Bitcoin Miners Marathon, Riot, CleanSpark to Increase BTC Production in September

Bitcoin miners Marathon Digital, Riot Platform and CleanSpark recorded strong increases in Bitcoin production in September, leading to a modest increase in their share price on October 4.

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

Marathon Bitcoin production increased by 245%.

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

The significant increase in BTC production is shown by Marathon's September results, which showed that the company's installed hashrate increased by 508% from 3.8 exahashes per second (EH/s) to 23.1 EH/s in September 2022.

Here is the Marathon Digital Holdings September #Bitcoin product update:

– Average operational hash rate increased by 20% – 1,242 BTC mined in September 2023 and 8,610 BTC year-to-date – Record mining monthly share at 4.3% – Unlimited cash and…

— Marathon Digital Holdings (NASDAQ: MARA ) (@MarthonDH) October 4, 2023

In an Oct. 4 statement, Marathon CEO Fred Thiel said the company is pleased to have reached its goal of 23 exahashes based on installs. The US-based company says it is on the lookout for new mining sites that could provide low-cost renewable energy.

“We are evaluating a number of opportunities for the next 5 hash rate capacities, including locations with global low-cost renewable energy.”

Marathon now claims to have produced 8,610 BTC year-to-date through 2023. The company's balance sheet shows 13,726 unlimited BTC and $101 million in unlimited cash and cash on the balance sheet – a total of $471.2 million.

The company's stock price rose 3.29 percent to $7.54 on Oct. 4, according to Google Finance.

Riot Platforms also adds BTC production

Meanwhile, bitcoin miner Riot Platforms increased its BTC production by 9% month-on-month, producing 362 BTC in September as it “strategically reduces mining operations.”

The company is in a long-term contract where it sells pre-purchased power to the utility at a market-based price for energy reduction credits.

Riot produced 362 #Bitcoin in September 2023 as it continues to execute its power strategy.

Read the full press release here: https://t.co/8v798bXwLg

– Riot Platforms, Inc. (@RiotPlatforms) October 4, 2023

According to Riot Platform CEO Jason Les, the contract continues to provide a strong source of revenue for the company:

“By strategically curtailing mining operations, we received $11.0 million in energy credits and $2.5 million in demand response credits from participation in the ERCOT Ancillary Services Program under our long-term power contract with our service provider.

The results show that Riot earned more from power reduction credits than from its Bitcoin sales in August and September.

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Meanwhile, Riot's total head-mining hash rate capacity currently stands at 12.5 EH/s, and will boost this figure to 20.1 EH/s after the company installs another 33,000 next-generation Bitcoin miners in mid-2024.

Riot's share price rose 3.25% to $9.06 on Oct. 4, according to Google Finance data.

CleanSpark recorded its ‘Best Quarter' and ‘Best Financial Year Ever'

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

“We had an excellent quarter and an excellent fiscal year,” Bradford said in a statement on Oct. 3.

We had a great quarter and a great fiscal year. We are efficient, our energy costs are among the best in the industry, and our facilities are operating at maximum capacity. I'm especially proud of our teams and leaders who show grit day in and day out @CleanSpark_Inc… https://t.co/61LGL4kAKL

— Zach Bradford (@ZachKBradford) October 3, 2023

Bradford cited increased efficiency, lower energy costs and higher capacity facilities as three of the main drivers behind the company's record results.

CleanSpark's stock price rose 4.61% to $3.63 on Oct. 4, Google Finance reports.

Bit Digital, which announced its results on October 4, was one of the few firms where Bitcoin production fell in September – registering a 7% drop to 130.2 BTC.

In an Oct. 4 statement, the firm attributed the downfall to a Sept. 26 utility-mandated maintenance outage that knocked about 600 petahash (per second) miners offline.

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