Marathon mined 1,242 BTC in September, while Riot Platforms sold 340 BTC

At the start of October, mining companies reported results for the past month. ForkLog has compiled the key figures in one piece.

Marathon Digital Holdings

For September Marathon Digital Holdings generated 1,242 BTC, up 16% from August. Compared with the same month in 2022, the figure was up 245%.

“The growth in production since August is linked to higher uptime and reduced production curtailment in Texas,” said Marathon CEO Fred Thiel.

According to him, the hash rate in the United States averaged 15.8 EH/s, up 20%. Installed computing power stood at 23.1 EH/s.

As of September 30 Marathon held a total of 13,726 BTC. The company sold 800 BTC during the month and intends to monetise part of its assets in the first cryptocurrency in the future “to support monthly operations, treasury management, and overall corporate objectives”.

On 10 November the company will hold a special shareholders’ meeting. According to the press release, attendees will discuss and vote on several corporate proposals.

On 27 September Marathon Digital mined an invalid block at height #809,478 on the Bitcoin mainnet due to a transaction-ordering issue. Company representatives called the incident an “unforeseen” error.

Argo Blockchain

Argo Blockchain reported mining 136 BTC in September (4.5 BTC per day). Production rose 34% versus August, the company attributed to reduced downtime at the Helios data centre.

As of September 30 Argo Blockchain held 32 BTC; mining revenue was $3.59 million versus $2.93 million in August (+23%).

According to the statement, in the first month of autumn the firm completed the deployment of BlockMiner devices. Total hash rate stands at about 2.8 EH/s.

Riot Platforms

Riot Platforms (formerly Riot Blockchain) mined 362 BTC in September versus 333 BTC in August. Operating hash rate — 10.9 EH/s.

According to the report, the company sold 340 BTC at an average price of $26,379, net proceeds of $9 million. At month-end Riot held 7,327 BTC.

The firm also received $13.5 million in credits for responding to the electricity-supply balance from Texas operator ERCOT.

Riot noted that it has signed an agreement with MicroBT to purchase miners with a total capacity of 7.6 EH/s. It is expected that after deployment by mid-2024 the company’s hashrate will reach 20.1 EH/s.

HIVE Blockchain

In September HIVE Blockchain Technologies produced 269.5 BTC (on average 9 BTC per day).

The hashrate stood at 3.98 EH/s, including the GPU fleet. The figure was up 8.3% from August.

HIVE Blockchain also announced the acquisition of 1,000 Bitmain S19k Pro miners as part of gearing up for the halving.

“The aim of our equipment-procurement strategy is to optimise return on investment and maintain positive cash flow,” said Aydin Kilic, president and CEO of HIVE.

Bitfarms

For the first month of autumn Bitfarms mined 411 BTC — up 7.3% from August. By the end of September, hashrate stood at 6.1 EH/s.

On average the company mined 13.7 BTC per day, equivalent to about $369,900 per day and roughly $11.1 million for the month (based on a price of $27,000 on 30 September 2023).

Bitfarms also announced the installation of 4,600 miners.

Of the 411 BTC mined, the company sold 362 BTC, generating $9.5 million. The number of Bitcoins held stood at 703 ($19 million as of 30 September).

Bitfarms reduced total outstanding debt by $1.9 million; at month-end the balance was $9.9 million.

Hut 8 Mining

In September Hut 8 Mining generated 111 BTC (3.7 BTC per day). At month-end the company held 9,366 BTC.

As of the same period the miner estimated its hash rate at 2.6 EH/s.

According to the press release, at the meeting on 12 September shareholders voted overwhelmingly to approve the merger with US Bitcoin. Later the Supreme Court of British Columbia granted Hut 8 Mining final approval to merge.

Bit Digital

Nasdaq-listed Bit Digital mined 130.2 BTC — down 7% from the previous month. The company attributed the decline to increasing difficulty of bitcoin mining.

As of month-end the company’s hash rate stood at 1.19 EH/s. From 26 September to 6 October about 600 PH/s were lost due to a power outage at the supplier, and another roughly 250 PH/s due to seeking alternative hosting.

Cash reserves in the primary and secondary cryptocurrencies Bit Digital stood at 821.1 BTC and 13,783.4 ETH at fair market value about $22.1 million and $23 million respectively (as of 30 September). Cash and cash equivalents stood at $20.8 million.

Mining company stock performance over the last five days:

• Marathon Digital Holdings (MARA): +3.95%;
• Argo Blockchain (ARBK): +12.37%;
• Riot Blockchain (RIOT): +2.67%;
• Hut 8 (HUT): -1.58%;
• HIVE Blockchain (HIVE): +1.69%;
• Bitfarms (BITF): +0.99%;
• Bit Digital (BTBT): -1.41%.

In October, Australian Iris Energy announced plans to expand its bitcoin mining capacity by 25% after purchasing new devices from Bitmain.

In the same month, media reported financial problems at the largest manufacturer of mining equipment.