Leading Bitcoin miners Marathon, Riot, and CleanSpark significantly boost their Bitcoin production in September.

Bitcoin miners Marathon, Riot, CleanSpark increase BTC output in September

In September, Bitcoin miners Marathon Digital, Riot Platforms, and CleanSpark achieved significant increases in Bitcoin production, leading to a notable rise in their share prices on October 4th.

Despite Bitcoin’s price remaining relatively stable, fluctuating between $25,100 and $28,500 throughout the month, these mining firms demonstrated robust performance.

Marathon Digital saw an impressive 245% increase in Bitcoin production, generating a total of 1,242 BTC in September. This marked a 16% rise compared to August, driven by a substantial 508% boost in the company’s installed hash rate, reaching 23.1 exahashes per second (EH/s) compared to 3.8 EH/s in September 2022. Marathon CEO Fred Thiel expressed satisfaction with reaching their goal of 23 exahashes and revealed plans to expand further, exploring locations with low-cost renewable energy.

Marathon’s year-to-date production for 2023 now stands at 8,610 BTC. The firm’s balance sheet reflects 13,726 unrestricted BTC and $101 million in unrestricted cash and cash equivalents, totaling $471.2 million. This strong performance led to a 3.29% increase in Marathon’s share price to $7.54 on October 4th.

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Similarly, Riot Platforms reported a 9% month-on-month increase in BTC production, yielding 362 BTC in September. Despite strategic mining operation adjustments, the firm continued to benefit from its long-term contract, selling pre-purchased power to its utility provider, resulting in substantial revenue from power curtailment and demand response credits.

Riot Platforms’ CEO, Jason Les, shared plans to enhance the company’s self-mining hash rate capacity from 12.5 EH/s to 20.1 EH/s by mid-2024 through the installation of 33,000 next-generation Bitcoin miners. This performance led to a 3.25% share price increase to $9.06 on October 4th.

CleanSpark achieved its best quarter and fiscal year performance to date, producing 643 BTC in September and 6,903 BTC during its 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 running facilities at maximum capacity. As a result, CleanSpark’s share price rose by 4.61% to $3.63 on October 4th.

However, Bit Digital experienced a 7% decrease in Bitcoin production in September, down to 130.2 BTC. This drop was attributed to miners going offline during a power utility-mandated maintenance outage on September 26th.

These developments showcase the resilience and growth of Bitcoin mining companies, even in a stable price environment.”

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