC, two less than the previous month, using a power of 5.5 EH/s.
The company
may soon receive a substantial cash injection, as one of its competitors,
Marathon Digital, is to pay Hut8 Chief Strategy Officer, Michael Ho, $138
million in connection with a contract breach.
The lawsuit
alleged that Ho developed a growth strategy for Marathon, including plans for a
large-scale Bitcoin mining facility in North America. Marathon was accused of
implementing this strategy without compensating Ho for the proprietary
information he provided.
Meanwhile,
Argo Blockchain, another publicly traded cryptocurrency miner, reported its
mining results. The result of 48 BTC turned out to be slightly better than the
44 mined in June 2023. However, this is significantly less than the 129 tokens
acquired in the same period last year.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Banking Giant Bets Big on EU's First Regulated Crypto Futures Platform
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage.
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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