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Bitcoin miners Marathon, Riot, CleanSpark increase BTC output in September

Bitcoin miners Marathon, Riot, CleanSpark increase BTC output in September


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.

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 Platforms CEO Jason Les said the contract has continued to provide a…

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