Bitcoin Miners See Strong Production Increases in September

<p>The
Bitcoin mining sector has been experiencing a surge of activity recently.
Companies such as
Marathon Digital, Riot Platforms, and CleanSpark have reported substantial
increases in Bitcoin production for the month of September. </p><p>Bitcoin
Mining Sector's Resilience</p><p>Despite
Bitcoin's price remaining relatively stagnant, these miners have demonstrated
resilience. They witnessed a rise in their share prices on October 4 as well.</p><p>Marathon
Digital Soars with Increase of 245% in Bitcoin Production</p><p>Marathon
Digital, a leading Bitcoin mining firm, reported a staggering increase of 245% in
Bitcoin production compared to September 2022. In September 2023, they mined a
total of 1,242 BTC, marking an increase of 16% from August. </p><p>The
key driver behind this surge was a remarkable increase of 508% in their installed
hashrate, rising from 3.8 exahashes per second (EH/s) in September 2022 to an
impressive 23.1 EH/s. Marathon Digital's CEO, Fred Thiel, expressed
satisfaction in reaching their goal of 23 exahashes on an installed basis and
revealed plans to expand into locations with low-cost renewable energy sources
to further boost their mining capacity.</p><p>Year-to-date,
Marathon Digital has produced a total of 8,610 BTC in 2023. Their balance sheet
showcases impressive holdings, with 13,726 unrestricted BTC and $101 million in
unrestricted cash and cash equivalents, totaling $471.2 million. These
remarkable results translated to an increase of 3.29% in the firm's share price,
closing at $7.54 on October 4.</p><blockquote><p lang="en" dir="ltr">Marathon Digital Holdings’ September <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> 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…</p>— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) <a href="https://twitter.com/MarathonDH/status/1709548529260089496?ref_src=twsrc%5Etfw">October 4, 2023</a></blockquote><p>Riot
Platforms Increases Production and Revenue Sources</p><p>Riot
Platforms, another player in the Bitcoin mining sector, reported an increase of 9% in Bitcoin production for September, mining 362 BTC. Interestingly, Riot
Platforms adopted a strategy of strategically curtailing mining operations
while benefiting from a long-term contract in which they sell pre-purchased
power to their utility provider at market-driven spot prices, receiving power
curtailment credits. </p><p>The CEO, Jason Les revealed that this contract had contributed significantly to the
firm's revenue, bringing in $11.0 million in Power Credits and $2.5 million in
Demand Response Credits. Notably, Riot Platforms' power curtailment credits
exceeded the net proceeds from <a href="https://www.financemagnates.com/tag/bitcoin/">Bitcoin</a> sales in August and September.</p><p>Riot
Platforms currently boasts a total self-mining hash rate capacity of 12.5 EH/s,
with plans to expand to 20.1 EH/s by mid-2024 through the installation of
33,000 next-generation Bitcoin miners. This positive performance translated
into an increase of 3.25% in the firm's <a href="https://www.financemagnates.com/tag/share-prices/">share price</a>,
closing at $9.06 on October 4.</p><p>CleanSpark
Achieves Record-Breaking Results</p><p>CleanSpark,
a Bitcoin mining company, celebrated its "best quarter" and
"best fiscal year ever" according to the CEO and President, Zach Bradford.
In September, CleanSpark produced 643 BTC, contributing to a total of 6,903 BTC
during its fiscal year from October 1, 2022, to September 30, 2023. Bradford
attributed these record-breaking results to increased efficiency, low energy
costs, and running facilities at maximum capacity.</p><p>CleanSpark's
share price rose 4.61% on October 4, closing at $3.63, reflecting investor
optimism in the company's exceptional performance.</p><blockquote><p lang="en" dir="ltr">Our September <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a> mining update is live! <a href="https://twitter.com/search?q=%24CLSK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$CLSK</a>'s BTC production for FY2023 was up 84% compared to FY2022. In that same timeframe, our hashrate increased 131%.*Monthly production ending 9/30/23: 643*Total <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> holdings: 2,240*Deployed fleet: 88,954*Month-end fleet… <a href="https://t.co/6JjygtVU8Q">pic.twitter.com/6JjygtVU8Q</a></p>— CleanSpark Inc. (@CleanSpark_Inc) <a href="https://twitter.com/CleanSpark_Inc/status/1709198829004763291?ref_src=twsrc%5Etfw">October 3, 2023</a></blockquote><p>Bit
Digital Faces Production Decline Due to Maintenance Outage</p><p>In
contrast to the positive trends seen among other Bitcoin miners, Bit Digital
reported a decline of 7% in Bitcoin production for September, mining 130.2 BTC.
The decline was attributed to approximately 600 petahashes per second of miners
going offline due to a power utility-mandated maintenance outage on September
26.</p><p>The
<a href="https://www.financemagnates.com/tag/bitcoinmining/">Bitcoin mining</a> industry
witnessed a diverse range of results in September, with Marathon Digital, Riot
Platforms, and CleanSpark standing out with significant production increases,
bolstering their share prices and reinforcing their positions in the crypto-mining
market.</p>

This article was written by Tareq Sikder at www.financemagnates.com.