Bitcoin miners Marathon, Riot, CleanSpark increase BTC output in September

Bitcoin miners Marathon, Riot, CleanSpark increase BTC output in September

Bitcoin miners Marathon Digital, Riot Platforms, and CleanSpark recorded strong Bitcoin production increases in September, leading to a small boost in share prices on Oct. 4.

The firm’s balance sheets also strengthened despite Bitcoin’s price (BTC) recording another month of sideways movement — hovering between the $25,100 and $28,500 mark.

Marathon’s Bitcoin production rises 245%

Bitcoin mining firm Marathon Digital produced a total of 1,242 BTC in September — a 16% increase from August and a massive 245% increase from September 2022.

The huge spike in BTC production came from a 508% increase in the firm’s installed hashrate from 3.8 exahashes per second (EH/s) in September 2022 to 23.1 EH/s, according to Marathon’s September results.


In the Oct. 4 statement, Marathon’s CEO Fred Thiel said the firm was pleased to reach its goal of 23 exahashes on an installed basis. The United States-based firm says it’s now on the lookout for new mining locations offering low-cost renewable energy:

“We are evaluating multiple opportunities for our next 5 exahashes of hash rate capacity including international locations with low-cost renewable energy.”

Marathon says it has now produced 8,610 BTC year-to-date in 2023. The firm’s balance sheet shows 13,726 unrestricted BTC and $101 million in unrestricted cash and cash equivalents on its balance sheet — totaling $471.2 million. 

The firm’s share price increased 3.29% to $7.54 on Oct. 4, according to Google Finance.

Riot Platforms ups BTC production too

Meanwhile, Bitcoin miner Riot Platforms increased its BTC production by 9% month-on-month, producing 362 BTC in September while “strategically curtailing mining operations.”

The firm is in a long-term contract whereby it sells pre-purchased power to its utility provider at market-driven spot prices in exchange for power curtailment credits.

Riot Platforms CEO Jason Les said the contract has continued to provide a strong revenue source for the firm:

“By strategically curtailing mining operations, we also received $11.0 million in Power Credits pursuant to our long-term power contracts with our utility provider, and $2.5 million in Demand Response Credits from participating in ERCOT’s ancillary services program.”

The results show that Riot earned more from power curtailment credits than the net proceeds of its Bitcoin sales in August and September. 

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Meanwhile, Les said Riot’s total self-mining hash rate capacity is currently at 12.5 EH/s, and the firm expects to bolster that figure to 20.1 EH/s once the firm installs another 33,000 next-generation Bitcoin miners in mid-2024.

Riot’s share price increased 3.25% to $9.06 on Oct. 4, according to data from Google Finance.

CleanSpark records its ‘best quarter’ and ‘best fiscal year ever’

Bitcoin miner CleanSpark produced 643 BTC in September and 6,903 BTC during its fiscal year from Oct. 1, 2022 to Sept. 30, 2023 — making it the company’s best performance to date, according to CleanSpark’s CEO and President Zach Bradford.

“We had our best quarter and best fiscal year ever,” Bradford said in an Oct. 3 statement.

Bradford cited increased efficiency, low energy costs and its facilities running at max capacity as three of the main drivers behind the firm’s record results.

CleanSpark’s share price increased 4.61% to $3.63 on Oct. 4, according to Google Finance.

Bit Digital, which also released results on Oct. 4, was one of a few firms whose Bitcoin production fell in September — recording a 7% fall to 130.2 BTC.

In an Oct. 4 statement, the firm attributed the fall to approximately 600 petahashes (per second) of miners dropping offline due to a power utility mandated maintenance outage on Sept. 26.

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