Bitcoin miners Marathon, Riot, and CleanSpark increased BTC production in September Cryptocurrency scrgruppen

Bitcoin mining companies Marathon Digital, Riot Platforms, and CleanSpark recorded strong increases in Bitcoin production in September, leading to an uptick in stock prices on October 4.

The company’s balance sheets also strengthened despite the price of Bitcoin (BTC) recording another month of sideways movement – hovering between the $25,100 and $28,500 mark.

Bitcoin production in Marathon increased by 245%

Bitcoin mining company Marathon Digital produced a total of 1,242 BTC in September – a 16% increase from August and a whopping 245% increase from September 2022.

The spike in Bitcoin production came from a 508% increase in the company’s proven hash rate from 3.8 exahashes per second (EH/s) in September 2022 to 23.1 exahashes/s. According to For September Marathon results.

In an October 4 statement, Marathon CEO Fred Thiel said the company was pleased to reach its goal of 23 exahash on a proven basis. The US-based company says it is now looking for new mining sites that provide low-cost renewable energy:

“We are evaluating multiple opportunities for five upcoming displacements of hash rate capacity including international sites with low-cost renewable energy.”

Marathon says it has now produced 8,610 bitcoins from 2023 to date. The company’s balance sheet shows 13,726 unrestricted Bitcoin and $101 million of unrestricted cash and equivalents on its balance sheet – for a total of $471.2 million.

The company’s stock price rose 3.29% to $7.54 on October 4. According to To Google Finance.

Riot Platforms is working to increase Bitcoin production as well

Meanwhile, Riot Platforms, a Bitcoin mining company, increased its Bitcoin production by 9% month-on-month, producing 362 Bitcoin in September while “strategically scaling back its mining operations.”

The company has entered into a long-term contract under which it sells previously purchased energy to its utility provider at market-driven spot rates in exchange for energy curtailment credits.

Riot Platforms CEO Jason Lees He said The contract continued to provide a strong source of income for the company:

“By strategically reducing our mining operations, we also received $11.0 million in energy credits pursuant to our long-term energy contracts with our utility provider, and $2.5 million in demand response credits from participation in ERCOT’s Ancillary Services Program. “

The results show that Riot earned more from power curtailment credits than net revenue from Bitcoin sales in August and September.

Related: Buying Bitcoin is better than mining Bitcoin in most circumstances – Analysis

Meanwhile, Riot’s total self-mining hash rate capacity currently stands at 12.5 EH/s, and the company expects to boost that number to 20.1 EH/s once the company installs 33,000 next-generation bitcoin mining rigs in mid-2024, Lees said.

Riot’s stock price rose 3.25% to $9.06 on October 4. According to To data from Google Finance.

CleanSpark records ‘best quarter’ and ‘best fiscal year ever’

Bitcoin mining company CleanSpark produced 643 BTC in September and 6,903 BTC during its fiscal year from October 1, 2022 to September 30, 2023 — making it the company’s best performance yet, according to CleanSpark CEO and President Zach Bradford.

“We had our best quarter and our best fiscal year ever,” Bradford said Oct. 3. statement.

Bradford cited increased efficiency, lower energy costs and operating its facilities at maximum capacity as three of the main drivers behind the company’s record results.

CleanSpark’s stock price rose 4.61% to $3.63 on October 4. According to To Google Finance.

Bit Digital, which also released its results on October 4, was one of the few companies whose BTC production fell in September – recording a 7% decline to 130.2 BTC.

On October 4th statement, The company attributed this decrease to approximately 600 petahashes (per second) of miners who stopped working due to a maintenance outage under the energy facilities on September 26.

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