Bitcoin Miners See Production Increases in September

Bitcoin Miners See Production Increases in September

Time Stamp: October 5, 2023 2:37 AM
Source Node: 2917895

The
Bitcoin mining sector has been experiencing a surge of activity recently.
Companies such as
Marathon Digital, Riot Platforms, and CleanSpark have reported substantial
increases in Bitcoin production for the month of September.

Despite
Bitcoin’s price remaining relatively stagnant, these miners have demonstrated
resilience. They witnessed a rise in their share prices on October 4 as well.

Marathon
Digital Soars with 245% Increase in Bitcoin Production

Marathon
Digital, a leading Bitcoin mining firm, reported a staggering 245% increase in
Bitcoin production compared to September 2022. In September 2023, they mined a
total of 1,242 BTC, marking a 16% increase from August.

The
key driver behind this surge was a remarkable 508% increase in their installed
hashrate, rising from 3.8 exahashes per second (EH/s) in September 2022 to an
impressive 23.1 EH/s. Marathon Digital’s CEO, Fred Thiel, expressed
satisfaction in reaching their goal of 23 exahashes on an installed basis and
revealed plans to expand into locations with low-cost renewable energy sources
to further boost their mining capacity.

Year-to-date,
Marathon Digital has produced a total of 8,610 BTC in 2023. Their balance sheet
showcases impressive holdings, with 13,726 unrestricted BTC and $101 million in
unrestricted cash and cash equivalents, totaling $471.2 million. These
remarkable results translated to a 3.29% increase in the firm’s share price,
closing at $7.54 on October 4.

Riot
Platforms Increases Production and Revenue Sources

Riot
Platforms, another player in the Bitcoin mining sector, reported a 9% increase
in Bitcoin production for September, mining 362 BTC. Interestingly, Riot
Platforms adopted a strategy of strategically curtailing mining operations
while benefiting from a long-term contract in which they sell pre-purchased
power to their utility provider at market-driven spot prices, receiving power
curtailment credits.

CEO
Jason Les revealed that this contract had contributed significantly to the
firm’s revenue, bringing in $11.0 million in Power Credits and $2.5 million in
Demand Response Credits. Notably, Riot Platforms’ power curtailment credits
exceeded the net proceeds from Bitcoin sales in August and September.

Riot
Platforms currently boasts a total self-mining hash rate capacity of 12.5 EH/s,
with plans to expand to 20.1 EH/s by mid-2024 through the installation of
33,000 next-generation Bitcoin miners. This positive performance translated
into a 3.25% increase in the firm’s share price,
closing at $9.06 on October 4.

CleanSpark
Achieves Record-Breaking Results

CleanSpark,
a Bitcoin mining company, celebrated its “best quarter” and “best fiscal year ever” according to CEO and President Zach Bradford.
In September, CleanSpark produced 643 BTC, contributing to a total of 6,903 BTC
during its fiscal year from October 1, 2022, to September 30, 2023. Bradford
attributed these record-breaking results to increased efficiency, low energy
costs, and running facilities at maximum capacity.

CleanSpark’s
share price rose by 4.61% on October 4, closing at $3.63, reflecting investor
optimism in the company’s exceptional performance.

Bit
Digital Faces Production Decline Due to Maintenance Outage

In
contrast to the positive trends seen among other Bitcoin miners, Bit Digital
reported a 7% decline in Bitcoin production for September, mining 130.2 BTC.
The decline was attributed to approximately 600 petahashes per second of miners
going offline due to a power utility-mandated maintenance outage on September
26.

The
Bitcoin mining industry
witnessed a diverse range of results in September, with Marathon Digital, Riot
Platforms, and CleanSpark standing out with significant production increases,
bolstering their share prices and reinforcing their positions in the crypto-mining
market.

The
Bitcoin mining sector has been experiencing a surge of activity recently.
Companies such as
Marathon Digital, Riot Platforms, and CleanSpark have reported substantial
increases in Bitcoin production for the month of September.

Despite
Bitcoin’s price remaining relatively stagnant, these miners have demonstrated
resilience. They witnessed a rise in their share prices on October 4 as well.

Marathon
Digital Soars with 245% Increase in Bitcoin Production

Marathon
Digital, a leading Bitcoin mining firm, reported a staggering 245% increase in
Bitcoin production compared to September 2022. In September 2023, they mined a
total of 1,242 BTC, marking a 16% increase from August.

The
key driver behind this surge was a remarkable 508% increase in their installed
hashrate, rising from 3.8 exahashes per second (EH/s) in September 2022 to an
impressive 23.1 EH/s. Marathon Digital’s CEO, Fred Thiel, expressed
satisfaction in reaching their goal of 23 exahashes on an installed basis and
revealed plans to expand into locations with low-cost renewable energy sources
to further boost their mining capacity.

Year-to-date,
Marathon Digital has produced a total of 8,610 BTC in 2023. Their balance sheet
showcases impressive holdings, with 13,726 unrestricted BTC and $101 million in
unrestricted cash and cash equivalents, totaling $471.2 million. These
remarkable results translated to a 3.29% increase in the firm’s share price,
closing at $7.54 on October 4.

Riot
Platforms Increases Production and Revenue Sources

Riot
Platforms, another player in the Bitcoin mining sector, reported a 9% increase
in Bitcoin production for September, mining 362 BTC. Interestingly, Riot
Platforms adopted a strategy of strategically curtailing mining operations
while benefiting from a long-term contract in which they sell pre-purchased
power to their utility provider at market-driven spot prices, receiving power
curtailment credits.

CEO
Jason Les revealed that this contract had contributed significantly to the
firm’s revenue, bringing in $11.0 million in Power Credits and $2.5 million in
Demand Response Credits. Notably, Riot Platforms’ power curtailment credits
exceeded the net proceeds from Bitcoin sales in August and September.

Riot
Platforms currently boasts a total self-mining hash rate capacity of 12.5 EH/s,
with plans to expand to 20.1 EH/s by mid-2024 through the installation of
33,000 next-generation Bitcoin miners. This positive performance translated
into a 3.25% increase in the firm’s share price,
closing at $9.06 on October 4.

CleanSpark
Achieves Record-Breaking Results

CleanSpark,
a Bitcoin mining company, celebrated its “best quarter” and “best fiscal year ever” according to CEO and President Zach Bradford.
In September, CleanSpark produced 643 BTC, contributing to a total of 6,903 BTC
during its fiscal year from October 1, 2022, to September 30, 2023. Bradford
attributed these record-breaking results to increased efficiency, low energy
costs, and running facilities at maximum capacity.

CleanSpark’s
share price rose by 4.61% on October 4, closing at $3.63, reflecting investor
optimism in the company’s exceptional performance.

Bit
Digital Faces Production Decline Due to Maintenance Outage

In
contrast to the positive trends seen among other Bitcoin miners, Bit Digital
reported a 7% decline in Bitcoin production for September, mining 130.2 BTC.
The decline was attributed to approximately 600 petahashes per second of miners
going offline due to a power utility-mandated maintenance outage on September
26.

The
Bitcoin mining industry
witnessed a diverse range of results in September, with Marathon Digital, Riot
Platforms, and CleanSpark standing out with significant production increases,
bolstering their share prices and reinforcing their positions in the crypto-mining
market.

Time Stamp:

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