December 2024: Monthly Operational Updates

The Bitcoin price surged to an all-time high of $108,268 on December 17, 2024, before closing the month at $93,429. This strong performance is expected to present a more favorable outlook as Q4 2024 earnings reports are released in February and March 2025.

Bitcoin miners with substantial holdings in their treasuries stand to benefit even further, under the updated FASB accounting standards, which now permit the revaluation of cryptocurrency assets. This change allows companies to reflect the market value of their Bitcoin holdings more accurately, potentially boosting reported earnings and strengthening balance sheets.

Hash Rate Growth

At the beginning of 2024, there were some significant hash rate targets, set for a number of the larger North American Bitcoin miners.  Three miners, IREN (+454%), CleanSpark (+288%) and Marathon Holdings (+115%) not only achieved their target hash rate growth, but ended up exceeding it.  Riot Platforms and Bitfarms both fell short of their targets but still managed to increase their hash rate, during the year, by 154% and 100% respectively. 

Bitcoin Purchases

More miners continued to purchase Bitcoin through various capital raises.  Riot Platforms purchased 5,784 Bitcoin during December for a total cost of $577.5 million.  Hut 8 also purchased 990 Bitcoin for a total of $100 million during the month with Marathon Digital using $1.924 Billion of funds raised predominantly though convertible notes and purchasing a total of 22,065 Bitcoin at an average price of $87,205.    

Bitdeer Technologies (BTDR)

In the month of December, Bitdeer mined 145 Bitcoin, at an average daily rate of 4.7 Bitcoin, a reduction of 6.5% on the rate achieved in November.  The total self mining hash rate, however,  is currently 8.8 EH/s, an increase of 0.3 EH/s due to the installation and energization of SEALMINER A1 mining machines. A further 0.3 EH/s are due to be delivered, with 0.6 EH/s in-transit to data centers and a further 2.5 EH/s in production.  

The SEALMINER A2 production of approximately 35 EH/s of mining rigs remains on schedule through Q3 2025, with the first trial batch of air-cooled rigs expected at data centers for testing in January 2025. Approximately 29,000 units (~7 EH/s) allocated for external sale have been fully ordered, with down payments received, and shipments are set to commence in March through Q2 2025. The SEALMINER A3’s SEAL03 wafers (10 J/TH) are expected in Q1 2025, while SEALMINER A4 R&D targets 5 J/TH efficiency by Q3 2025.

HPC/AI initiatives include ongoing discussions with development partners and end users for site selection. Bitdeer AI cloud services, powered by NVIDIA DGX SuperPod with H100 systems, achieved 90% utilization in the month, alongside hosting a VLM Bootcamp with NVIDIA.

On January 3, 2025, Bitdeer announced to the market that it had entered into an At-Market Issuance Sales Agreement to offer up to $1 billion in Class A ordinary shares. The offering will be facilitated through multiple sales agents, including Barclays, Cantor Fitzgerald and Roth Capital Partners.  The company also highlighted that it has started to hold a portion of its production with 594 Bitcoin held in their treasury, with a value of $55 million as at December 31, 2024. 

Bit Digital (BTBT)

Bit Digital produced 32.4 Bitcoin in December, at an average of 1.0 Bitcoin per day, a reduction of 30.2% in the daily rate and due to the decrease was primarily due to changes in the Company’s hosting portfolio, the redeployment of mining assets to new sites, and the retirement of older-generation miners. During the month, the Company purchased 941 S21 mining units for $3.2 million and sold 4,506 S19 mining units for $836.6k with CEO Sam Tabar recently indicating that the 2025 goal is to achieve 3.0 EH/s.

Bit Digital currently operates with 266 servers with 2,128 GPUs, generating approximately $4.5 million in GPU Cloud revenue during December. Additionally, the Company received $177,000 in cash payments from its Boosteroid equipment leasing contract. Its Tier-3 Enovum Data Center hosted 14 active colocation customers, contributing $528,100 in colocation revenue for the month.

