Several Bitcoin mining companies have reported impressive results for the previous month.
In September 2023, Bitcoin mining companies experienced a remarkable month. While the cryptocurrency world was captivated by high-profile legal cases involving figures like SBF and Celsius’ Mashinsky, Bitcoin miners were steadily enhancing their hash rates, promising a brighter future for the supply of the leading cryptocurrency.
News of record-breaking achievements from three prominent Bitcoin mining firms coincided with reports of Kraken observing a five-year all-time high (ATH) of BTC inflow and a significant 506.06 million hash rate surge in mid-September, as documented by YCharts.
CleanSpark Achieves Its Best Year on Record
CleanSpark successfully mined 643 BTC in September, bolstering its total BTC holdings to an impressive 2,240.
The firm’s CEO proudly declared that these numbers not only marked the most profitable quarter in their history over the past few months but also transformed CleanSpark’s fiscal year 2023 into its best year to date.
Riot Blockchain’s Strong Performance
Riot Blockchain also celebrated a highly successful month, even though it mined approximately half the amount that CleanSpark did, totaling 362 BTC. This achievement was primarily attributable to a strategic agreement with ERCOT, Texas’ electric grid.
This partnership resulted in over $13 million in energy credits, equivalent to more than 500 BTC at current market prices.
“By strategically curtailing mining operations, we also received $11.0 million in Power Credits pursuant to our contracts with our utility provider and $2.5 million in Demand Response Credits from participating in ERCOT’s ancillary services program. Combined, total Power and Demand Response Credits received equate to approximately 511 Bitcoin based on the average price of Bitcoin in September.”
Marathon Digital Holdings Mines Over 1,000 BTC
While CleanSpark and Riot Blockchain posted outstanding results in September, Marathon Digital Holdings outshone them all.
According to a press release issued by the firm, Marathon mined a remarkable 1,242 BTC during September, bringing its year-to-date total to an impressive 8,610 BTC.
Marathon also took this opportunity to outline its future plans and aspirations.
“Our primary focus is still growth. Now that we have reached our primary domestic growth target of 23 exahashes on an installed basis, we are evaluating multiple opportunities for our next 5 exahashes of hash rate capacity including international locations with low-cost renewable energy.”
Nevertheless, Marathon’s mining endeavors were not without their challenges. In its quest to set new records, the company encountered a setback when it mined an invalid block due to a Bitcoin transaction arrangement error.