Prolific September for Bitcoin Miners Boosts Share Prices
Summary:
Bitcoin miners Marathon Digital, Riot Platforms, and CleanSpark reported significant increases in their Bitcoin outputs for September 2023. This marks a positive turn for the firms despite Bitcoin's price remaining relatively stable. Marathon Digital saw a 245% rise in production as compared to September 2022, while Riot Platforms elevated production by 9% month-on-month, and CleanSpark recorded its best fiscal year with 6,903 Bitcoins mined. These increases led to a small boost in all three companies' share prices on October 4.
On October 4th, there was a small surge in share prices as Bitcoin miners Marathon Digital, Riot Platforms and CleanSpark reported significant upticks in Bitcoin outputs for September, regardless of Bitcoin's moderate fluctuations in price, swinging between $25,100 and $28,500.
Marathon Digital, a Bitcoin mining company, generated 1,242 Bitcoin during September, signifying a 16% rise from August and a colossal 245% surge in comparison with September 2022. Marathon attributes this significant increase in Bitcoin yield to an upgrade in their installed hashrate, experiencing a 508% boost from 3.8 exahashes per second in September 2022 to 23.1 exahashes per second, as per their September report.
Marathon Digital has announced their goals met at 23 exahashes based on an installed capacity, expressing satisfaction in the progress. In addition, the U.S based company highlights its quest in search for new mining sites with cost-effective renewable energy. Marathon has confirmed to have mined a total of 8,610 Bitcoin in 2023 so far, with their balance sheet showing 13,726 Bitcoin, and $101 million in unrestricted cash, amounting to $471.2 million in total. Google Finance reported an increase in share prices, reaching $7.54 on October 4, a 3.29% rise.
Also amplifying their Bitcoin production was Bitcoin miner Riot Platforms, experiencing a 9% growth in Bitcoin production and producing 362 Bitcoin in September. They managed to secure these achievements while purposefully scaling back their mining operations. They are currently engaging in a long-term deal in which they sell pre-bought energy to their utility provider at fluctuating market costs for power curtailment credits. In fact, Riot's earnings from these credits have surpassed the net proceeds from their Bitcoin sales during August and September. By mid-2024, Riot expects to increase their hash rate capacity from 12.5 exahashes to 20.1 exahashes through the installation of next-generation Bitcoin miners. Riot's share prices also went up by 3.25%, standing at $9.06 on October 4, reported Google Finance.
CleanSpark, another Bitcoin miner noted a stellar performance in September, creating 643 Bitcoin and a cumulative 6,903 Bitcoin in the fiscal year - a record according to the President and CEO of CleanSpark, Zach Bradford. The success is largely due to improved efficiency, optimum energy costs and facilities operating at full capacity. CleanSpark’s shares experienced a 4.61% rise on October 4, reaching $3.63 according to Google Finance data.
On October 4th, Bit Digital, one of the few companies to record a drop in Bitcoin production during September, experiencing a 7% decline ending with 130.2 Bitcoin. The company identified a maintenance outage on September 26th mandated by their power utility as the cause, resulting in approximately 600 petahashes of miner operations going offline.
Published At
10/5/2023 1:01:31 AM
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