Bitcoin mining companies find themselves at a critical crossroads as the dust settles from the April 2024 halving, with new production data revealing the stark impact of reduced block rewards against a backdrop of massive options expiry worth $102 billion in notional value.
TL;DR
- Marathon Digital Holdings produced 590 BTC in June 2024, a 40% year-over-year decline attributed to the April halving
- Riot Platforms reached 22 EH/s in deployed hashrate, exceeding its Q2 2024 target, while mining 255 BTC during the month
- $102 billion in Bitcoin and Ethereum options expired on June 28, with 107,000 BTC options worth $6.6 billion and 1.04 million ETH options worth $3.6 billion
- Bitcoin traded around $60,320, approaching its max pain point of $57,000
- Marathon Digital launched a pilot project in Finland using mining heat for residential heating
Marathon Digital Reports 40% Production Decline
Marathon Digital Holdings, the largest publicly traded Bitcoin miner by hashrate, reported production of 590 BTC in June 2024 — a dramatic 40% decrease compared to the same period in 2023. Month-over-month, the figure dropped by 4% from May levels. The decline comes as a direct consequence of the April 2024 halving, which reduced block rewards from 6.25 BTC to 3.125 BTC.
Despite the production headwinds, Marathon managed to increase its total hashrate by 8% to 31.5 EH/s, with an average operational hashrate of 26.3 EH/s for the month. The company held 18,536 BTC as of June 30, choosing not to sell any of its digital assets during the period. Marathon CEO Fred Thiel noted that transaction fees accounted for nearly 7% of total production volume, partially offsetting the reduced block rewards.
In a move signaling diversification, Marathon also began mining Kaspa (KAS) alongside Bitcoin, aiming to supplement its revenue streams in the post-halving environment.
Riot Platforms Hits 22 EH/s Milestone
Riot Platforms delivered a more optimistic picture, reaching 22 EH/s in deployed hashrate and exceeding its Q2 2024 target. The company produced 255 Bitcoin during June, maintaining steady output despite the challenging economics of the post-halving landscape.
Riot’s ability to scale hashrate while managing costs has positioned it as one of the more resilient mining operations in 2024. The company’s Corsicana facility expansion continues to drive capacity growth, with additional mining modules coming online throughout the quarter.
$102 Billion Options Expiry Adds Pressure
June 28 marked one of the largest options expiry events in cryptocurrency history, with a combined $102 billion in notional value across Bitcoin and Ethereum derivatives. Specifically, 107,000 BTC options with a notional value of $6.6 billion and 1.04 million ETH options worth $3.6 billion expired on this date.
The Put/Call ratio for Bitcoin stood at 0.5, indicating more call options than puts — a sign that traders maintained a broadly bullish outlook despite the recent market correction. Ethereum showed a similar pattern with a Put/Call ratio of 0.59. The max pain point — the price at which the greatest number of options contracts expire worthless — was $57,000 for Bitcoin and $3,100 for Ethereum.
With Bitcoin trading around $60,320 on June 28, the price remained above the max pain level, suggesting that market makers had limited incentive to push prices further downward. However, the sheer volume of expiring contracts introduced significant short-term volatility, impacting mining profitability calculations.
Marathon’s Finland Pilot: Mining Heat Meets District Heating
In an innovative approach to energy utilization, Marathon Digital launched a pilot project in Finland that captures the heat generated during Bitcoin mining and redirects it for residential heating. The initiative represents a growing trend among mining companies to address environmental concerns while creating additional revenue streams.
The Finland project could serve as a model for future mining operations in Nordic countries, where district heating systems are widely used and renewable energy is abundant. If successful, Marathon plans to expand the concept to other locations across Europe.
Industry-Wide Mining Economics Shift
The post-halving environment has created a stark divide between well-capitalized mining operations and smaller players. Companies with access to cheap energy, efficient hardware, and strong balance sheets are weathering the transition, while marginally profitable miners face mounting pressure to upgrade equipment or exit the market entirely.
Argo Blockchain, for instance, reported mining just 44 BTC in June with revenue of $2.9 million — essentially flat compared to May. The company held digital assets equivalent to only 11 BTC as of June 30, highlighting the tight margins facing smaller operations.