On December 27, 2024, Bit Digital acquired a $23.3 million site in Montreal to develop a 5MW Tier-3 data center as part of its 2025 expansion strategy. The project will cost USD $19.3 million and is expected to be operational by May 2025. A new AI Compute Fund contract represents a further $20.2 million in revenue over 25 months.

As of December 31, 2024, treasury holdings included 742.1 Bitcoin and 27,623.9 Ethereum,  valued at $69.3 million and $92.1 million, respectively. The total treasury position, including cash and cash equivalents stood at approximately $260.4 million.  The Company also staked 21,568 of Ethereum, earning approximately 60.6 ETH in staking rewards for December, representing an APY of 3.3%. 

Bitfarms (BITF) 

In the month of December, Bitfarms mined 211 Bitcoin at an average daily rate of 6.8, the same rate achieved during the month of November, due in part to the increased operational hash rate,  reaching 11.1 EH/s.  CEO, Ben Gagnon highlighted transformative progress, including infrastructure upgrades, energy portfolio diversification, and steps towards becoming a North American energy and compute leader. The 2024 hash rate target of 21 EH/s, has now been deferred until the end of Q2 2025.  

In December 2024, the Company sold 147 of the 211 Bitcoin earned during the month, generating $14.3 million in proceeds as part of its treasury management strategy. Total liquidity reached $147 million as of December 31, 2024, including approximately $60 million in cash. The Company also added 64 Bitcoin to its treasury, increasing holdings to 934 Bitcoin, valued at $87.8 million as at December 31, 2024.

The Company capitalized on Bitcoin’s near all-time high to close all Synthetic HODL™ positions in December, achieving an impressive 135% return in USD terms since the program's inception. This strategic move underscores the Company’s commitment to disciplined treasury management and maximizing shareholder value through innovative financial strategies.

Core Scientific (CORZ) 

In the month of December, Core Scientific produced 291 Bitcoin, at an average daily rate of 9.4, a reduction of 10.3% in the rate achieved during the previous month.  The company sold 79 Bitcoin and having recently successfully achieved a number of caveats, has started to add Bitcoin to its treasury.  A recent update, provided on January 10, 2025, indicated they had accumulated 340 Bitcoin, with a current value of $320.3 million. 

Work is already underway to refurbish the 5 sites identified for their 500 MW HPC Hosting contract with CoreWeave.  In total, 900 MW have been set aside to support their HPC business.

Core Scientific have also allocated 400 MW to support its self mining business and have partnered with Block (NYSE: SQ) to advance decentralized mining hardware and will integrate the cutting-edge 3nm mining ASICs, developed by the Proto team, into its operations. The collaboration is expected to deliver 15 EH/s of hashrate, later this year which will help to replace a number of ageing mining machines and significantly improve the efficiency.  

Core Scientific has named Scott Brueggeman as Chief Marketing Officer to strengthen its brand, accelerate growth, and unlock market opportunities. With over 20 years of experience in digital infrastructure, Brueggeman brings a proven track record in revitalizing brands, scaling teams, and driving strategic growth, aligning with the company’s innovation-driven goals.

DMG Blockchain (DMGI)

DMG Blockchain produced 32 Bitcoin during the month, at an average daily rate of 1 Bitcoin whilst achieving an operational 1.68 EH/s hashrate and achieving an efficiency of 23 j/TH.  CEO Sheldon Bennett noted significant quarter-over-quarter improvement, with plans to expand hashrate to 2.1 EH/s in early 2025 using hydro direct liquid cooling technology and further aims to achieve 3 EH/s by the end of 2025. 

The company sold 49 Bitcoin and currently Hodl 406 Bitcoin, in their treasury, valued at $38 million, as at December 3, 2024. 

DMG Blockchain has secured US Patent No. 12,067,572 for Cryptographic Taint Tracking, further advancing its efforts to combat money laundering and fraud. This continuation of U.S. Patent No. 11,257,089 builds on the technology behind Blockseer’s wallet risk scoring method, supporting DMG’s clean-block mining initiative.

