KANALCOIN NEWS โ Bitcoin miners Marathon Digital and Riot Platforms recorded a strong increase in Bitcoin production in September. This led to a slight increase in the share price on October 4. Because it generated 1,242 BTC and accounted for a record 4.3% share of Bitcoin miner rewards.
Bitcoin again recorded sideways movement or ranged between $25,100 and $28,500. However, this situation has a positive effect on the companyโs balance sheet, which is getting stronger.
Bitcoin Marathon Production Increase
Bitcoin mining company Marathon Digitalโs earnings increase by 16% from August and a massive 245% increase from September 2022. With total earnings of 1,242 BTC in September 2023.
The big spike in BTC production came from a 508% increase in the companyโs installed hash rate from 3.8 exahashes per second (EH/s) in September 2022 to 23.1 EH/s for Marathonโs September earnings.
Marathon CEO Fred Thiel stated on October 4 that the company was pleased to have reached its goal of 23 installed exahashes. Fred Thiel said that they are now looking for new mining locations that offer renewable energy.
โWe are evaluating opportunities for the next 5 exahash hash rate capacity including international locations with low cost renewable energy.โ Fred Thiel explained in his statement.
To date, the American company has produced 8,610 BTC this year In 2023. The companyโs balance sheet shows 13,726 unrestricted BTC and $101 million in unrestricted cash and cash equivalents, for a total of $471.2 million.
According to Google Finance, Marathon Digitalโs share price increased to $7.54 on October 4, 2023 or the equivalent of 3.29%.
Increased BTC production By Riot Platforms
Not just Marathons. Another BTC miner, Riot Platform, also increased its BTC production by 9% month-on-month despite strategically limiting mining operations. So it was able to produce 362 BTC in September.
The company is still under a long-term contract selling previously purchased electricity to its utility provider. Uses market-driven spot prices in exchange for electricity cap credits.
Riot Platform CEO Jason Les explained that the contract continues to provide a strong source of revenue for the company:
โBy strategically curtailing mining operations, we also received $11.0 million in Power Credits under long-term power contracts with our utility providers, and $2.5 million in Demand Response Credits from participation in ERCOTโs ancillary service programs.โ Jason Les explained.
And the result, when compared to the net proceeds from Bitcoin sales in August and September, Riot earned more profit from electricity cap credits. Les said Riotโs total self-mining hash rate capacity currently stands at 12.5 EH/s.
And the company hopes to increase that figure to 20.1 EH/s. After the company installs 33,000 next-generation Bitcoin miners by mid-2024. And according to Google data, Riot shares increased to $9.06. Or the equivalent of 3.25% on October 4 2023.
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