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Bitcoin mining companies Marathon Digital, Riot Platforms, and CleanSpark experienced significant increases in Bitcoin production during September, resulting in a slight rise in their share prices on October 4.
The firms’ financial positions also improved, even as Bitcoin’s price (BTC) remained relatively stable, fluctuating between $25,100 and $28,500 throughout the month.
Marathon’s Bitcoin production surges 245%
Marathon Digital, a Bitcoin mining entity, generated a total of 1,242 BTC in September, marking a 16% rise from August and an impressive 245% increase compared to September 2022.
This substantial growth in BTC production was driven by a 508% rise in the firm’s installed hashrate, which increased from 3.8 exahashes per second (EH/s) in September 2022 to 23.1 EH/s, as reported in Marathon’s September results.
Marathon Digital Holdings’ September #Bitcoin Production Update is here:
– Increased Monthly Average Operational Hash Rate 20%
– Produced 1,242 BTC in September 2023 and 8,610 BTC Year-To-Date
– Record Monthly Share of Miner Rewards at 4.3%
– Combined Unrestricted Cash and…— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) October 4, 2023
In the statement released on October 4, Marathon’s CEO Fred Thiel expressed satisfaction in achieving the target of 23 exahashes on an installed basis. The U.S.-based company is now exploring new mining sites that provide low-cost renewable energy:
“We are evaluating multiple opportunities for our next 5 exahashes of hash rate capacity including international locations with low-cost renewable energy.”
Marathon has produced a total of 8,610 BTC year-to-date in 2023. The firm’s balance sheet indicates 13,726 unrestricted BTC and $101 million in unrestricted cash and cash equivalents, amounting to a total of $471.2 million.
The company’s share price rose by 3.29% to $7.54 on October 4, according to Google Finance.
Riot Platforms boosts BTC production as well
In parallel, Bitcoin miner Riot Platforms reported a 9% month-on-month increase in BTC production, generating 362 BTC in September while “strategically curtailing mining operations.”
The company is engaged in a long-term agreement that allows it to sell pre-purchased power to its utility provider at market-driven spot prices in return for power curtailment credits.
Riot Produces 362 #Bitcoin in September 2023 While Continuing to Execute Power Strategy.
Read the full press release here: https://t.co/8v798bXwLg— Riot Platforms, Inc. (@RiotPlatforms) October 4, 2023
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<pRiot Platforms CEO Jason Les noted that the contract has continued to serve as a robust revenue source for the company:
“By strategically curtailing mining operations, we also received $11.0 million in Power Credits pursuant to our long-term power contracts with our utility provider, and $2.5 million in Demand Response Credits from participating in ERCOT’s ancillary services program.”
The results indicate that Riot earned more from power curtailment credits than from the net proceeds of its Bitcoin sales in August and September.
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Les also mentioned that Riot’s total self-mining hash rate capacity currently stands at 12.5 EH/s, with expectations to increase that figure to 20.1 EH/s once the firm installs an additional 33,000 next-generation Bitcoin miners in mid-2024.
Riot’s share price increased by 3.25% to $9.06 on October 4, according to data from Google Finance.
CleanSpark achieves its ‘best quarter’ and ‘best fiscal year ever’
Bitcoin miner CleanSpark produced 643 BTC in September and 6,903 BTC during its fiscal year from October 1, 2022, to September 30, 2023 — marking the company’s best performance to date, as stated by CleanSpark’s CEO and President Zach Bradford.
“We had our best quarter and best fiscal year ever,” Bradford remarked in an October 3 statement.
We had our best quarter and best fiscal year ever. Our efficiency is up, our energy costs are among the best in the industry, and our facilities are running at max capacity. I'm especially proud of our teams and leaders who, day in and day out, demonstrate grit@CleanSpark_Inc… https://t.co/61LGL4kAKL
— Zach Bradford (@ZachKBradford) October 3, 2023
Bradford highlighted increased efficiency, competitive energy costs, and facilities operating at maximum capacity as key factors contributing to the firm’s record results.
CleanSpark’s share price rose by 4.61% to $3.63 on October 4, according to Google Finance.
Bit Digital, which also announced results on October 4, was among the few companies that saw a decline in Bitcoin production in September, reporting a 7% decrease to 130.2 BTC.
In an October 4 statement, the firm attributed the decline to approximately 600 petahashes (per second) of miners going offline due to a maintenance outage mandated by a power utility on September 26.
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