Kenne Michael 
Bitcoin miners Marathon Digital, Riot Platforms, and CleanSpark reported significant increases in Bitcoin production in September, resulting in a modest increase in stock prices on October 4.
The firm’s balance sheets strengthened despite Bitcoin’s (BTC) price documenting another month of sideways movement, hovering between $25,100 and $28,400.
Marathon’s Bitcoin Production Increase by 245%
Bitcoin mining firm Marathon Digital produced a total of 1,242 BTC in September — a 16% increase from August and an immense 245% increase from September 2022.
Marathon’s installed hashrate increased by 508% from 3.8 exahashes per second (EH/s) in September 2022 to 23.1 EH/s in September, according to the company’s September results.
Marathon Digital Holdings’ September #Bitcoin Production Update is here:
– Increased Monthly Average Operational Hash Rate 20%
– Produced 1,242 BTC in September 2023 and 8,610 BTC Year-To-Date
– Record Monthly Share of Miner Rewards at 4.3%
– Combined Unrestricted Cash and…— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) October 4, 2023
Fred Thiel, CEO of Marathon, stated in a statement released on October 4 that the company was pleased to have reached its target of 23 exahashes on an installed basis. The U.S.-based company says it is now searching for new mining locations with inexpensive 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 reports that it has produced 8,610 BTC so far in 2023.
Totaling $471.2 million, the company’s balance sheet displays 13,726 unrestricted BTC and $101 million in unrestricted cash and cash equivalents.
Google Finance said the company’s share price rose 3.29 percent to $7.54 on October 4.
In September, Bitcoin miner Riot Platforms increased its BTC production by 9% month-over-month, producing 362 BTC while “strategically mining operations.”
The company has a long-term agreement with its utility provider whereby it sells pre-purchased power at market-driven spot prices in exchange for power curtailment credits.
Riot Produces 362 #Bitcoin in September 2023 While Continuing to Execute Power Strategy.
Read the full press release here: https://t.co/8v798bXwLg
— Riot Platforms, Inc. (@RiotPlatforms) October 4, 2023
Jason Les, CEO of Riot Platforms, stated that the contract has continued to be a significant source of revenue for the company.
“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 indicate that Riot earned more from power curtailment credits in August and September than it did from Bitcoin transactions.
Les stated that Riot’s total self-mining hash rate capacity is presently 12.5 EH/s, and the company expects to increase this figure to 20.1 EH/s by mid-2024, when it installs an additional 33,000 next-generation Bitcoin miners.
Google Finance data shows that Riot’s share price rose 3.25% to $9.06 on October 4.
CleanSpark experiences its “best quarter ever” and “best fiscal year ever.”
CleanSpark, a Bitcoin miner, produced 643 BTC in September and 6,903 BTC in its fiscal year from October 1, 2022, to September 30, 2023, the company’s greatest performance to date, according to CEO and President Zach Bradford.
“We had our best quarter and best fiscal year ever,” Bradford said in a statement released on October 3.
We had our best quarter and best fiscal year ever. Our efficiency is up, our energy costs are among the best in the industry, and our facilities are running at max capacity. I'm especially proud of our teams and leaders who, day in and day out, demonstrate grit@CleanSpark_Inc… https://t.co/61LGL4kAKL
— Zach Bradford (@ZachKBradford) October 3, 2023
Bradford cited increased efficiency, low energy costs, and facilities operating at maximum capacity as the primary reasons for the company’s record performance.
Google Finance states CleanSpark’s stock price rose 4.61% on October 4 to $3.63.
Bit Digital, which also published its results on October 4, was one of the few companies whose Bitcoin production decreased in September, falling by 7% to 130.2 BTC.
In a statement released on October 4, the company attributed the decline to approximately 600 petahashes (per second) of miners going inactive on September 26 due to a power utility-mandated maintenance outage.