The
Bitcoin mining sector has been experiencing a surge of activity recently.
Companies such as
Marathon Digital, Riot Platforms, and CleanSpark have reported substantial
increases in Bitcoin production for the month of September.
Despite
Bitcoin’s price remaining relatively stagnant, these miners have demonstrated
resilience. They witnessed a rise in their share prices on October 4 as well.
Marathon
Digital Soars with 245% Increase in Bitcoin Production
Marathon
Digital, a leading Bitcoin mining firm, reported a staggering 245% increase in
Bitcoin production compared to September 2022. In September 2023, they mined a
total of 1,242 BTC, marking a 16% increase from August.
The
key driver behind this surge was a remarkable 508% increase in their installed
hashrate, rising from 3.8 exahashes per second (EH/s) in September 2022 to an
impressive 23.1 EH/s. Marathon Digital’s CEO, Fred Thiel, expressed
satisfaction in reaching their goal of 23 exahashes on an installed basis and
revealed plans to expand into locations with low-cost renewable energy sources
to further boost their mining capacity.
Year-to-date,
Marathon Digital has produced a total of 8,610 BTC in 2023. Their balance sheet
showcases impressive holdings, with 13,726 unrestricted BTC and $101 million in
unrestricted cash and cash equivalents, totaling $471.2 million. These
remarkable results translated to a 3.29% increase in the firm’s share price,
closing at $7.54 on October 4.
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
Riot
Platforms Increases Production and Revenue Sources
Riot
Platforms, another player in the Bitcoin mining sector, reported a 9% increase
in Bitcoin production for September, mining 362 BTC. Interestingly, Riot
Platforms adopted a strategy of strategically curtailing mining operations
while benefiting from a long-term contract in which they sell pre-purchased
power to their utility provider at market-driven spot prices, receiving power
curtailment credits.
CEO
Jason Les revealed that this contract had contributed significantly to the
firm’s revenue, bringing in $11.0 million in Power Credits and $2.5 million in
Demand Response Credits. Notably, Riot Platforms’ power…