The patented methods enable real-time detection of tainted cryptographic wallets, enhancing compliance and assisting law enforcement. Key features include tainted wallet detection, enhanced compliance to avoid illicit transactions, real-time risk flagging, and wallet quarantine for high-risk cases.

CEO Sheldon Bennett stated, “This patent strengthens blockchain trust and safety while ensuring regulatory compliance. Our commitment to carbon-neutral Bitcoin mining and systemic trust is bolstered by technologies that safeguard our ecosystem from bad actors.”

The company also announced advanced generative AI initiatives, working with the Malahat Nation to establish 30 MW of Gen AI compute capacity.

Gryphon Digital (GRYP) 

Gryphon Digital Mining has announced new colocation agreements to support its Bitcoin mining operations. Following the termination of its hosting agreement with Coinmint, the company signed a deal with Blockfusion to host 4,969 Bitcoin miners in Niagara Falls, New York. This agreement provides Gryphon with 12 MW of power for a monthly facility fee of $156,000, with variable power costs passed through without markup.

Additionally, Gryphon mining secured a colocation agreement with Mawson to host 635 miners, with the potential to expand to 5,880 miners, at Mawson's facility in Midland, Pennsylvania. The agreement offers 20 MW of power at $23.50/mWh, with a minimum monthly fee of approximately $165,521. These partnerships position the company for significant operational growth in 2025.

On January 10, 2025, Gryphon Mining signed a definitive agreement to acquire an 850-acre industrial site in Southern Alberta, marking a pivotal step in its expansion into green energy and HPC. The site, owned by Captus Energy, offers access to dual natural gas supplies, grid connections, and carbon sequestration capabilities, with the potential to scale up to 4 GW of power capacity. The deal is expected to close by April 2025.

The site’s infrastructure aligns with the company’s strategy to meet surging AI and HPC demand. Industry benchmarks project revenue potential of $1.5–$9.11 million annually per MW. At full 4 GW capacity, this asset could generate over $5 billion in revenue, positioning Gryphon among the leading providers in the digital infrastructure market. Additionally, the site comes with an experienced energy team led by Harry Andersen, former COO of Pembina Pipeline.

This acquisition follows Gryphon Mining’s December 2024 moves to secure British Columbia natural gas assets, scaling capacity by 1 GW. CEO Steve Gutterman highlighted Alberta's favorable resources and Gryphon’s transformation into a key player in green AI/HPC solutions. The total transaction value is CAD $27 million, including restricted shares for Captus’ management team.

Hive Digital (HIVE)

In December Hive Digital produced 103 Bitcoin, at an average daily rate of 3.3 Bitcoin, a reduction of 3.2% on the rate achieved in November.  The company reached 6.0 EH/s during the month fueled by the enhancement of the company's Bitcoin mining fleet through the integration of advanced Avalon machines sourced from Canaan Inc., significantly improving operational efficiency and expanding capacity.

Hive Digital expects to reach 15.0 EH/s of global hashrate capacity by the end of 2025, supported by its 100 MW hydroelectric-powered expansion in Paraguay, achieving a fleet efficiency of 17.0 J/TH.  The company has also secured competitive energy rates below 2 cents/kWh in Sweden, strengthening its cost efficiency. 

On December 23, 2024, the company announced its investment of $30 million in the deployment of NVIDIA H100 and H200 GPU clusters in Quebec to tap into the booming AI and HPC markets. The H100 cluster, with 248 GPUs, once operational should generate $15 million in annualized revenue. The H200 cluster, with 508 GPUs, is expected in early 2025, contributing over $20 million annually. Powered by 100% renewable energy, HIVE's AI-focused expansion positions the company for significant growth in the AI super cycle.

Hive Digital sold 11 Bitcoin during December and increased the Hodl position within the Treasury to 2,805 Bitcoin with a valuation of $262 million as at December 31, 2024. 

