Major Bitcoin miners on Wall Street reported mixed production results for November 2024. During the same month, network difficulty increased by 7%, impacting mining efficiency and production across the industry.
Last month, the price of BTC reached record levels, approaching $100,000, but competition has also visibly increased, along with the time and cost required to mine the cryptocurrency.
CleanSpark (NASDAQ: CLSK) maintained its position as one of the industry leaders in November, producing 622 BTC, followed by Riot Platforms (NASDAQ: RIOT) with 495 BTC. BitFarms (NASDAQ: BITF) and Cipher Mining (NASDAQ: CIFR) reported similar production volumes of 204 BTC and 202 BTC, respectively, indicating strong competition in the mid-tier segment. TeraWulf (NASDAQ: WULF) rounded out the group with 115 BTC mined during the month.
Zach Bradford, CleanSpark CEO
CleanSpark CEO Zach Bradford said, “Our team is running relentlessly, increasing efficiency while moving toward our year-end hash rate goal of 37 EH/s.”
Argo Blockchain (LSE: ARB, NASDAQ: ARBK), which is listed on both the London Stock Exchange and Wall Street, also reported results, with 39 BTC mined in November, down from 46 BTC mined the previous month. did. However, mining revenue increased by $400,000 to $3.4 million.
How does it compare to October? For most of the companies mentioned, the results were even worse. Last month, TeraWulf produced 150 BTC, Riot 505, and CleanSpark 655. The observed decline in production for most miners reflects the difficult environment created by increased network difficulty.
Total hash rate (TH/s) increased in November. Source: Blockchain.com
A day earlier, MARA Holdings (NASDAQ: MARA), the largest publicly traded cryptocurrency miner, reported record Bitcoin production, with November production increasing 26% to 907 BTC.
Fred Thiel, MARA CEO, Source: LinkedIn
“November was a record month for MARA, with our mining operations achieving unprecedented levels of production. These results demonstrate that we have made significant progress in scaling our operations and optimizing performance. This highlights the fact that MARA is a leader and CEO of MARA.
Despite having fewer tokens to mine, miners made more money. Excluding the fifth straight month of production declines, revenue rose 24%, according to JPMorgan's latest report. Meanwhile, the market capitalization of Wall Street's 14 largest Bitcoin miners increased by 52% to $36.2 billion.
Operational development and hashrate expansion
The Riot platform also showed visible growth in areas other than the number of tokens mined, achieving a total deployed hash rate of 30.8 EH/s, an increase of 148% year-on-year. The company expanded to multiple locations, including facilities in Rockdale, Corsicana, and Kentucky, strengthening its market position.
Jason Les, Riot Blockchain CEO
“The stability in our production reflects the operational improvements we continue to make, as our operational hash rate increased month over month compared to a 5% increase in hash rate capacity. 13% increase,” commented Jason Les. Riot CEO. “Our work is not done yet. Our onsite team continues to deploy new miners and improve operations to further increase hashrate utilization.”
Bitfarms has also made significant progress in its North American expansion, with nearly 75% of its hashrate expected to come from North American data centers by the first half of 2025. The company's operational hashrate reached 12.8 EH/s, an increase of 100% from H1 2025. Last year.
Cipher Mining continued development at its Black Pearl data center and maintained a stable operational hash rate of 12.0 EH/s. The company's acquisition of the 100 MW Stingray site gives it more than 2.6 GW of potential power capacity across 11 sites, positioning it for future growth.
Tyler Page, Ciper Mining CEO
“By the end of the year, the Odessa upgrade will be complete and Cypher will be one of the most efficient mining rigs in the industry,” said Cypher CEO Tyler Page.
Mining companies are increasingly focused on improving fleet efficiency. TeraWulf led the pack with an excellent efficiency ratio of 19.2 J/TH, while Riot reported 22.3 J/TH. Bitfarms announced that it will upgrade approximately 19,000 T21 miners to the more efficient S21 Pro miners. This will result in an efficiency of 19 w/TH, corresponding to a 10% improvement.
Financial management and financial strategy
Bitcoin holding strategies vary greatly depending on the business. Riot held the largest treasury position at 11,425 BTC, up 55% year-on-year. Cipher Mining held 1,383 BTC, while Bitfarms reported 870 BTC to the Treasury Department after transferring 351 Bitcoin to Bitmain as part of a minor upgrade agreement.
Miners also continued to optimize power costs through various strategies. Riot reported a total electricity cost of 3.8 cents/kWh across its facilities and benefited from electricity credits totaling $1.4 million. Bitfarms maintains its commitment to renewable energy, with 256 MW of hydropower capacity supporting its operations.
Ben Gagnon, Source: Bitfarms website
The competitive environment has led miners to seek diversification opportunities. Noting the increasing demand for near-term capacity in both HPC/AI and BTC mining, BitFarms will leverage its energy portfolio of over 950MW in 2025 to capitalize on strategic opportunities in both sectors. We are poised to obtain the following.
“By changing to deploy our miners in the US, we were able to best match our miners and underlying power economics across a large portfolio of flexible MW,” said Bitfarms. CEO Ben Gagnon commented: “Demand for near-term capacity for both HPC/AI and BTC mining is rapidly increasing, and based on discussions with strategic partners, our energy portfolio will exceed 950 MW in 2025. We believe it will give us unparalleled flexibility to take advantage of strategic opportunities in both mining and AI.”
Several companies announced leadership changes and strategic initiatives. Bitfarms appoints Andrew J. Chang as an independent director, announces the resignation of Chief Infrastructure Officer, and is seeking new leadership with HPC/AI experience to support its evolving strategy.
