Marathon Digital, Riot Platforms, and CleanSpark, three bitcoin miners, reported significant gains in September’s Bitcoin production, which resulted in a slight uptick in share prices on October 4. Despite Bitcoin’s price (BTC) experiencing another month of sideways movement and remaining stuck between the $25,100 and $28,500 level, the company’s balance sheets also improved.
Bitcoin production at Marathon increases by 245%
Marathon Digital, a bitcoin mining company, generated 1,242 BTC in total in September, a significant 245% rise from September 2022 and a 16% increase from August.
According to Marathon’s September data, the company’s installed hashrate increased by 508%, from 3.8 exahashes per second (EH/s) in September 2022 to 23.1 EH/s.
Marathon’s CEO, Fred Thiel, stated in the Oct. 4 statement that the company was happy to achieve its objective of 23 exahashes on an installed basis. The American company says it is currently searching for new mining sites that offer affordable renewable energy sources:
For our next 5 exahashes of hash rate capacity, “we are evaluating multiple opportunities, including international locations with cheap renewable energy.”
According to Marathon, it has generated 8,610 BTC thus far in 2023. 13,726 unconstrained BTC and $101 million in unrestricted cash and cash equivalents, totaling $471.2 million, are shown on the company’s balance sheet.
Riot Platforms increases BTC output as well
Riot Platforms, a Bitcoin miner, raised its monthly BTC output by 9% and generated 362 BTC in September while “strategically curtailing mining operations.”
In a long-term agreement, the company trades credits for power curtailment for the right to sell pre-purchased electricity to its utility provider at market-determined spot pricing.
The contract has remained a reliable source of income for Riot Platforms, according to CEO Jason Les of the company:
In addition to receiving $2.5 million in Demand Response Credits from taking part in ERCOT’s auxiliary services programme, “by strategically reducing mining operations, we also received $11.0 million in Power Credits pursuant to our long-term power contracts with our utility provider.” The findings reveal that Riot’s power curtailment credits were worth more to it than the money it made from selling bitcoin in August and September.
According to Les, Riot’s total self-mining hash rate capability is currently 12.5 EH/s, and the company anticipates that if it adds 33,000 more next-generation Bitcoin miners in the middle of 2024, it will increase that number to 20.1 EH/s.
Google Finance data shows that on October 4, Riot’s share price grew by 3.25% to $9.06.
In its “best quarter” and “best fiscal year ever,” CleanSpark reports success.
According to CleanSpark CEO and President Zach Bradford, the company had its best performance to date with 643 BTC created in September and 6,903 BTC produced during the course of the company’s fiscal year, which ran from October 1, 2022, to September 30, 2023.
Increased productivity, reduced energy costs, and fully utilised facilities were noted by Bradford as three of the key factors contributing to the company’s record performance.
According to Google Finance, the share price of CleanSpark gained 4.61% to $3.63 on October 4.
One of the few companies with declining Bitcoin output in September was Bit Digital, which also announced results on October 4. It recorded a 7% decline to 130.2 BTC.
The company explained the decline in a statement on October 4 by blaming the shutdown of 600 petahashes (per second) of miners on a power utility-mandated maintenance outage on Sept. 26.