Several
leading U.S. publicly listed mining companies from Wall Street, including
TeraWulf, Riot Platforms, CleanSpark, and MARA, posted production gains in
October.
Although for some, the BTC production results were the highest since the halving, the recent JPMorgan report reveals a continued decline in industry-wide revenue and profitability. The report, which highlights a record-high network hash rate, points to increasing operational challenges and
intensifying competition across the sector.
TeraWulf Sees Modest Gains
with Efficiency Improvements
TeraWulf
(NASDAQ: WULF) reported
the mining of 150 Bitcoins in October, maintaining a daily average of
approximately 4.8 BTC. The firm’s operational self-mining capacity rose 62%
year-over-year to 8.1 EH/s.
Efforts to
reduce energy costs yielded an average power expenditure of $36,789 per BTC,
around $0.048 per kWh, a factor influenced by TeraWulf’s continued investment
in zero-carbon energy sources. Upgrades to Lake Mariner facility’s mining fleet
are underway, with older models being replaced by more efficient S19 XP miners,
aiming for a self-mining hash rate of 8.7 EH/s by year-end.
“October
marked another productive month, with TeraWulf mining 150 bitcoin and
sustaining an average daily production of around 5 bitcoin,” said Sean Farrell,
Senior Vice President of Operations at TeraWulf. “In line with our previously
outlined plans, we are accelerating the transition to more efficient mining
hardware by replacing older miners at Lake Mariner with S19 XP models.”
Riot Expands Hash Rate
with Corsicana Facility
Riot
Platforms (NASDAQ: RIOT) reported
a notable production increase with 505 bitcoins mined, a 23% rise from
September, and deployed hash rate growth to 29.4 EH/s, driven by enhancements
at its Corsicana, Texas facility. It is worth noting, that October’s production
output was the highest since the Bitcoin halving event in April.
Riot’s
Corsicana site, projected to reach a capacity of 1 gigawatt upon completion,
underpins the company’s long-term growth plans. Average power costs per
kilowatt-hour in October increased slightly to 3.9 cents due to rising energy
prices. Riot’s strategy includes further deployments at Corsicana and upcoming
investor presentations to discuss its expansion.
“In
October, Riot achieved a new post-halving milestone in production, with 505
Bitcoin mined in the month,” said Jason Les, CEO of Riot. “This 23%
increase in production from September is a reflection of both…