The Company is relocating its headquarters from Vancouver, Canada, to San Antonio, Texas, to drive U.S. growth and enhance shareholder value. A lease agreement for office space in San Antonio marks this transition. Additionally, Hive will adopt U.S. GAAP for financial reporting, starting with its fiscal year ending March 31, 2025, ensuring alignment with U.S. standards.

Hut 8 Corp (HUT)

Hut 8 Corp announced the acquisition of approximately 990 Bitcoin for $100 million on December 19, 2024, bringing its total Bitcoin reserve to 10,096, valued at over $1 billion as of December 18, 2024. This positions the company among the top ten corporate Bitcoin holders globally. The Bitcoin was purchased at an average price of $101,710 per Bitcoin, complementing Hut 8’s low-cost production strategy and supporting its fleet upgrade financing model, with a realized average cost of $24,484 per Bitcoin.

In December, Hut 8 produced 89 Bitcoin at an average daily rate of 2.9 Bitcoin, reflecting an 8.4% decrease, when compared to November’s daily average. The company sold 30 Bitcoin during the month, and added its treasury position, now totalling 10,171 Bitcoin and valued at $950 million as of December 31, 2024.

In early December Hut 8 announced it was nearing a 430 MW High Performance Computing (HPC) deal. Recently, reports, though unconfirmed, suggested Hut 8 plans to build a $12.5 billion AI data center in West Feliciana Parish. The project will include an initial $2.5 billion investment and $10 billion from tenants for equipment, positioning Louisiana as an AI hub. The first phase, comprising two 450,000-square-foot facilities, is set for late 2025 and will create hundreds of direct jobs. On January 6, 2025, local authorities approved zoning for the center, which will support significant local economic growth.

You can also read more about Hut 8 Corp since their merger, in the link below: https://compassmining.io/education/a-year-of-transformation-for-hut-8-corp/

IREN (IREN) 

December was a pivotal month for IREN, as the company exceeded its hash rate target for 2024, finishing the year at 31 EH/s, an increase of 454%, based on the hash rate at the start of the year. It should also be noted that IREN has the most efficient fleet of all the North American public miners, at 15 j/TH, enabling the company to produce Bitcoin during the month for an energy cost of $22,799.  

The company produced 529 Bitcoin at an average daily rate of 17.1 Bitcoin, an increase of 35.1% on the rate achieved in November due to the completion of Phase 3 at their Childress site, with total energization reaching 350 MW.  Civil works, data center construction and electrical installation is progressing and with key electrical equipment secured, phases 4 and 5 should be completed by the end of June 2025, taking the hash rate to 50 EH/s. 

Iren successfully installed 1,896 NVIDIA H100 and H200 GPUs, with ongoing negotiations for the H200 cluster. Additionally, the company is exploring further AI monetization opportunities and is in the process of installing liquid cooling systems at the Childress and Prince George sites to support NVIDIA Blackwell GPUs.  

Riot Platforms (RIOT)

With the proceeds of their recent convertible note, Riot Platforms announced that between December 10, 2024, and December 12, 2024, it had acquired 5,117 Bitcoin for $510 million, at an average price of $99,669 per Bitcoin. Subsequently, between December 12, 2024, and December 13, 2024, the company acquired an additional 667 Bitcoin for $67.5 million, at an average price of $101,135 per Bitcoin, inclusive of fees and expenses. 

During the month of December, Riot Platforms produced 516 Bitcoin, at an average daily rate of 16.6 Bitcoin, an increase of 0.9% on the rate achieved during November and aided by the increase in deployed hash rate to 31.5 EH/s. 

The company did not meet its year-end hash rate target due to issues at three locations. 

  • Corsicana missed ~1.6 EH/s due to a measured approach in energizing and technical testing of power systems. 
  • Rockdale was ~1 EH/s below target after removing old miners due to density issues in buildings F and G. 
  • Kentucky experienced a shortfall due to power cable delays. 

These issues are due to be remedied in early 2025. 

Riot Platforms' total Bitcoin holdings within its treasury i ncreased to 17,722 Bitcoin with a valuation of $1.656 Billion as at December 31, 2024.