Publicly-listed miners currently control up to a quarter of Bitcoin’s total hashrate, according to industry estimates. This concentration has accelerated the trend toward institutional-grade mining operations, with companies increasingly exploring AI computing and high-performance computing as supplementary revenue sources.
Why This Matters
The June 2024 mining data offers a clear snapshot of the post-halving transition that will define the Bitcoin mining industry for the next four years. With block rewards permanently halved, only the most efficient operations will thrive, and the pressure to innovate — whether through energy recycling, diversification into alternative coins, or expansion into AI computing — has never been greater. The massive options expiry on June 28 adds another layer of complexity, as mining companies must navigate not only reduced production but also the volatile price swings that large derivative expirations can trigger. For investors tracking the mining sector, the divergence between leaders like Marathon and Riot versus smaller players like Argo offers a preview of the consolidation that likely lies ahead.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency mining involves significant risk, and past performance does not guarantee future results. Always conduct your own research before making investment decisions.
102B notional options expiry and max pain at 57k with BTC trading 60k. dealers were forcing it down into expiry friday. classic pin
options_theta_ dealers pinning BTC to 57k max pain while miners are sweating post-halving margins. brutal combination for anyone long into that expiry
Marathon mining kaspa alongside BTC tells you everything about post-halving economics. pure play mining is bleeding without secondary revenue
Petros A. the kaspa side hustle is telling but the finland heat pilot is actually genius. waste heat becomes a revenue stream instead of a cost line
the $102B options expiry is the real story here. max pain at $57k while btc sits at $60k means market makers are going to fight hard to push it down before expiry
^ exactly, everyone focuses on the halving narrative but that options wall is massive. friday is gonna be violent either direction
0xblockminr max pain at 57k with btc at 60k means market makers had every incentive to push it down. that expiry was brutal for longs
max pain theory is oversimplified but that $57k level with btc at $60k does create interesting dynamics for market makers heading into expiry
mining heat for residential heating in finland is actually genius. turns a waste product into revenue. expect more of this in northern climates
finland pilot makes too much sense. district heating is huge in nordic countries and miners basically generate free heat that usually gets vented
watt_maxi exactly. finland already has district heating grids in most apartment buildings. marathon just plugs the ASIC heat output straight into the existing infrastructure. its honestly dumb this wasnt done years ago
Mikko R. the finland pilot is great but the heat output from S19s is way higher than what residential heating needs. they basically have to modulate hashrate based on weather
Mikko R. the finland pilot is genuinely smart. district heating grids are already built into every apartment building in helsinki. miners just plug into existing infrastructure. honestly shouldve happened in 2020
nordic_hash_ finland pilot was the smartest thing marathon did all year. waste heat becomes revenue stream. should be mandatory for every northern latitude miner
590 BTC at post-halving rewards is still solid production. the 40% drop sounds scary but everyone knew the subsidy halved. question is whether Marathon can keep the Finland heating pilot alive without subsidies
marathon mining kaspa alongside btc tells you everything about post-halving margins. they need every revenue stream they can get
590 BTC at post-halving rewards is rough. marathon doing kaspa on the side tells you the btc-only mining thesis is cracking for public companies
marathon at 590 BTC down 40% YoY post-halving. the kaspa side hustle tells you pure BTC mining doesnt pay the bills anymore
Yannick B. marathon mining kaspa alongside btc tells you the pure-play mining thesis is dead. if the largest public miner needs a side hustle post-halving, what hope do smaller ops have
riot hitting 22 eh/s is impressive but that hashrate increase comes with massive capex. stock market rewards growth but the cash burn is real post-halving
102B notional options expiry with max pain at 57K. dealers had every reason to push it down and they did. classic structure into friday close
Marathon down 40% YoY production post halving and they pivot to kaspa mining and finland heat pilots. pure play BTC mining is dead, diversification is the only play
watt_decay_ kaspa mining as a side hustle tells you pure play BTC is dying post halving. marathon is the largest public miner and even they need a plan B
$102B options expiry with max pain at $57k and BTC trading $60k. market makers defending that level was the whole story. nobody was looking at miner production numbers
optionsdesk_rat dealers pinning BTC to 57K max pain while miners are sweating post halving margins. that expiry was a bloodbath for anyone long