This week, Bitfarms and CleanSpark reported their BTC production data for August.
The increasing difficulty of mining led to a production decrease of several percent.
The
increasing difficulty of mining cryptocurrencies and a further 9% drop in its
price has negatively impacted Wall Street Bitcoin (BTC) miners in August. The
publicly listed CleanSpark (NASDAQ: CLSK) and Bitfarms (NASDAQ:
BITF) have both
reported a decline in their Bitcoin production compared to the previous month.
CleanSpark and Bitfarms
Report Decreased Bitcoin Production in August 2024
CleanSpark,
which describes itself as “America's Bitcoin Miner,” and
is one of the biggest publicly listed BTC companies by market cap, mined
478 Bitcoin in August, down from 494 in July. This represents a 3.2% decrease
in monthly production. The company's average daily Bitcoin production also fell
slightly, from 15.94 in July to 15.43 in August.
Similarly,
Bitfarms experienced a more significant drop in its Bitcoin production. The
company mined 233 Bitcoin in August, compared to 253 in July, marking a 7.9%
decrease. Bitfarms attributed this decline to higher network difficulty, which
was partially offset by an increase in its operational hashrate.
Lower
mining outputs also correspond with decreased earnings. According
to Bitbo data, cryptocurrency miners earned $828 million in August, marking
the lowest earnings since September 2023. Moreover, this represents a 57% drop
from the historical highs achieved in March of this year, when earnings nearly
reached $2 billion.
Despite
the decrease in production, both companies continued to expand their operations
and improve their mining capabilities:
CleanSpark
increased its total operating hashrate by 1.4 EH/s during August, ending the
month at 22.6 EH/s.
Bitfarms
reported an operational hashrate of 11.3 EH/s at the end of August, up 102%
year-over-year and 2% month-over-month.
Battling the Adverse Trend
Both
companies are pursuing aggressive expansion strategies. CleanSpark
expects to bring 65 MW of additional data center capacity online in
September.
“As we
approach the end of our fiscal year, the team continues to work diligently to
optimize fleet efficiency and increase hashrate,” said Zach Bradford, CEO. “Our fleet upgrade is well
underway as we simultaneously prepare for 65 MW of capacity to be energized
during the month of September. These efforts are expected to result in a
meaningful increase in operating hashrate and bitcoin production as we close
out our fiscal year.”
Bitfarms,
on the other hand, has assumed control of its first mega-site in Sharon, PA,
with access to up to 120 MW. Earlier in August, the
company also acquired Stronghold.
“With this
transaction, we have finalized the acquisition of 110 MW, with 30 MW expected
to come online by the end of 2024,” commented Ben Gagnon, Chief Executive Officer of Bitfarms. “We have also signed a Letter of Intent for
an additional 10 MW site, which will increase our total site capacity to 120 MW
by 2025.”
The
decrease in Bitcoin production for both companies highlights the challenges
faced by miners as network difficulty increases and competition in the industry
intensifies. According to the latest JPMorgan report, mining
companies are still feeling April’s halving hangover.
The
increasing difficulty of mining cryptocurrencies and a further 9% drop in its
price has negatively impacted Wall Street Bitcoin (BTC) miners in August. The
publicly listed CleanSpark (NASDAQ: CLSK) and Bitfarms (NASDAQ:
BITF) have both
reported a decline in their Bitcoin production compared to the previous month.
CleanSpark and Bitfarms
Report Decreased Bitcoin Production in August 2024
CleanSpark,
which describes itself as “America's Bitcoin Miner,” and
is one of the biggest publicly listed BTC companies by market cap, mined
478 Bitcoin in August, down from 494 in July. This represents a 3.2% decrease
in monthly production. The company's average daily Bitcoin production also fell
slightly, from 15.94 in July to 15.43 in August.
Similarly,
Bitfarms experienced a more significant drop in its Bitcoin production. The
company mined 233 Bitcoin in August, compared to 253 in July, marking a 7.9%
decrease. Bitfarms attributed this decline to higher network difficulty, which
was partially offset by an increase in its operational hashrate.
Lower
mining outputs also correspond with decreased earnings. According
to Bitbo data, cryptocurrency miners earned $828 million in August, marking
the lowest earnings since September 2023. Moreover, this represents a 57% drop
from the historical highs achieved in March of this year, when earnings nearly
reached $2 billion.
Despite
the decrease in production, both companies continued to expand their operations
and improve their mining capabilities:
CleanSpark
increased its total operating hashrate by 1.4 EH/s during August, ending the
month at 22.6 EH/s.
Bitfarms
reported an operational hashrate of 11.3 EH/s at the end of August, up 102%
year-over-year and 2% month-over-month.
Battling the Adverse Trend
Both
companies are pursuing aggressive expansion strategies. CleanSpark
expects to bring 65 MW of additional data center capacity online in
September.
“As we
approach the end of our fiscal year, the team continues to work diligently to
optimize fleet efficiency and increase hashrate,” said Zach Bradford, CEO. “Our fleet upgrade is well
underway as we simultaneously prepare for 65 MW of capacity to be energized
during the month of September. These efforts are expected to result in a
meaningful increase in operating hashrate and bitcoin production as we close
out our fiscal year.”
Bitfarms,
on the other hand, has assumed control of its first mega-site in Sharon, PA,
with access to up to 120 MW. Earlier in August, the
company also acquired Stronghold.
“With this
transaction, we have finalized the acquisition of 110 MW, with 30 MW expected
to come online by the end of 2024,” commented Ben Gagnon, Chief Executive Officer of Bitfarms. “We have also signed a Letter of Intent for
an additional 10 MW site, which will increase our total site capacity to 120 MW
by 2025.”
The
decrease in Bitcoin production for both companies highlights the challenges
faced by miners as network difficulty increases and competition in the industry
intensifies. According to the latest JPMorgan report, mining
companies are still feeling April’s halving hangover.
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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👍 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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