IREN advances toward 50 EH/s target as August BTC production climbs

Quick Take

In August, several publicly traded Bitcoin miners provided updates on their production and operations.

RIOT reported producing 322 BTC, a 13% decrease compared to July. However, the company increased its Bitcoin holdings by 3%, bringing the total to 10,019 BTC. RIOT’s deployed hash rate stood at 23.5 EH/s, while its operational hash rate was 14.5 EH/s. The lower operational hash rate was influenced by power and demand response credits amounting to $6.4 million. Their total power cost was 2.6 cents per kWh.

Riot August Update: (Source: RIOT)

Meanwhile, IREN mined 245 BTC in August, marking a 10% increase month-over-month. The company installed 16 EH/s and remains on track to achieve 30 EH/s by Q4, with plans to reach 50 EH/s by 2025. IREN also reported a significant reduction in electricity costs per Bitcoin mined, from $61,677 in July to $29,958 in August, thanks to a transition to spot pricing. Their AI cloud services continued to grow, with more revenue and customers. IREN remains financially strong, with $405 million in cash and no debt.

IREN Hash Rate: (Source: IREN)

While Core Scientific experienced a 14% drop in production, mining 358 BTC in August, the company reported a total energized hash rate of 25.4 EH/s.

The post IREN advances toward 50 EH/s target as August BTC production climbs appeared first on CryptoSlate.

Quick Take In August, several publicly traded Bitcoin miners provided updates on their production and operations. RIOT reported producing 322 BTC, a 13% decrease compared to July. However, the company increased its Bitcoin holdings by 3%, bringing the total to 10,019 BTC. RIOT’s deployed hash rate stood at 23.5 EH/s, while its operational hash rate
The post IREN advances toward 50 EH/s target as August BTC production climbs appeared first on CryptoSlate.