Major publicly traded Bitcoin mining companies reported decreased production in August compared to July.
Factors including increased network difficulty and power costs contributed to the decline.
Several
major publicly-traded Bitcoin (BTC) miners from Wall Street have reported
decreased production for August, highlighting ongoing challenges in the
cryptocurrency mining sector.
Wall Street Bitcoin Miners
Report Lower August Production
Argo
Blockchain (NASDAQ: ARBK) reported that it mined 38 Bitcoin in August, down
from 48 in July, due to more frequent economic curtailments and a lower hash
price. HIVE Digital Technologies (NASDAQ: HIVE) mined 112 Bitcoin, which is 4
less than the 116 Bitcoin reported the previous month.
Frank Holmes, Executive Chairman of HIVE
“We remain focused on
our strategy of maintaining the lowest G&A expenses per Bitcoin mined,
maximizing cash flow return on invested capital, and achieving high revenue per
employee while minimizing share dilution,” commented Frank Holmes,
Executive Chairman of HIVE.
Meanwhile,
TeraWulf (NASDAQ: WULF) produced 184 Bitcoin at an average rate of 5.9 per day,
a decrease from the 155 reported in July. The company also noted an increase in
the energy costs for self-mined BTC to $36,346.
Fred Thiel, CEO, MARA, Source: LinkedIn
Marathon
Digital Holdings (NASDAQ: MARA), one of the largest publicly traded
Bitcoin miners, saw a 3% decrease in production, mining 673 Bitcoin in
August compared to 692 in July. The company's CEO, Fred Thiel, noted,
“Block wins during the month declined 2% from July while BTC production
decreased 3% to 673 BTC.”
Industry
experts attribute the production declines to several factors, including
increased network difficulty and higher power costs during the summer months.
The global Bitcoin mining difficulty reached an all-time high in August, making
it more challenging for miners to earn rewards.
This
corresponds with
data released earlier in the week by other publicly listed miners. CleanSpark
(NASDAQ: CLSK), which bills itself as “America's Bitcoin Miner,” saw
its Bitcoin production drop 3.2% from 494 in July to 478 in August. Similarly,
Bitfarms (NASDAQ: BITF) experienced a more significant 7.9% decline, mining 233
Bitcoin in August compared to 253 in July.
Less Bitcoin, Less Dollars
The
cryptocurrency mining sector faced a significant downturn in August 2024,
marking its least profitable month in recent years. Miners' earnings plummeted
to $828 million, the lowest since September 2023 and a stark 57% decline from
the peak earnings of nearly $2 billion recorded in March 2024.
Several
factors contributed to this challenging environment. The mining difficulty
reached an unprecedented 89.47 trillion in August, up from 86.87 trillion in
July. Simultaneously, the number of mined Bitcoins decreased from 14,725 in
July to 13,843 in August. This combination of increased difficulty and reduced
output has created a perfect storm for miners, squeezing profit margins and
necessitating adaptive measures.
In response
to these adverse trends, publicly listed Bitcoin mining companies are exploring
alternative revenue streams. Many are turning their attention to
high-performance computing (HPC) and artificial intelligence (AI) as potential
growth areas. Investment management firm VanEck predicts that this strategic
pivot could potentially unlock $38 billion in value for mining companies by
2027.
Several
major publicly-traded Bitcoin (BTC) miners from Wall Street have reported
decreased production for August, highlighting ongoing challenges in the
cryptocurrency mining sector.
Wall Street Bitcoin Miners
Report Lower August Production
Argo
Blockchain (NASDAQ: ARBK) reported that it mined 38 Bitcoin in August, down
from 48 in July, due to more frequent economic curtailments and a lower hash
price. HIVE Digital Technologies (NASDAQ: HIVE) mined 112 Bitcoin, which is 4
less than the 116 Bitcoin reported the previous month.
Frank Holmes, Executive Chairman of HIVE
“We remain focused on
our strategy of maintaining the lowest G&A expenses per Bitcoin mined,
maximizing cash flow return on invested capital, and achieving high revenue per
employee while minimizing share dilution,” commented Frank Holmes,
Executive Chairman of HIVE.
Meanwhile,
TeraWulf (NASDAQ: WULF) produced 184 Bitcoin at an average rate of 5.9 per day,
a decrease from the 155 reported in July. The company also noted an increase in
the energy costs for self-mined BTC to $36,346.
Fred Thiel, CEO, MARA, Source: LinkedIn
Marathon
Digital Holdings (NASDAQ: MARA), one of the largest publicly traded
Bitcoin miners, saw a 3% decrease in production, mining 673 Bitcoin in
August compared to 692 in July. The company's CEO, Fred Thiel, noted,
“Block wins during the month declined 2% from July while BTC production
decreased 3% to 673 BTC.”
Industry
experts attribute the production declines to several factors, including
increased network difficulty and higher power costs during the summer months.
The global Bitcoin mining difficulty reached an all-time high in August, making
it more challenging for miners to earn rewards.
This
corresponds with
data released earlier in the week by other publicly listed miners. CleanSpark
(NASDAQ: CLSK), which bills itself as “America's Bitcoin Miner,” saw
its Bitcoin production drop 3.2% from 494 in July to 478 in August. Similarly,
Bitfarms (NASDAQ: BITF) experienced a more significant 7.9% decline, mining 233
Bitcoin in August compared to 253 in July.
Less Bitcoin, Less Dollars
The
cryptocurrency mining sector faced a significant downturn in August 2024,
marking its least profitable month in recent years. Miners' earnings plummeted
to $828 million, the lowest since September 2023 and a stark 57% decline from
the peak earnings of nearly $2 billion recorded in March 2024.
Several
factors contributed to this challenging environment. The mining difficulty
reached an unprecedented 89.47 trillion in August, up from 86.87 trillion in
July. Simultaneously, the number of mined Bitcoins decreased from 14,725 in
July to 13,843 in August. This combination of increased difficulty and reduced
output has created a perfect storm for miners, squeezing profit margins and
necessitating adaptive measures.
In response
to these adverse trends, publicly listed Bitcoin mining companies are exploring
alternative revenue streams. Many are turning their attention to
high-performance computing (HPC) and artificial intelligence (AI) as potential
growth areas. Investment management firm VanEck predicts that this strategic
pivot could potentially unlock $38 billion in value for mining companies by
2027.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
From Chat to Stock: xStocks Puts Tokenized U.S. Equities Inside TON Wallet on Telegram
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
