US bitcoin miners increase activity by 58% after Chinese bans – Money Times

crypto bitcoin mining
Despite a large increase for some bitcoin miners, not all companies in the sector listed on US exchanges had the same result (Image: Unsplash/Brian Wangenheim)

Five crypto mining publicly traded US companies mined a total of 1,802 bitcoins (BTC) in July – amount 58% higher than in June.

Digital Marathon (MARA), Riot Blockchain (RIOT), Argo Blockchain (ARB.L), Bitfarms (BITF) and Hut8 (HUT.TO) had a productive month of July, even if they did not materially increase their hashe power, according to production updates from each miner released this week.

The increase in production was largely due to the fact that the bitcoin network last month witnessed the greatest difficulty to date in mining the cryptocurrency, after China issued in June suspension orders for local operations. bitcoin mining.

As a result, market shares of non-Chinese bitcoin mining pools and mining operations outside of China increased significantly.

While such an increase in crypto mining from companies outside the Asian country was expected, updates from the five aforementioned companies show how much they have, in fact, benefited from the ban on their Chinese competitors.

The table below shows the monthly amount of mined bitcoins, based on financial disclosures and monthly growth for each company:

(Image: The Block)

Marathon Digital and Riot Blockchain – both listed in Nasdaq – recorded growth of more than 50% among the five companies, despite having barely expanded their mining capacity between July and June.

As of July 30th, Marathon had about 19,000 units of the newest generation of ASIC bitcoin miners – the same amount as it had on June 30th.

Riot also stated that, due to the improvement in its infrastructure, the installation of its newly acquired hardware is scheduled to take place only this month.

“Due to largely favorable changes in the global hashe rate, July was a highly productive time for our mining operations,” he said. Fred Thiel, CEO of Marathon, in a statement.

On a similar note, Peter Wall, CEO of Argo Blockchain, attributed the July growth to “his company’s ability to capitalize on the reduction in the global rate of hashes and the difficulty of mining.”

Argo’s mining facilities are based in Canada, and the company is currently listed on the London Stock Exchange, also wants to go public on Nasdaq.

On the other hand, Canadian-listed Bitfarms noted that recent macroeconomic events in China have enabled the company to “accumulate more bitcoin on its balance sheets than it had anticipated.”

However, not all crypto miners listed on US exchanges have benefited greatly from changes in Chinese policies.

BIT Mining, Digital BIT and The9 City, which previously had mining operations in China, have been materially affected and are migrating their mining machines to regions such as Kazakhstan, Russia and U.S.

Did you like this news? Download our app to read, in just one click, this and more than 150 articles daily.