The Bitcoin mining industry is outpacing the gains of bitcoin itself

The Bitcoin mining industry has suffered from a bear market lasting over a year. Miners lost the vast majority of their market capitalization, resulting in companies seeking alternative sources of income, such as taking subsidies to modulate municipal power grids, monetizing flared gas or wholesaling stranded energy contracts.

Nevertheless, this year’s 64% rally in bitcoin has certainly boosted mining stocks. The bull is back.

• Riot is up 130% and now enjoys 11 Buy ratings by Wall Street analysts.
• Marathon and Iris Energy have both more than doubled year-to-date and enjoy seven Buy ratings each.
• Similarly, Hive, Hut 8, BitFarms and Argo have more than doubled.

In addition, there are many privately owned bitcoin mining companies such as Bitmain, Foundry, Binance Mining, Cormint, Genesis, BitFury, Crusoe, Gryphon, MintGreen, Compass, NiceHash, Compute North and hundreds of others.

A rising tide has lifted all boats. With a gust of wind finally in the sails, what are some of the big names in the Bitcoin mining industry up to?

Some newsworthy events in the Bitcoin mining industry

Riot Blockchain increased the amount of bitcoin in the coffers by 353% in the last year. It also aimed to add more than 115,000 Antminer ASICs to operations by January 2023.

Like many Bitcoin mining companies, Marathon Digital Holdings did business with Silvergate Bank. It recently repaid a term loan and suspended its lending facilities with Silvergate. Marathon so these moves freed up the 3,132 bitcoin it had put up as collateral.

The law firm Faruqi & Faruqi is investigating potential claims against Marathon due to investor losses from trading shares or share options. Embarrassingly, Marathon posted a $682 million loss from fiscal 2022 due to the bear market and high energy costs.

Compass Mining fight with Bitmain over the design of Bitmain’s new S19 mining machines. Design errors can cause the machines to overheat and damage sensitive electronic parts. Its mining department warned followers interested in mining to avoid the new designs of Bitmain’s mining rigs.

Read more: Bitcoin mining protocol Stratum V2 opens for testing

HIVE Blockchain Technologies also had negative earnings in the last quarter. It admitted losses related to Ethereum’s switch to Proof-of-Stake, and obsoleted the Ethereum mining rigs. Recently, it reported 250 bitcoin mined in February 2023, averaging 2.75 exahashes per second in mining power throughout the month. HIVE also reported receiving a shipment of 5,600 BuzzMiners, which it is installing in its data centers.

BitFarms struggled through a loss in the fourth quarter of 2022 due to the bear market, rising energy costs and the struggle with Bitcoin’s mining difficulties. It says it is considering a potential acquisition. However, BitFarms also said it aims to leverage its Argentina-based operations to achieve six exahashes per second in mining power this year after missing the hashrate targets set last year.

Cipher Mining Technologies reported $3 million in revenue in 2022. However, it also posted a loss of $37.4 million. It recently promoted two employees to co-president and CEO.

Nuclear science has been under bankruptcy proceedings. The judge in its bankruptcy case recently ordered it to transfer $20 million in equipment to an energy supplier. The judge also approved a $70 million loan to help it continue operations throughout the trial. The company reported production of 1,360 bitcoin in February 2023, down 10.8% month-over-month.

Argo Blockchain said deposits at Signature Bank are safe and denied any exposure to the now bankrupt Silvergate and Silicon Valley banks. Argo reported a 7% month-on-month increase in bitcoin production from February 2023.

Bit Digital hired Sam Tabar as its new CEO and announced changes to its executive management, advisory board and strategic priorities in 2023. It sold its remaining shares in Crypto Flow.

Founded in 1937, Greenidge Generation Holdings is a legacy power generation company that recently started mining bitcoin. It produces hashrate exceeding 2.4 exahashes per second and recently restructured $11 million in debt to give itself more time to pay back. It planned to raise $1 million in a stock sale to help pay down its debt. It also plans to sell unused property near the South Carolina mining facility.

For more informed news, follow us further Twitter, Instagramand Google News or subscribe to our YouTube channel.