Major Bitcoin miners on Wall Street reported mixed production results for November 2024. During the same month, network difficulty increased by 7%, impacting mining efficiency and production across the industry.
Last month, the price of BTC reached record levels, approaching $100,000, but competition has also visibly increased, along with the time and cost required to mine the cryptocurrency.
CleanSpark (NASDAQ: CLSK) maintained its position as one of the industry leaders in November, producing 622 BTC, followed by Riot Platforms (NASDAQ: RIOT) with 495 BTC. BitFarms (NASDAQ: BITF) and Cipher Mining (NASDAQ: CIFR) reported similar production volumes of 204 BTC and 202 BTC, respectively, indicating strong competition in the mid-tier segment. TeraWulf (NASDAQ: WULF) rounded out the group with 115 BTC mined during the month.
Zach Bradford, CleanSpark CEO
CleanSpark CEO Zach Bradford said, “Our team is running relentlessly, increasing efficiency while moving toward our year-end hash rate goal of 37 EH/s.”
Argo Blockchain (LSE: ARB, NASDAQ: ARBK), which is listed on both the London Stock Exchange and Wall Street, also reported results, with 39 BTC mined in November, down from 46 BTC mined the previous month. did. However, mining revenue increased by $400,000 to $3.4 million.
How does it compare to October? For most of the companies mentioned, the results were even worse. Last month, TeraWulf produced 150 BTC, Riot 505, and CleanSpark 655. The observed decline in production for most miners reflects the difficult environment created by increased network difficulty.
Total hash rate (TH/s) increased in November. Source: Blockchain.com
A day earlier, MARA Holdings (NASDAQ: MARA), the largest publicly traded cryptocurrency miner, reported record Bitcoin production, with November production increasing 26% to 907 BTC.
Fred Thiel, MARA CEO, Source: LinkedIn
“November was a record month for MARA, with our mining operations achieving unprecedented levels of production. These results demonstrate that we have made significant progress in scaling our operations and optimizing performance. This highlights the fact that MARA is a leader and CEO of MARA.
Despite having fewer tokens to mine, miners made more money. Excluding the fifth straight month of production declines, revenue rose 24%, according to JPMorgan's latest report. Meanwhile, the market capitalization of Wall Street's 14 largest Bitcoin miners increased by 52% to $36.2 billion.
Operational development and hashrate expansion
The Riot platform also showed visible growth in areas other than the number of tokens mined, achieving a total deployed hash rate of 30.8 EH/s, an increase of 148% year-on-year. The company expanded to multiple locations, including facilities in Rockdale, Corsicana, and Kentucky, strengthening its market position.
Jason Les, Riot Blockchain CEO
“The stability in our production reflects the operational improvements we continue to make, as our operational hash rate increased month over month compared to a 5% increase in hash rate capacity. 13% increase,” commented Jason Les. Riot CEO. “Our work is not done yet. Our onsite team continues to deploy new miners and improve operations to further increase hashrate utilization.”
Bitfarms has also made significant progress in its North American expansion, with nearly 75% of its hashrate expected to come from North American data centers by the first half of 2025. The company's operational hashrate reached 12.8 EH/s, an increase of 100% from H1 2025. Last year.
Cipher Mining continued development at its Black Pearl data center and maintained a stable operational hash rate of 12.0 EH/s. The company's acquisition of the 100 MW Stingray site gives it more than 2.6 GW of potential power capacity across 11 sites, positioning it for future growth.
Tyler Page, Ciper Mining CEO
“By the end of the year, the Odessa upgrade will be complete and Cypher will be one of the most efficient mining rigs in the industry,” said Cypher CEO Tyler Page.
Mining companies are increasingly focused on improving fleet efficiency. TeraWulf led the pack with an excellent efficiency ratio of 19.2 J/TH, while Riot reported 22.3 J/TH. Bitfarms announced that it will upgrade approximately 19,000 T21 miners to the more efficient S21 Pro miners. This will result in an efficiency of 19 w/TH, corresponding to a 10% improvement.
Financial management and financial strategy
Bitcoin holding strategies vary greatly depending on the business. Riot held the largest treasury position at 11,425 BTC, up 55% year-on-year. Cipher Mining held 1,383 BTC, while Bitfarms reported 870 BTC to the Treasury Department after transferring 351 Bitcoin to Bitmain as part of a minor upgrade agreement.
Miners also continued to optimize power costs through various strategies. Riot reported a total electricity cost of 3.8 cents/kWh across its facilities and benefited from electricity credits totaling $1.4 million. Bitfarms maintains its commitment to renewable energy, with 256 MW of hydropower capacity supporting its operations.
Ben Gagnon, Source: Bitfarms website
The competitive environment has led miners to seek diversification opportunities. Noting the increasing demand for near-term capacity in both HPC/AI and BTC mining, BitFarms will leverage its energy portfolio of over 950MW in 2025 to capitalize on strategic opportunities in both sectors. We are poised to obtain the following.
“By changing to deploy our miners in the US, we were able to best match our miners and underlying power economics across a large portfolio of flexible MW,” said Bitfarms. CEO Ben Gagnon commented: “Demand for near-term capacity for both HPC/AI and BTC mining is rapidly increasing, and based on discussions with strategic partners, our energy portfolio will exceed 950 MW in 2025. We believe it will give us unparalleled flexibility to take advantage of strategic opportunities in both mining and AI.”
Several companies announced leadership changes and strategic initiatives. Bitfarms appoints Andrew J. Chang as an independent director, announces the resignation of Chief Infrastructure Officer, and is seeking new leadership with HPC/AI experience to support its evolving strategy.
