Key facts:
Hashrate measures the processing power of miners to work on the Bitcoin network.
These are the companies CleanSpark, Riot Platforms and Compass Mining.
While the hashrate As Bitcoin (BTC) remains close to its all-time high (ATH), mining companies of this crypto asset are forced to increase their processing capacity to remain competitive and profitable.
In response to this challenge, three companies in the sector have announced in recent days its plans to increase its hash rate to 37 EH/s (exahashes per second) by the end of 2024This increase in processing power is also accompanied by an increase in energy used, measured in megawatts (MW), reflecting the growing energy demand in Bitcoin mining.
The historical evolution of hashrate of bitcoin can be evidenced by the following graph provided by the online platform mempoolOn September 3, 2024, as CriptoNoticias reported, this metric marked its ATH, when it reached 715.89 EH/s (exahashes per second).
What improvements are these companies making?
It’s about the companies CleanSpark, Riot Platforms and Compass Mining.
CleanSpark has initially announced its latest Bitcoin mining innovations for September 11-12, 2024. These include the activation of the final 50 MW phase of its 150 MW expansion in Sandersville, Georgia, United States.
In addition, Zach Bradford, its CEO, stated that plans increase the rate of hashrate at 37 EH/s. According to Bradford himself, the hashrate CleanSpark current is 23 EH/s.
The American company will boost its hashrate with the installation of S21 Pro miners, totaling 85 MW distributed across seven different facilities in Tennessee, United States. This would represent an increase in the rate of hash by more than 22% at the current rate when installation is complete.
In additionCleanSpark managed to mine 478 bitcoin during August 2024 and hold holdings in this crypto asset that exceed 7,500 BTCwhich is equivalent to almost $450 million at the time of writing.
Secondly, Riot Platforms communicated which by the third quarter of 2024 aims to reach a hashrate of 28 EH/s and end the year with 37 EH/s. He also reported that by the end of September the installation of a new building will be completed, which will provide an increase in the energy used by 100 MW.
Riot currently has a hash rate of 23.5 EH/s and in August 2024 mined 322 bitcoin and holds 10,000 BTC in his possessionAt the time of writing, these holdings amount to around $600 million.
Compass Mining expands its mining capacity with more energy
Finally, the third company with plans to increase its energy capacities to support bitcoin mining is Compass Mining.
This company has announced recently activated 3,000 new BTC mining rigs. In addition, the company reported that it will deploy 1,000 additional machines in September, which will add 12.5 MW of power to the mining capacity in the State of Iowa, in the United States.
These measures are part of Compass Mining’s plan, which has already activated nearly 30 MW at facilities in Iowa, Indiana, Ohio, Nebraska and Texas during 2024. The company plans to add another 30 MW before the end of the year.
Thus, as the difficulty of the Bitcoin network continues to increase (which also provides greater robustness and security), it will become more complex for miners to process the information to solve the next block. Thus, companies like those described here continue to increase their hash power to remain dominant and competitive in the difficult Bitcoin mining market.
