- Marathon Digital’s hash rate grew by 142% in Q1 2024, driving a 223% revenue increase to US$165.2 million.
- Marathon Digital plans to double its hash rate to 50 EH/s by the end of 2024 through new ASIC miners and acquisitions.
- Riot Platforms and Core Scientific, despite challenges, remain key players, with Riot increasing its revenue to US$79.3 million.
Marathon Digital and its top competitors are leading the way in the Bitcoin mining industry in 2024, breaking records in North America with their massive expansions and cutting-edge technology, paving the way for the next wave of cryptocurrency revolution.
Marathon Digital Set to Dominate Bitcoin Mining Growth by 2024
Marathon Digital Holdings, a prominent Bitcoin mining company listed on NASDAQ, has experienced a significant 142% growth in hash rate during the first quarter of 2024. This substantial increase in mining power, coupled with a 28% rise in Bitcoin production to 2811 BTC, has propelled Marathon’s total revenues to $165.2 million, marking a remarkable 223% surge. The company’s ambitious goal is to become the largest and most efficient Bitcoin mining operation in North America.
Core Scientific Expands Mining Capacity
Core Scientific, a major player in the North American Bitcoin mining sector, successfully navigated a Chapter 11 restructuring in late 2022 to address financial challenges. Despite these setbacks, the company has emerged stronger and is on track to relist on NASDAQ in 2024. Core Scientific is actively engaged in self-mining operations and provides hosting services, maintaining its position in the global Bitcoin mining landscape.
Riot Platforms Continues Mining Business Expansion
Riot Platforms, listed on NASDAQ, is aggressively expanding its mining operations, with a particular focus on strengthening its presence in Texas. Although facing network issues that led to a 36% decrease in Bitcoin production in Q1 2024, the company’s total revenues have seen an upward trend due to the rising value of Bitcoin. With plans to increase self-mining hash rate capacity to 31 EH/s by the end of 2024 and further to 41 EH/s in 2025, Riot is on track to establish its Corsicana facility as one of the largest Bitcoin mining centers globally.
Cipher Mining Sustains Growth Trajectory
Joining the ranks of leading Bitcoin miners in January 2024, Cipher Mining (NASDAQ) has been steadily increasing its self-mining capacity, reaching 7.7 EH/s with a target of 9.3 EH/s by September 2024. The company remains focused on expansion to solidify its position in the competitive industry and shows no signs of slowing down its growth trajectory.
Embracing Ethical Mining Practices – Hive Digital Technologies
Hive Digital Technologies, operating Bitcoin mining facilities in Sweden, Canada, and Iceland, has been garnering attention for its ethical mining practices. As of April 2024, Hive has mined 2400 Bitcoins, with a mining rate of 5.0 EH/s. The company’s commitment to sustainability is evident through its adoption of green technologies in mining operations, aligning with the industry’s increasing focus on environmental responsibility.