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- 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 top rivals are driving a Bitcoin mining boom in 2024, setting new records in North America. With massive expansions and cutting-edge tech, leading the next crypto revolution.
Marathon Digital to Lead Bitcoin Mining Growth by 2024
Marathon Digital Holdings (NASDAQ), one of the major bitcoin mining company , reported a growth of 142% in the hash rater during Q1 of the year 2024 This surge in the countries output production, complemented by a 28% increase in the quantity of Bitcoin produced to 2811 BTC, has driven the total revenues of Marathon to 165.2 million dollars, 223% jump. The firm commenced trading on NASDAQ as one of the earliest cryptocurrency-mining companies and is determined to develop the largest and most efficient mining company in North America.
Core Scientific Platforms Increase Capacity
Core Scientific of bitcoin miners in North America. The company managed to seek the protection of Chapter 11 towards the end of the year 2022 due to financial troubles. Nevertheless, the company has gone through restructuring successfully and hopes to be back on NASDAQ 2024. Core Scientific involve in self-mining and offers facilities for hosting and continues to operate in the ecumenical bitcoin mining industry.
Riot Platforms Expansion of its Mining Business
Riot Platforms (NASDAQ) is on a mining level expansion spree, its weakest area being in Texas. Such network challenges saw a decline of 36 % in Bitcoin production for Q1 2024; however, as was noted by an increase in the company’s total revenues caused the increase in Bitcoin prices. The company is progressing as planned in this sense, in self-mining hash rate capacity which is currently targeted at an end-of-2024 level of 31 EH/s, before growing to 41 EH/s in 2025. Riot’s Corsicana facility is expected to rank among the largest bitcoin mining centers in the world.
Cipher Mining Continue Growth
Cipher Mining (NASDAQ) joins the rest in the Bitcoin mining sector in January 2024 bitcoin as self-mining .The company increased self-mining capacity up to 7.7 EH/s, and it is targeted to go up to 9.3EH/s by end of September 2024. The company also plans on expanding, in attempts to maintain its position in the industry and does not expect to decrease its expansion.
The Authorities concentrates on ethical mining – Hive Digital Technologies
Hive Digital Technologies as a Bitcoin miner at the facilities located in Sweden, Canada and Iceland. In April 2024, Hive had accumulated 2400 Bitcoins, with its machine’s mining rate being 5.0 EH/s. The mining segment also remains in focus, and the company continues into mining adopting green technologies.