Bitcoin Miners Post Record-High Numbers in September

Image credit: Jcomp via Freepik

Bitcoin miners Marathon Digital, Riot Platforms, CleanSpark, and Bitfarms saw never-before-seen numbers last month. The September surge saw some miners more than double their production.

Marathon Digital Shatters Records

Bitcoin mining firm Marathon Digital hit a remarkable milestone by producing 1,242 BTC in September. This represented a staggering 245% increase compared to the same month in 2022. The spike can be attributed to a significant 508% increase in the firm’s installed hashrate. It jumped from 3.8 exahashes per second (EH/s) in September 2022 to an impressive 23.1 EH/s.

Marathon’s CEO Fred Thiel expressed satisfaction in reaching their goal of 23 exahashes on an installed basis. Furthermore, the company is actively exploring opportunities to branch out its mining operations in locations that offer low-cost renewable energy.

Marathon has now accumulated 8,610 BTC year-to-date in 2023. The firm’s robust balance sheet reveals holdings of 13,726 unrestricted BTC and $101 million in unrestricted cash and cash equivalents, totaling $471.2 million. These impressive figures led to a 3.29% increase in the firm’s share price to $7.54 on October 4th.

Riot Platforms Strategically Increases Production

Riot Platforms also reported a 9% increase in Bitcoin production for September while putting their mining operations on the drawing board. The firm maintains a long-term contract that involves selling pre-purchased power at market-driven spot prices in exchange for power curtailment credits. Such strategy has proven lucrative for them.

Riot’s CEO, Jason Les, revealed that they received $11.0 million in Power Credits and $2.5 million in Demand Response Credits during the same period. This surpassed the net proceeds of Bitcoin sales in August and September.

Riot Platforms anticipates further growth, with plans to increase its self-mining hash rate capacity from 12.5 EH/s to 20.1 EH/s by mid-2024 through the installation of 33,000 next-generation Bitcoin miners. This positive outlook contributed to a 3.25% increase in Riot’s share price to $9.06 on October 4th.

CleanSpark Records Best Performance Ever

CleanSpark, another player in the Bitcoin mining industry, reported a stellar performance in September, producing 643 BTC. Their fiscal year, from October 1, 2022, to September 30, 2023, marked the company’s best performance to date, with a total of 6,903 BTC mined. CEO and President Zach Bradford links this success to increased efficiency, low energy costs, and operating facilities at maximum capacity.

CleanSpark’s share price surged by 4.61% to $3.63 on October 4th.

Bitfarms Eyes the Future

In Canada, Bitfarms experienced a 7.3% increase in BTC mining output in September 2023. This surge in production was driven by the ongoing installation of additional miners and the full activation of its Argentina facility, now operating at 51 megawatts (MW). Bitfarms has increased its total operational capacity to 233 MW, representing a 24% boost in 2023.

Despite these gains, Bitfarms falls short of its 6.3 EH/s third-quarter target due to infrastructure delays. However, the company remains optimistic about the future. CEO Geoff Morphy emphasizes infrastructure development and financial flexibility in preparation for the anticipated Bitcoin halving in April 2024.

While the year-to-date mining figures for Bitfarms have dipped compared to the previous year, the company’s strategic approach positions it well for potential growth opportunities.


Bal M

Bal was BTW's copywriter specialising in tech and productivity tools. He has experience working in startups, mid-size tech companies, and non-profits.

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