Major publicly traded Bitcoin mining companies reported decreased production in August compared to July.
Factors including increased network difficulty and power costs contributed to the decline.
Several
major publicly-traded Bitcoin (BTC) miners from Wall Street have reported
decreased production for August, highlighting ongoing challenges in the
cryptocurrency mining sector.
Wall Street Bitcoin Miners
Report Lower August Production
Argo
Blockchain (NASDAQ: ARBK) reported that it mined 38 Bitcoin in August, down
from 48 in July, due to more frequent economic curtailments and a lower hash
price. HIVE Digital Technologies (NASDAQ: HIVE) mined 112 Bitcoin, which is 4
less than the 116 Bitcoin reported the previous month.
“We remain focused on
our strategy of maintaining the lowest G&A expenses per Bitcoin mined,
maximizing cash flow return on invested capital, and achieving high revenue per
employee while minimizing share dilution,” commented Frank Holmes,
Executive Chairman of HIVE.
Meanwhile,
TeraWulf (NASDAQ: WULF) produced 184 Bitcoin at an average rate of 5.9 per day,
a decrease from the 155 reported in July. The company also noted an increase in
the energy costs for self-mined BTC to $36,346.
Marathon
Digital Holdings (NASDAQ: MARA), one of the largest publicly traded
Bitcoin miners, saw a 3% decrease in production, mining 673 Bitcoin in
August compared to 692 in July. The company's CEO, Fred Thiel, noted,
“Block wins during the month declined 2% from July while BTC production
decreased 3% to 673 BTC.”
Industry
experts attribute the production declines to several factors, including
increased network difficulty and higher power costs during the summer months.
The global Bitcoin mining difficulty reached an all-time high in August, making
it more challenging for miners to earn rewards.
This
corresponds with
data released earlier in the week by other publicly listed miners. CleanSpark
(NASDAQ: CLSK), which bills itself as “America's Bitcoin Miner,” saw
its Bitcoin production drop 3.2% from 494 in July to 478 in August. Similarly,
Bitfarms (NASDAQ: BITF) experienced a more significant 7.9% decline, mining 233
Bitcoin in August compared to 253 in July.
Less Bitcoin, Less Dollars
The
cryptocurrency mining sector faced a significant downturn in August 2024,
marking its least profitable month in recent years. Miners' earnings plummeted
to $828 million, the lowest since September 2023 and a stark 57% decline from
the peak earnings of nearly $2 billion recorded in March 2024.
Several
factors contributed to this challenging environment. The mining difficulty
reached an unprecedented 89.47 trillion in August, up from 86.87 trillion in
July. Simultaneously, the number of mined Bitcoins decreased from 14,725 in
July to 13,843 in August. This combination of increased difficulty and reduced
output has created a perfect storm for miners, squeezing profit margins and
necessitating adaptive measures.
In response
to these adverse trends, publicly listed Bitcoin mining companies are exploring
alternative revenue streams. Many are turning their attention to
high-performance computing (HPC) and artificial intelligence (AI) as potential
growth areas. Investment management firm VanEck predicts that this strategic
pivot could potentially unlock $38 billion in value for mining companies by
2027.
Several
major publicly-traded Bitcoin (BTC) miners from Wall Street have reported
decreased production for August, highlighting ongoing challenges in the
cryptocurrency mining sector.
Wall Street Bitcoin Miners
Report Lower August Production
Argo
Blockchain (NASDAQ: ARBK) reported that it mined 38 Bitcoin in August, down
from 48 in July, due to more frequent economic curtailments and a lower hash
price. HIVE Digital Technologies (NASDAQ: HIVE) mined 112 Bitcoin, which is 4
less than the 116 Bitcoin reported the previous month.
“We remain focused on
our strategy of maintaining the lowest G&A expenses per Bitcoin mined,
maximizing cash flow return on invested capital, and achieving high revenue per
employee while minimizing share dilution,” commented Frank Holmes,
Executive Chairman of HIVE.
Meanwhile,
TeraWulf (NASDAQ: WULF) produced 184 Bitcoin at an average rate of 5.9 per day,
a decrease from the 155 reported in July. The company also noted an increase in
the energy costs for self-mined BTC to $36,346.
Marathon
Digital Holdings (NASDAQ: MARA), one of the largest publicly traded
Bitcoin miners, saw a 3% decrease in production, mining 673 Bitcoin in
August compared to 692 in July. The company's CEO, Fred Thiel, noted,
“Block wins during the month declined 2% from July while BTC production
decreased 3% to 673 BTC.”
Industry
experts attribute the production declines to several factors, including
increased network difficulty and higher power costs during the summer months.
The global Bitcoin mining difficulty reached an all-time high in August, making
it more challenging for miners to earn rewards.
This
corresponds with
data released earlier in the week by other publicly listed miners. CleanSpark
(NASDAQ: CLSK), which bills itself as “America's Bitcoin Miner,” saw
its Bitcoin production drop 3.2% from 494 in July to 478 in August. Similarly,
Bitfarms (NASDAQ: BITF) experienced a more significant 7.9% decline, mining 233
Bitcoin in August compared to 253 in July.
Less Bitcoin, Less Dollars
The
cryptocurrency mining sector faced a significant downturn in August 2024,
marking its least profitable month in recent years. Miners' earnings plummeted
to $828 million, the lowest since September 2023 and a stark 57% decline from
the peak earnings of nearly $2 billion recorded in March 2024.
Several
factors contributed to this challenging environment. The mining difficulty
reached an unprecedented 89.47 trillion in August, up from 86.87 trillion in
July. Simultaneously, the number of mined Bitcoins decreased from 14,725 in
July to 13,843 in August. This combination of increased difficulty and reduced
output has created a perfect storm for miners, squeezing profit margins and
necessitating adaptive measures.
In response
to these adverse trends, publicly listed Bitcoin mining companies are exploring
alternative revenue streams. Many are turning their attention to
high-performance computing (HPC) and artificial intelligence (AI) as potential
growth areas. Investment management firm VanEck predicts that this strategic
pivot could potentially unlock $38 billion in value for mining companies by
2027.
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:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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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.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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🐦 Twitter: https://twitter.com/F_M_events
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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
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
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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
📣 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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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.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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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
📣 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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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
📣 Stay updated with the latest in finance and trading!
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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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