Bit Digital, Iris Energy report declining Bitcoin output, rise in hash rate YoY

Bit Digital, Iris Energy report declining Bitcoin output, rise in hash rate YoY Mike Dalton · 5 hours ago · 1 min read

Iris mined more BTC in June than May, but output for both firms is down post-halving.

1 min read

Updated: Jul. 5, 2024 at 9:16 pm UTC

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Bit Digital and Iris Energy reported June Bitcoin (BTC) mining results on July 5, posting one-year hash rate increases alongside reduced BTC output since April.

Bit Digital reported a hash rate of 2.57 exahashes per second (EH/s) as of June 30, up from 2.54 EH/s in May and 1.78 EH/s in June 2023.

The firm produced 61.7 BTC in June, down 2.5% from May. In earlier reports, the company said it produced 63.3 BTC in May and 119.3 BTC in April.

The company also reported results of its other revenue streams, including aggregate staking rewards of approximately 49.8 ETH and 3.5% blended APY on Ethereum staking. Additionally, the firm brought in $4.1 million from its Bit Digital AI contract.

Iris Energy, Argo Blockchain results

Iris Energy mined 233 BTC in June, up from 230 BTC in May but down from 358 BTC in April. It reported $15,490 in June mining revenue, up from $15,079 in May.

The firm reported an average operating hash rate of 9,316 petahashes per second (PH/s) in June, down from 9,414 PH/s in May. It attributed the reduction to participating in the Four Coincident Peak (4CP) savings program, power sales, Emergency Response Service (ERS) response, and equipment commissioning-related activities.

However, its hash rate is up significantly year-over-year from from 5,587 PH/s in June 2023.

Meanwhile, Argo Blockchain mined 44 BTC during June, compared to 45 BTC in May and 99 BTC in April. The firm’s mining revenue for the month stood at $2.9 million.

The latest results follow reports from other mining companies, many of which have described hash rate increases over various periods. Marathon Digital and Riot Platforms, among the largest mining firms by stock market cap, doubled their hash rate year-over-year.

Many firms also reported reduced Bitcoin output compared to April. June marked the second full month of mining operations following Bitcoin’s halving, which reduced block rewards for miners.

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