Bitcoin mining companies Marathon Digital, Riot Platforms, and CleanSpark experienced significant increases in Bitcoin production in September, leading to a slight rise in share prices on October 4th.
Despite Bitcoin’s price remaining relatively stable between $25,100 and $28,500, the balance sheets of these firms strengthened.
Marathon Digital’s Impressive Bitcoin Production Rise
In September, Marathon Digital produced a total of 1,242 BTC, marking a 16% increase from August and an astounding 245% increase from September 2022. This surge in production was fueled by a 508% rise in the firm’s installed hashrate.
The CEO of Marathon Digital, Fred Thiel, expressed satisfaction with reaching their goal of 23 exahashes on an installed basis. The company is now exploring opportunities for additional mining locations that offer low-cost renewable energy.
Riot Platforms Also Increases BTC Production
Riot Platforms saw a 9% month-on-month increase in Bitcoin production, mining 362 BTC in September while strategically curtailing operations. The firm has a long-term contract where it sells pre-purchased power to its utility provider in exchange for power curtailment credits at market-driven spot prices.
Riot Platforms CEO Jason Les stated that this contract continues to be a strong revenue source for the company. In addition to Bitcoin sales proceeds, Riot earned $11 million in Power Credits and $2.5 million in Demand Response Credits.
CleanSpark Achieves Record Performance
CleanSpark had its best quarter and fiscal year ever, producing 643 BTC in September and a total of 6,903 BTC from October 2022 to September 2023. The company’s CEO, Zach Bradford, attributed the record results to increased efficiency, low energy costs, and running facilities at maximum capacity.
Bit Digital Sees Production Decline
Bit Digital reported a 7% decrease in Bitcoin production in September, mining 130.2 BTC. The decline was due to approximately 600 petahashes of miners going offline during a power utility mandated maintenance outage on September 26th.
Hot Take: Bitcoin Miners Experience Production Boosts Amid Stable Prices
Bitcoin mining companies Marathon Digital, Riot Platforms, and CleanSpark have all seen increases in Bitcoin production, despite the cryptocurrency’s price remaining steady. This positive trend has resulted in share price boosts for these firms.
Marathon Digital achieved impressive growth with a 245% increase in Bitcoin production compared to the previous year. Riot Platforms strategically curtailed operations while increasing BTC production and earning significant revenue from power curtailment credits. CleanSpark had its best quarter and fiscal year ever, thanks to improved efficiency and low energy costs.
Overall, these developments highlight the resilience and profitability of Bitcoin mining, even in periods of price stability.
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