Bitcoin miners Marathon Digital, Riot Platforms, and CleanSpark recorded strong Bitcoin production increases in September, leading to a small boost in share prices on Oct. 4.
The firm’s balance sheets also strengthened despite Bitcoin’s price (BTC) recording another month of sideways movement — hovering between the $25,100 and $28,500 mark.
Marathon’s Bitcoin production rises 245%
Bitcoin mining firm Marathon Digital produced a total of 1,242 BTC in September — a 16% increase from August and a massive 245% increase from September 2022.
The huge spike in BTC production came from a 508% increase in the firm’s installed hashrate from 3.8 exahashes per second (EH/s) in September 2022 to 23.1 EH/s, according to Marathon’s September results.
Marathon Digital Holdings’ September #Bitcoin Production Update is here:
– Increased Monthly Average Operational Hash Rate 20%
– Produced 1,242 BTC in September 2023 and 8,610 BTC Year-To-Date
– Record Monthly Share of Miner Rewards at 4.3%
– Combined Unrestricted Cash and…— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) October 4, 2023
In the Oct. 4 statement, Marathon’s CEO Fred Thiel said the firm was pleased to reach its goal of 23 exahashes on an installed basis. The United States-based firm says it’s now on the lookout for new mining locations offering low-cost renewable energy:
“We are evaluating multiple opportunities for our next 5 exahashes of hash rate capacity including international locations with low-cost renewable energy.”
Marathon says it has now produced 8,610 BTC year-to-date in 2023. The firm’s balance sheet shows 13,726 unrestricted BTC and $101 million in unrestricted cash and cash equivalents on its balance sheet — totaling $471.2 million.
The firm’s share price increased 3.29% to $7.54 on Oct. 4, according to Google Finance.
Riot Platforms ups BTC production too
Meanwhile, Bitcoin miner Riot Platforms increased its BTC production by 9% month-on-month, producing 362 BTC in September while “strategically curtailing mining operations.”
The firm is in a long-term contract whereby it sells pre-purchased power to its utility provider at market-driven spot prices in exchange for power curtailment credits.
Riot Produces 362 #Bitcoin in September 2023 While Continuing to Execute Power Strategy.
Read the full press release here: https://t.co/8v798bXwLg
— Riot Platforms, Inc. (@RiotPlatforms) October 4, 2023
Riot Platforms CEO Jason Les said the contract has continued to provide a…
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