Despite Challenges in September, Bitcoin Miners Had Reasons to Smile

• In a year marked by concerns, Bitcoin miners have been consistently increasing their hash rates, promising the future supply of the first cryptocurrency, despite the crypto world focusing on high-profile court cases involving SBF and Celsius’ Mashinsky.
• The record production news from three Bitcoin mining companies coincides with reports of Kraken hitting a 5-year ATH in BTC deposits and a mid-September hash rate increase of 506.06 million according to YCharts.
• According to a press release from the company, Marathon produced 1,242 BTC in September, bringing their total for the first nine months of the year to 8,610.

While September was not perfect for Bitcoin and the cryptocurrency market, Bitcoin mining companies saw significant developments during the month.

September Proved Profitable for Bitcoin Miners

September 2023 turned out to be a fantastic month for Bitcoin mining companies. In a crypto world focused on high-profile court cases involving SBF and Celsius’ Mashinsky, Bitcoin miners have been steadily increasing their hash rates, promising the future supply of the first cryptocurrency.

The news of record production from three Bitcoin mining firms coincides with reports of Kraken hitting a 5-year ATH in BTC deposits and a mid-September hash rate increase of 506.06 million according to YCharts. CleanSpark reportedly mined 643 BTC in September, bringing its total BTC holdings to 2,240.

According to the company’s CEO, these numbers not only made the past few months the most profitable quarter but also marked CleanSpark’s best year to date, FY23.

Riot Blockchain is also reported to have had a strong month. The company is said to have mined about half of what CleanSpark did, approximately 362 BTC in total. This was largely due to a deal with Texas’ ERCOT electrical grid, which paid over $13 million for energy credits exceeding 500 BTC at current prices. The company stated:

“By strategically curtailing mining operations, we received $11.0 million in accordance with our energy provider agreements and $2.5 million in Demand Response Credits related to participating in ERCOT’s ancillary services program. In total, the Energy and Demand Response Credits received equate to approximately 511 Bitcoin at the average Bitcoin price in September.”

Marathon Mined Over 1,000 BTC

Despite CleanSpark and Riot Blockchain achieving excellent results in September, they were outperformed by Marathon Digital Holdings. According to a press release from the company, Marathon mined 1,242 BTC in September, bringing their total to 8,610 for the first nine months of the year. Marathon also used the opportunity to announce its plans for the near future.

“Our focus remains on growth. With 23 exahash of installed capacity in our core indoor growth capacity, we are evaluating various opportunities for our next 5 exahash hash rate capacity, including low-cost renewable energy sources in international locations.”

However, Marathon’s mining ventures were not without incident. While racing to break new records, they managed to mine an invalid block due to an error in regulating Bitcoin transactions.