The cryptocurrency market continues to be a hotbed of activity, and three notable mining companies, Marathon Digital, Riot Platforms and CleanSpark, did not disappoint in September with impressive growth in BTC mining.
Marathon Digital breaks records
September brought not only new challenges, but also records for Marathon Digital, which mined as much as 1,242 BTC, a significant share of the miners’ rewards. Their production was up 16% compared to August, and more importantly, up a massive 245% compared to September of last year. A key factor in this result was the dramatic expansion of hashing capacity, which increased by 508%, reaching 23.1 EH/s.
Marathon CEO Fred Thiel expressed satisfaction at reaching the 23 exahash target and announced plans to seek out new mining sites offering low-cost renewable energy. The company’s balance sheet is equally impressive, with production of 8,610 BTC in 2023 and resources of 13,726 BTC and $101 million in cash.
Riot Platforms also boosts mining, and with it, revenue
Riot Platforms, another industry leader, also increased mining by 9% in September, delivering 362 BTC to the market. The strategy adopted to reduce mining operations has brought significant benefits to the company, especially in the form of energy credits. Company officials also plan to expand further, increasing mining capacity to 20.1 EH/s with the installation of a new generation of 33,000 Bitcoin miners in 2024.
CleanSpark and its successive growth
CleanSpark, another major player in the industry, boasts excellent results. In September, they mined 643 BTC, and from October 2022 to September 2023, they reached 6,903 BTC. The company’s CEO, Zach Bradford, proudly announced that they had just completed “their best quarter and fiscal year ever.” The company’s performance is the result of increased productivity, low energy costs and efficient operation of facilities.
Not everyone is recording profits
Also worth mentioning on this occasion is Bit Digital, which reported a 7% drop in Bitcoin production in September. This phenomenon was caused by a power outage.
All in all, September turned out to be a successful month for the BTC mining industry, with Marathon Digital, Riot Platforms and CleanSpark leading the way. Despite the fluctuation in cryptocurrency prices, these companies reported significant growth in mining and revenue, which translates into an increase in the value of their shares. This proves that the cryptocurrency market is still a place full of opportunities for those who skillfully exploit its potential.
