Marathon increased its capacity, and Argo got rid of all mined BTC: how miners spent September

At the beginning of October, the largest public Bitcoin (BTC) miners reported their results for the past month.

We understand what is happening in the Bitcoin mining industry and how the actions of miners can affect the cryptocurrency market.

Marathon Digital Holdings

Mined: 1242 BTC (15.86% more than in August) Sold: 800 BTC Balance as of September 30: 13,726 BTC

In September, Marathon Holdings mined 1,242 bitcoins - almost 16% more than last month and 245% more than in September 2922. According to the company's chairman and CEO Fred Thiel, this is due to increased operating hours and reduced production winding down activity in Texas.

“In September, we profitably repaid most of the convertible debt at a significant discount. With just over six months until the next Bitcoin halving, our balance sheet has become a source of strength and allowed us to focus on further improving efficiency and reducing costs,” he commented.

Thiel also noted that Marathon has achieved its primary domestic growth target of 23 EH/s and will announce specific plans to expand production in the coming weeks.

Argo Blockchain

Mined: 136 BTC (29.52% more than in August) Sold: 153 BTC Balance as of September 30: 32 BTC

During September, Argo Blockchain mined 136 Bitcoins and accumulated significant energy credits, which reduce costs, improve mining margins, and increase cash flow. According to the company's report, the 30% increase in BTC mined compared to August is mainly due to fewer downtime hours. As of September 30, 2023, Argo owned 32 Bitcoins.

In September, the firm completed the deployment of a fleet of BlockMiner machines that accounts for about 0.3 EH/s of Argo hashrate in Quebec. The company's total capacity is now around 2.8 EH/s.