Bitcoin miners Marathon Digital, Riot Platforms, and CleanSpark recorded strong Bitcoin production growth in September, leading to a small increase in their share prices on Oct. 4.
The company’s balance sheet has also been strengthened, even as the price of Bitcoin (BTC) recorded another month of sideways trading, hovering between $25,100 and $28,500.
Marathon’s Bitcoin Production Increased 245%
Bitcoin mining company Marathon Digital produced a total of 1,242 BTC in September, a 16% increase from August and a 245% increase from September 2022.
According to Marathon’s September results, the huge spike in BTC production came from the company’s installed hash rate increasing from 3.8 exahashes per second (EH/s) to 23.1 EH/s in September 2022, a 508% increase.
Marathon Digital Holdings September#Bitcoindaily production update is here: - Monthly average operational hashrate up 20% - 1,242 BTC produced in September 2023, 8,610 BTC produced YTD - Record monthly share of miner rewards at 4.3% - Combined Unrestricted Cash and...
— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) October 4, 2023
In an October 4 statement, Marathon CEO Fred Thiel said the company was pleased to have achieved its goal of 23 exahashes on an installed base. The US-based company said it is now looking for new mining locations that offer low-cost renewable energy:
“We are evaluating multiple opportunities for five future hash capacity sites, including international locations with low-cost renewable energy.
Marathon said it has now produced 8,610 BTC by 2023. The company’s balance sheet shows it has 13,726 unrestricted BTC and $101 million in unrestricted cash and cash 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 Google Finance.
Riot Platform also increases BTC production
Meanwhile, Bitcoin miner Riot Platforms saw a 9% month-over-month increase in BTC production, producing 362 BTC in September while “strategically reducing mining operations.”
The company has a long-term contract to sell pre-purchased electricity to its utility provider at a market-driven spot price in exchange for curtailment credits.
Riot produces 362#Bitcoinin September 2023 while continuing to execute on power strategy. Read the full press release here: https://t.co/8v798bXwLg
— Riot Platforms (@RiotPlatforms) October 4, 2023
Jason Les, CEO of Riot Platforms, said the contract continues to provide a strong revenue stream for the company:
“Through the strategic reduction of mining operations, we also received $11 million in electricity credits under our long-term power contract with our utility provider, as well as $2.5 million in demand response credits for participation in ERCOT’s ancillary services program.”
The results show that Riot’s revenue from curtailment credits exceeded its net proceeds from Bitcoin sales in August and September.
Related: Buying Bitcoin is Preferable to BTC Mining in Most Cases – Analysis
Meanwhile, Les said Riot’s total self-mining hash rate is currently 12.5 EH/s, and the company expects that figure to increase to 20.1 EH/s once the company installs an additional 33,000 next-generation Bitcoin miners by mid-2024.
According to Google Finance, Riot's stock price rose 3.25% to $9.06 on October 4.
CleanSpark records 'best quarter' and 'best financial year ever'
Bitcoin miner CleanSpark produced 643 BTC in the fiscal year from October 1, 2022 to September 30, 2023, and 6,903 BTC in the fiscal year from October 1, 2022 to September 30, 2023 — the company’s best performance to date, according to Zach Bradford, CEO and president of CleanSpark.
“We had our best quarter and best financial year ever,” Bradford said in an Oct. 3 statement.
We had our best quarter and best fiscal year ever. Our efficiency continues to improve, our energy costs are among the best in the industry, and our facilities are running at maximum capacity. I'm especially proud of our team and leaders who show courage day in and day out @CleanSpark_Inc… https://t.co/61LGL4kAKL
— Zach Bradford (@ZachKBradford) October 3, 2023
Bradford cited improved efficiency, lower energy costs and its facilities operating at maximum capacity as the three main drivers behind the company’s record performance.
CleanSpark’s stock price rose 4.61% to $3.63 on October 4, according to Google Finance.
Bit Digital, which also released results on Oct. 4, was one of the few companies to see a drop in Bitcoin production in September, down 7% to 130.2 BTC.
In a statement on Oct. 4, the company attributed the drop to around 600 petahashes (petabytes per second) of miners going offline due to a Sept. 26 power company-mandated maintenance outage.
Magazine: Bitcoin 2023 in Miami is about “shitcoins on Bitcoin”
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