Bitcoin mining firms Marathon Digital, Riot Platforms, and CleanSpark experienced a significant increase in Bitcoin production in September, resulting in a slight boost in their share prices on October 4th. This positive outcome occurred despite Bitcoin’s price remaining relatively stable during the month, fluctuating between $25,100 and $28,500.
Marathon Digital, in particular, saw its Bitcoin production rise by 245% in September compared to the same month in 2022. The company produced a total of 1,242 BTC, which is a 16% increase from August. This spike in production was driven by a 508% increase in the firm’s installed hashrate, reaching 23.1 exahashes per second. Marathon Digital’s CEO, Fred Thiel, expressed satisfaction with reaching their goal of 23 exahashes and stated that they are now exploring opportunities for further expansion in locations offering low-cost renewable energy. The company has produced a total of 8,610 BTC year-to-date and holds 13,726 unrestricted BTC and $101 million in unrestricted cash and cash equivalents on its balance sheet.
Riot Platforms also witnessed a 9% increase in BTC production in September compared to the previous month. The company produced 362 BTC while strategically curtailing mining operations. Riot Platforms benefits from a long-term contract where it sells pre-purchased power to its utility provider at market-driven prices and receives power curtailment credits in return. CEO Jason Les highlighted that this contract has been a strong revenue source for the firm, earning them $11 million in Power Credits and $2.5 million in Demand Response Credits.
CleanSpark had its best quarter and fiscal year to date, producing 643 BTC in September and 6,903 BTC during the fiscal year from October 1, 2022, to September 30, 2023. CEO and President Zach Bradford attributed this success to increased efficiency, low energy costs, and the company’s facilities operating at maximum capacity.
Despite these positive results, Bit Digital experienced a 7% decline in Bitcoin production in September, producing only 130.2 BTC. The company stated that this decrease was due to approximately 600 petahashes of miners going offline during a power utility mandated maintenance outage.
Overall, the increase in Bitcoin production for Marathon Digital, Riot Platforms, and CleanSpark demonstrates the resilience and profitability of these mining operations. As these companies continue to optimize their operations and explore opportunities for growth, they are likely to remain key players in the Bitcoin mining industry.
