Riot Platforms Sold 440 BTC in October, while Bit Digital Trimmed Production by 14%

In early November, mining companies reported results for the past month. ForkLog has compiled the key figures in one piece.

Marathon Digital Holdings

For the second month of autumn, Marathon Digital Holdings mined 1,202 BTC, of which 18 BTC were produced through the joint venture in the UAE.

“In October we increased the active hash rate by 1%, to 19.2 EH/s, as the Garden City, Texas facility, where we have 4.1 EH/s of miners, began to come online. Once it’s fully commissioned by the end of the month, we will exceed our target of 23 EH/s,” said Fred Thiel, the company’s CEO.

As of October 31, Marathon had 13,396 BTC on its balance sheet. The firm sold 961 BTC to cover direct costs and intends to realise part of its Bitcoin holdings in the future “to support monthly operations, treasury management and general corporate purposes”.

For the third quarter Marathon Digital Holdings reported a net income of $64.1 million. Of the 3,490 BTC mined during the period, the company sold 66%, receiving $31.7 million.

Earlier, the miner announced a Bitcoin mining facility with a capacity of 27 MW in Paraguay powered 100% by renewable hydroelectric energy.

Argo Blockchain

Argo Blockchain mined 143 BTC in the past month (about 4.6 BTC per day). The company increased its daily production by 2% versus September, despite rising mining difficulty.

Revenue amounted to $4.26 million — up 19% from the previous figure. As of October 31, the company held 21 BTC.

Riot Platforms

Riot Platforms (formerly Riot Blockchain) mined 458 BTC in October, up 26% from September.

The increase in production was attributed to cooler temperatures in Texas and lower electricity demand. Collectively, Riot Platforms received 93 BTC in the form of credits for responding to the supply-and-demand balance with the local operator ERCOT.

The company holds 7,345 BTC, having sold 440 BTC in the past month. Net revenue amounted to $12.5 million (at an average price of $28,408 per coin). As of the end of October the hash rate was estimated at 11.7 EH/s.

For the third quarter, a miner’s total revenue rose to $51.9 million from $46.3 million in the same period last year. In total, Riot Platforms mined 1,106 BTC versus 1,042 BTC in the same period in 2022.

HIVE Blockchain

In October, HIVE Blockchain Technologies produced 265.9 BTC (an average of 8.6 BTC per day).

The company’s hash rate stood at 3.94 EH/s, including GPU-powered facilities. On some days during the month, the rate exceeded 4 EH/s.

“We continue to seek opportunities to buy Bitcoin ASIC miners that will deliver the best return on invested capital as we prepare for the upcoming halving,” said HIVE president and CEO Aydin Kilic.

Bitfarms

In the past month Bitfarms mined 398 BTC — down 3.2% from September. By the end of September the hash rate reached 6.3 EH/s.

The reduction in production was attributed to a 9.4% increase in difficulty compared with 2.7% in the prior period.

“During ten months ended October 31, network difficulty rose 76.6%, while BTC price rose about 107.8%, which led to a 23.3% improvement in production economics,” the release said.

From the 398 BTC mined, the company sold 341 BTC, receiving $10 million. Bitcoin holdings stood at 760 (roughly $26 million as of October 31).

Bitfarms reduced its total debt outstanding by $1.9 million, ending the month with a balance of $7.9 million.

Hut 8 Mining

In October Hut 8 Mining mined 112 BTC (about 3.6 BTC per day). By month-end the firm held 9,113 BTC.

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

On November 9, Hut 8 Mining disclosed updated information about the merger with US Bitcoin — the deal was approved by the US Securities and Exchange Commission.

Earlier, the company said Ontario Superior Court approved the purchase of four natural gas power plants in Ontario with total capacity of 310 MW and potential settlement with energy provider Validus Power Corp.

For the third quarter, Hut 8 Mining’s revenue fell to CAD 17 million. By comparison, for the same period in 2022 the figure was CAD 31.7 million.

The company mined 330 BTC — down 66% from Q3 2022. The reason was higher mining difficulty and suspension of operations at the North Bay facility, as well as discontinuation of GPU mining due to the Ethereum Merge update and power issues at the Drumheller facility in Alberta.

As of September 30, Hut 8 Mining’s hash rate stood at 2.6 EH/s, excluding the North Bay facility. On that date the company held 9,366 BTC ($341.4 million).

Bit Digital

Nasdaq-listed Bit Digital mined 111.6 BTC in October. The figure was down 14% from September, which the company attributed to higher mining difficulty, power outages, and relocating devices.

As of the end of October, the company’s hash rate was around 2 EH/s.

Treasury reserves in Bitcoin and Ethereum were 511.1 BTC and 16,022.5 ETH, with fair market values of about $17.7 million and $29.1 million respectively (as of October 31). The company’s cash and cash equivalents stood at $24.4 million.

Stock performance of mining companies over the last five days:

• Marathon Digital Holdings (MARA): +1.55%;
• Argo Blockchain (ARBK): -5.98%;
• Riot Blockchain (RIOT): -9.91%;
• Hut 8 (HUT): -20.43%;
• HIVE Blockchain (HIVE): -14.16%;
• Bitfarms (BITF): 0%;
• Bit Digital (BTBT): -7.08%.

Earlier, after another recalculation of Bitcoin mining difficulty, it increased by 3.55%. The metric hit a new high of 64.68 T.

According to Blockchain.com, on November 12 daily miner revenue was around $44 million — a record for 2023.