In September, Bitcoin mining companies Marathon Digital, Riot Platforms, and CleanSpark reported significant growth in Bitcoin production. This positive performance translated into a modest uptick in their share prices on October 4th.
Despite Bitcoin’s price remaining relatively stable, fluctuating between the $25,100 and $28,500 range throughout the month, these firms managed to bolster their financial positions, reflecting resilience in their balance sheets.
Marathon experiences an impressive 245% surge in Bitcoin production.
In September, the Bitcoin mining company Marathon Digital achieved a remarkable milestone by producing a total of 1,242 BTC. This represents a notable 16% increase compared to August and an astounding 245% surge when compared to the same month in 2022.
The substantial rise in BTC production can be attributed to an impressive 508% growth in the company’s installed hashrate, which increased from 3.8 exahashes per second (EH/s) in September 2022 to an impressive 23.1 EH/s, as reported in Marathon’s September performance results.
In the statement dated October 4th, Marathon’s CEO, Fred Thiel, expressed satisfaction in achieving the company’s target of 23 exahashes on an installed basis. The United States-based firm is actively seeking new mining locations that provide access to affordable renewable energy sources. Year-to-date in 2023, Marathon has generated a total of 8,610 BTC. On its balance sheet, the company holds 13,726 unrestricted BTC and maintains $101 million in unrestricted cash and cash equivalents, resulting in a total of $471.2 million.
On October 4th, the company’s share price experienced a 3.29% increase, reaching $7.54, according to data from Google Finance.
Riot Platforms ups BTC production too
On the other hand, Riot Platforms, a Bitcoin mining company, managed to boost its monthly BTC production by 9%, generating 362 BTC in September, all the while implementing a strategic reduction in mining activities.
The company operates under a long-term contract arrangement, where it sells previously acquired electricity to its utility provider at spot prices determined by the market. In return, Riot Platforms receives credits for curtailing its power usage as part of this contractual agreement.
According to Jason Les, the CEO of Riot Platforms, their contractual arrangement continues to be a robust source of revenue for the company. The financial results indicate that Riot generated more income from power curtailment credits compared to the net proceeds from its Bitcoin sales during both August and September.
Furthermore, Les mentioned that Riot currently possesses a self-mining hash rate capacity of 12.5 exahashes per second (EH/s) and anticipates increasing it to 20.1 EH/s by mid-2024 following the installation of an additional 33,000 next-generation Bitcoin miners.
On October 4th, Riot’s stock price rose by 3.25% to reach $9.06, as reported by data from Google Finance.
CleanSpark achieved its “strongest quarter” and its “most successful fiscal year to date.”
Bitcoin mining company CleanSpark generated 643 BTC in September and a total of 6,903 BTC throughout its fiscal year spanning from October 1, 2022, to September 30, 2023. This remarkable achievement marks CleanSpark’s most outstanding performance to date, as highlighted by the company’s CEO and President, Zach Bradford.
Zach Bradford enthusiastically stated, “We experienced our finest quarter and most successful fiscal year ever,” on October 3rd.
Bradford pointed to three key factors driving the company’s exceptional results: heightened operational efficiency, economical energy expenses, and the utilization of their facilities at maximum capacity.
On October 4th, CleanSpark’s stock price witnessed a 4.61% surge, reaching $3.63, according to data from Google Finance.
Conversely, Bit Digital, which also unveiled its results on the same day, was among the few companies that experienced a decline in Bitcoin production during September, with a notable 7% decrease to 130.2 BTC.
In a statement dated October 4th, the company attributed this decline to the temporary offline status of approximately 600 petahashes per second (PH/s) of mining power due to a mandated maintenance outage enforced by the power utility on September 26th.