Soluna Holdings (SLNH) 

Soluna Holdings mined 12 Bitcoin during December, at an average daily rate of 0.4 Bitcoin per day, a reduction of 10.8% on the rate achieved during the previous month, due to a reduction in self-mining hash rate to 672 PH/s and the impact of the mining difficulty.  

Soluna Holdings' subsidiary, Soluna Cloud, recently announced a partnership with Gynger, a leading embedded payments platform, to enhance access to renewable-powered AI computing. This collaboration offers Soluna’s clients flexible, non-dilutive payment options, eliminating upfront costs. The partnership underscores Soluna's commitment to sustainability and innovation while enabling customers to scale operations efficiently.

On January 6, 2025, Soluna Holdings announced a partnership with Atlas Cloud, a leader in AI-driven video processing, marking its second deal through HPE GreenLake. Soluna will provide Atlas with 64 Nvidia H100 GPUs under a one-year agreement, with potential for scaling. This collaboration supports energy-efficient AI workloads and expands Soluna’s Neocloud services. CEO John Belizaire highlighted Soluna’s growing AI ecosystem presence, with deployment expected to begin in late January after an initial test phase.

In terms of project updates, two customer deployments totaling 20 MW at Project Dorothy 1A are nearing completion. A transformer failure at Project Dorothy 1B caused three weeks of downtime for two MDCs, but the issue has been resolved. Both projects will undergo a one-week outage in mid-January for substation interconnection work required to support Project Dorothy 2.

The Dorothy 2 substation interconnection planning is now finalized, with tie-in scheduled for mid-January. Phase 1 construction, encompassing 16 MW, is progressing as major electrical equipment is being installed. Core network installation and commissioning preparation are underway, with full-time staff interviews planned for January.

TeraWulf (WULF)

TeraWulf announced its production mining 158 Bitcoin in December, achieving an average daily production rate of 5.1 Bitcoin, a 33% increase on the rate achieved in November, whilst maintaining an installed self-mining capacity of 9.7 EH/s, marking a 94% year-over-year growth. 

The average power costs were $62,805 per Bitcoin mined, equating to $0.078/kWh, an increase of 52% on the power cost per Bitcoin achieved in the previous month.  Construction of Building 5 (MB-5, 50 MW) at Lake Mariner progresses on schedule, targeting completion in Q1 2025. 

TeraWulf finalized its HPC data center lease agreements with Core42 for more than 70 MW of digital infrastructure, projected to generate over $1 billion in revenue over a 10-year term. The company is actively negotiating with additional tenants to utilize its remaining 178 MW of HPC hosting capacity at Lake Mariner, where Core42 holds an option for an additional 135 MW by early 2026.  The newly funded WULF Compute infrastructure will support Core42's HPC operations, including facilities like WULF Den, CB-1, and CB-2.

Monthly and year-to-date (YTD) metrics

DMG Blockchain ended 2024 in some style in terms of production by EH/s (19.05), Utilization (98.7%) and Revenues by Energized Hash Rate ($1,738 per PH), topping all three metrics for the month of December. In terms of production by EH/s, Bitfarms (19.01), closely followed by Hut 8 (18.94), Riot Platforms (18.83) and IREN (18.83), made up the top 5.  

From a year-to-date (YTD) position, Bitfarms’ December performance enabled them to reclaim the top of the rankings, by the tiniest of margins, from Hive Digital, repeating the positions they both finished in the previous year and both demonstrating a real consistency in their production. IREN, TeraWulf and DMG Blockchain continued to narrow the gap, with less than 1% separating the top five miners.

In terms of utilization, DMG Blockchain reported the highest rate at 99%, followed by Hive Digital (91%), CleanSpark (91%), IREN (91%) and Bitdeer (91%)

The Bitcoin mined per MW is used for assessing operational efficiency and resource utilization, IREN, who reached 31 EH during the month achieved the highest Bitcoin total with 1.04 Bitcoin per MW, followed by CleanSpark at 0.92, TeraWulf 0.81, and Hive Digital at 0.81.