The month of November 2024 brought mixed results for major Wall Street Bitcoin miners as network difficulty increased by 7%, impacting mining efficiency and output across the industry. Despite the price of BTC reaching record levels, competition and costs for cryptocurrency mining also rose significantly.
CleanSpark (NASDAQ: CLSK) led the pack in November, producing 622 BTC, followed closely by Riot Platforms (NASDAQ: RIOT) with 495 BTC. Bitfarms (NASDAQ: BITF) and Cipher Mining (NASDAQ: CIFR) reported similar outputs of 204 and 202 BTC respectively, showcasing the tight competition in the mid-tier segment. TeraWulf (NASDAQ: WULF) mined 115 BTC during the month.
Zach Bradford, CEO of CleanSpark, expressed satisfaction with the progress made towards their year-end hashrate goal of 37 EH/s while improving efficiency. Argo Blockchain (LSE: ARB, NASDAQ: ARBK) reported a decline in BTC production from the previous month but saw an increase in mining revenues.
MAR Holdings (NASDAQ: MARA) reported a record-breaking month with a 26% increase in Bitcoin production to 907 BTC. This achievement was attributed to scaling operations and optimizing performance, according to Fred Thiel, CEO of MARA.
Despite a decline in production for most miners, revenues increased by 24% according to a report from JPMorgan. The combined market capitalization of the 14 largest Bitcoin miners on Wall Street also saw a significant rise, reaching $36.2 billion.
Operational developments and hash rate expansion were notable for Riot Platforms, which achieved a total deployed hash rate of 30.8 EH/s, marking a 148% increase year-over-year. Bitfarms made progress in its North American expansion, while Cipher Mining continued development at the Black Pearl data center.
Mining companies focused on fleet efficiency improvements, with TeraWulf leading with an impressive efficiency ratio. Treasury management and financial strategies varied among operators, with Riot maintaining the largest treasury position and Bitfarms committing to renewable energy.
The competitive landscape is driving miners to explore diversification opportunities, with Bitfarms noting increasing demand for immediate capacity in both HPC/AI and BTC mining. Several companies announced leadership changes and strategic initiatives to support their evolving strategies.
Overall, the Bitcoin mining industry on Wall Street is experiencing challenges and opportunities as miners navigate increased competition and costs while seeking to optimize efficiency and explore new avenues for growth.