Marathon Digital's Bitcoin Production Soars
Bitcoin mining firm Marathon Digital saw a significant increase in its Bitcoin production in September, resulting in a boost in share prices. The company produced a total of 1,242 BTC, marking a 16% increase from August and an impressive 245% increase from September 2022. The surge in BTC production was driven by a 508% increase in the firm's installed hashrate. Marathon Digital's CEO, Fred Thiel, expressed satisfaction with reaching their goal of 23 exahashes on an installed basis and mentioned their search for new mining locations offering low-cost renewable energy.
Riot Platforms Reports Increase in BTC Production
Bitcoin miner Riot Platforms also experienced a rise in BTC production in September, with a 9% month-on-month increase. Despite strategically curtailing mining operations, the company produced 362 BTC during the month. Riot Platforms CEO, Jason Les, highlighted the success of their long-term contract, which provides a strong revenue source for the firm through power curtailment credits. The results show that Riot earned more from power curtailment credits than from its Bitcoin sales. The company plans to further expand its self-mining hash rate capacity in the future.
CleanSpark Celebrates Best Performance Yet
Bitcoin miner CleanSpark achieved its best quarter and best fiscal year ever in September. The company produced 643 BTC during the month and a total of 6,903 BTC during its fiscal year from October 2022 to September 2023. CleanSpark's CEO and President, Zach Bradford, attributed the success to increased efficiency, low energy costs, and operating its facilities at maximum capacity.
Despite the positive results for Marathon Digital, Riot Platforms, and CleanSpark, Bit Digital experienced a fall in Bitcoin production in September. The company attributed the decline to miners going offline during a power utility maintenance outage.
Overall, these mining firms' strong production numbers indicate the continued growth and potential of the Bitcoin mining industry.
