TL;DR
- Bitcoin miners Marathon Digital and Riot Platforms reported their highest monthly Bitcoin production since April 2024 halving, with Marathon producing 717 BTC worth $48.8 million and Riot mining 505 BTC worth $34.4 million.
- The surge in production is attributed to increased hash rates and higher transaction fees, with Marathon’s hash rate rising over 14% to surpass 40 exahashes per second and Riot’s hash rate increasing to 29.4 exahashes per second.
- Despite strong production figures, shares of Marathon and Riot declined by 3.79% and 4.87%, respectively, reflecting broader market volatility and investor caution ahead of the U.S. presidential election.
Bitcoin miners Marathon Digital and Riot Platforms have reported their highest monthly Bitcoin production since the halving event in April 2024. This significant achievement comes as both companies have ramped up their operations, resulting in a strong rebound in miner rewards.
Marathon Digital produced 717 Bitcoin in October, valued at approximately $48.8 million, while Riot Platforms mined 505 Bitcoin, worth around $34.4 million.
Bitcoin Miners Increased Hash Rates and Transaction Fees
The surge in production can be attributed to several factors, including increased hash rates and higher transaction fees. Marathon Digital’s CEO, Fred Thiel, noted that the company’s energized hash rate rose by over 14% in October, surpassing 40 exahashes per second.
This increase in hash rate played a crucial role in boosting Bitcoin output, despite a 3% decline in block wins due to heightened network difficulty. Additionally, higher transaction fees in October contributed to Marathon’s overall Bitcoin production, accounting for about 5% of the total output.
Similarly, Riot Platforms experienced a 22.6% month-on-month increase in Bitcoin production, driven by an increase in its hash rate to 29.4 exahashes per second.
The company installed new MicroBT miners at its Corsicana facility in Texas, which significantly enhanced its mining capabilities. Riot’s CEO, Jason Les, expressed satisfaction with the positive operational momentum and the firm’s ability to maintain strong production levels.
Future Hash Rate Targets
Both Marathon and Riot have set ambitious hash rate targets for the coming years. Riot aims to achieve a hash rate of 34.9 exahashes per second by the end of 2024 and 100 exahashes per second by 2027.
However, the company’s initial target of 36.3 exahashes per second was adjusted due to slower-than-expected expansion at its newly acquired Kentucky facilities. Meanwhile, Marathon remains confident in reaching its hash rate target of 50 exahashes per second before 2025.
Market Reactions
On November 4, shares of Marathon (MARA) and Riot (RIOT) saw declines of 3.79% and 4.87%, respectively, even with robust production numbers. This drop in stock prices reflects broader market volatility and investor caution ahead of the upcoming U.S. presidential election.
