Bitcoin miners Marathon Digital, Riot Platforms, and CleanSpark all experienced robust increases in Bitcoin production during September, leading to a modest uptick in their stock prices on October 4th.
Despite Bitcoin’s price fluctuating within a range of $25,100 to $28,500 throughout the month, these mining firms strengthened their balance sheets.
Marathon Digital’s Bitcoin Production Surges by 245%
Marathon Digital, a Bitcoin mining company, achieved a remarkable milestone in September, producing a total of 1,242 BTC. This marked a 16% increase compared to August and an astonishing 245% growth compared to the same month in 2022.
The surge in BTC production was attributed to a substantial 508% rise in the firm’s installed hashrate, which surged from 3.8 exahashes per second (EH/s) in September 2022 to an impressive 23.1 EH/s.
Marathon’s CEO, Fred Thiel, expressed satisfaction with reaching the 23 exahashes goal and mentioned the company’s plans to explore new mining locations with cost-effective renewable energy sources.
Marathon reports a year-to-date production of 8,610 BTC in 2023. The company’s financial statement reveals holdings of 13,726 BTC without restrictions and $101 million in unencumbered cash and cash equivalents, amounting to a total of $471.2 million.
The firm’s share price increased 3.29% to $7.54 on Oct. 4, according to Google Finance.
Riot Platforms Reports Increased BTC Production
During September, Riot Platforms, another Bitcoin mining firm, observed a 9% month-on-month increase in BTC production, generating 362 BTC. The company strategically reduced its mining operations as part of a long-term contract to sell pre-purchased power at market-driven spot prices in exchange for power curtailment credits.
Riot Platforms CEO, Jason Les, highlighted the significant revenue derived from this contract, including $11.0 million in Power Credits and $2.5 million in Demand Response Credits.
Les also revealed that Riot’s self-mining hash rate capacity currently stands at 12.5 EH/s, with plans to increase it to 20.1 EH/s by installing additional next-generation Bitcoin miners in mid-2024.
Riot’s share price increased 3.25% to $9.06 on Oct. 4, according to data from Google Finance.
CleanSpark Achieves Record Performance
CleanSpark, a Bitcoin miner, achieved outstanding results in September, producing 643 BTC. Additionally, during its fiscal year from October 1, 2022, to September 30, 2023, the company mined 6,903 BTC, marking its best performance to date.
CEO and President Zach Bradford attributed this success to increased operational efficiency, low energy costs, and maximum utilization of their facilities.
Bit Digital Faces Temporary Setback
In contrast, Bit Digital experienced a 7% decline in Bitcoin production in September, mining 130.2 BTC. This decline was attributed to approximately 600 petahashes per second of miners going offline due to a mandated maintenance outage by a power utility on September 26.
Despite this setback, the Bitcoin mining industry remains dynamic, with companies adapting to various challenges and opportunities in the market.