Bitcoin miners Marathon, Riot, and CleanSpark have increased their BTC output in September.

The blockchain industry continues to witness remarkable growth with Bitcoin miners Marathon Digital, Riot Platforms, and CleanSpark reporting significant increases in Bitcoin production during the month of September. Despite Bitcoin’s price remaining relatively stable, these mining firms experienced a boost in their share prices on October 4th.

Marathon’s Impressive Growth

Marathon Digital, a leading Bitcoin mining firm, achieved a remarkable milestone by producing a total of 1,242 BTC in September. This represents a 16% increase from the previous month and an astounding 245% increase in comparison to September 2022.

The significant spike in BTC production can be attributed to Marathon Digital’s substantial increase in installed hashrate. The company’s hashrate soared from 3.8 exahashes per second (EH/s) in September 2022 to an impressive 23.1 EH/s in September 2023. This equates to a staggering 508% growth in their mining capacity.

Marathon Digital’s CEO, Fred Thiel, expressed his satisfaction with the company’s progress, stating that they had achieved their goal of reaching 23 exahashes on an installed basis. Thiel also revealed that the firm is actively exploring new mining locations that offer low-cost renewable energy options. By leveraging sustainable energy sources, Marathon Digital aims to further optimize its mining operations.

As of now, Marathon Digital has produced a total of 8,610 BTC in 2023. The company’s balance sheet showcases 13,726 unrestricted BTC and $101 million in unrestricted cash and cash equivalents. These assets amount to a total value of $471.2 million. Consequently, Marathon Digital experienced a 3.29% increase in its share price, reaching $7.54 on October 4th.

Riot Platforms’ Steady Growth

Riot Platforms, another prominent player in the Bitcoin mining industry, also witnessed a notable increase in BTC production during September. Despite strategically curtailing mining operations, Riot Platforms managed to produce 362 BTC, marking a 9% month-on-month growth.

The company has established a long-term contract wherein it sells pre-purchased power to its utility provider at market-driven spot prices. In return, Riot Platforms receives power curtailment credits. This contract has proven to be a reliable revenue source for the firm.

Jason Les, CEO of Riot Platforms, highlighted the success of their power curtailment strategy. The company received $11.0 million in Power Credits and $2.5 million in Demand Response Credits through their participation in ERCOT’s ancillary services program. Notably, Riot Platforms earned more from power curtailment credits than the net proceeds from their Bitcoin sales in August and September.

Riot Platforms currently possesses a total self-mining hash rate capacity of 12.5 EH/s. With plans to install an additional 33,000 next-generation Bitcoin miners in mid-2024, the firm aims to bolster its hash rate capacity to 20.1 EH/s. On October 4th, Riot Platforms observed a 3.25% boost in share price, reaching $9.06.

CleanSpark’s Outstanding Performance

CleanSpark, a well-known Bitcoin mining company, achieved its best fiscal year to date. In September alone, the firm produced an impressive 643 BTC, and throughout its fiscal year from October 1, 2022, to September 30, 2023, they mined a remarkable 6,903 BTC. CleanSpark’s CEO and President, Zach Bradford, attributed this success to increased efficiency, low energy costs, and maximal utilization of its facilities.

CleanSpark experienced a 4.61% surge in share price on October 4th, reaching $3.63, further highlighting the market’s recognition of their extraordinary performance.

Bit Digital Faces Minor Setback

While Marathon Digital, Riot Platforms, and CleanSpark achieved outstanding results, Bit Digital encountered a minor setback in September. The company reported a 7% decline in Bitcoin production, resulting in 130.2 BTC. This decrease can be attributed to approximately 600 petahashes (per second) of miners going offline due to a power utility mandated maintenance outage on September 26th.

Conclusion

The blockchain industry continues to thrive, as demonstrated by the remarkable growth experienced by Bitcoin mining companies. Marathon Digital, Riot Platforms, and CleanSpark have all achieved significant increases in Bitcoin production, leading to a boost in their share prices. These achievements highlight the industry’s potential and underline the importance of sustainable mining practices. As these companies continue to innovate and explore new opportunities, the blockchain industry will undoubtedly witness further growth and maturity.

Bitcoin Miner | BTC Production (Sept 2023) | Share Price Increase (Oct 4)
- Marathon Digital | 1,242 BTC | 3.29%
- Riot Platforms | 362 BTC | 3.25%
- CleanSpark | 643 BTC | 4.61%
- Bit Digital | 130.2 BTC | N/A

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Bitcoin miners Marathon, Riot, and CleanSpark have increased their BTC output in September.