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

BITCOIN MINERS ASIC miner report on bitcoin mining
BITCOIN MINERS ASIC miner report on bitcoin mining

At the beginning of October, mining companies reported on the results of their activities for the past month. ForkLog has collected the main indicators in one material.

Marathon Digital Holdings

In September, Marathon Digital Holdings generated 1242 BTC, exceeding August results by 16%. Compared to the same month in 2022, the figure increased by 245%.

“The increase in production since August is associated with an increase in uptime and a decrease in activity to reduce [производства] in Texas,” explained company CEO Fred Thiel.

According to him, the average operational hashrate in the US increased by 20%, to 15.8 EH/s. The installed computing power was 23.1 EH/s.

Marathon mined 1,242 BTC in September, while Riot Platforms sold 340 BTC
Data: Marathon Digital Holdings.

As of September 30, Marathon holds a total of 13,726 BTC. The company sold 800 BTC during the month and intends to sell a portion of its assets into the first cryptocurrency in the future “to support monthly operations, treasury management and general corporate purposes.”

Marathon mined 1,242 BTC in September, while Riot Platforms sold 340 BTC
Data: Marathon Digital Holdings.

The company will hold a special meeting of shareholders on November 10. According to the press release, meeting participants will discuss and vote on “several corporate proposals.”

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

Argo Blockchain

Argo Blockchain reported mining 136 BTC for September (4.5 BTC per day). The company explained the production increase by 34% compared to August by reducing the downtime of the Helios data center.

As of September 30, Argo Blockchain owned 32 BTC, mining revenue amounted to $3.59 million versus $2.93 million in August (+23%).

According to the statement, the firm completed the deployment of BlockMiner devices in the first month of fall. The total hashrate is approximately 2.8 EH/s.

Riot Platforms

Riot Platforms (formerly Riot Blockchain) mined 362 BTC in September compared to 333 BTC in August. Operational hashrate – 10.9 EH/s.

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

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

The firm also received $13.5 million in supply and demand credits from Texas operator ERCOT.

Riot recalled that they had entered into an agreement with MicroBT to purchase miners with a total capacity of 7.6 EH/s. Once the devices are deployed, the firm’s hashrate is expected to reach 20.1 EH/s by mid-2024.

HIVE Blockchain

During September, the mining company HIVE Blockchain Technologies produced 269.5 BTC (an average of 9 BTC per day).

The company’s hashrate was 3.98 EH/s, including the power of the graphics processing unit (GPU) fleet. The figure was 8.3% higher than in August.

HIVE Blockchain also announced the acquisition of 1,000 Bitmain S19k Pro miners in preparation for the halving.

“The goal of our equipment procurement strategy is to optimize return on investment and maintain positive cash flow,” said HIVE President and CEO Aydin Kilic.


In the first month of autumn, Bitfarms mined 411 BTC – 7.3% more than in August. At the end of September, the hashrate reached 6.1 EH/s.

On average, the company mined 13.7 BTC daily, which is equivalent to approximately $369,900 per day and approximately $11.1 per month (based on the asset price of $27,000 on September 30, 2023).

Marathon mined 1,242 BTC in September, while Riot Platforms sold 340 BTC
Data: Bitfarms.

Bitfarms also announced the installation of 4,600 miners.

Of the 411 BTC mined, the company sold 362 BTC, receiving $9.5 million. The number of bitcoins held was 703 ($19 million as of September 30).

Bitfarms reduced its total outstanding debt by $1.9 million, leaving a balance of $9.9 million at the end of the month.

Hut 8 Mining

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

As of the same period, the miner estimated his hashrate at 2.6 EH/s.

According to a press release, at a meeting on September 12, shareholders overwhelmingly approved the merger with US Bitcoin. The British Columbia Supreme Court later granted Hut 8 Mining final approval to incorporate.

Bit Digital

Nasdaq-listed Bit Digital mined 130.2 BTC, down 7% from the previous month. The company explained the decrease in the indicator by the increase in the complexity of Bitcoin mining.

At the end of the month, the company’s hashrate was 1.19 EH/s. From September 26 to October 6, about 600 PH/s were lost due to a power outage at the request of the supplier, another approximately 250 PH/s due to the search for an alternative hosting.

Bit Digital estimated treasury reserves in the first and second cryptocurrencies at 821.1 BTC and 13,783.4 ETH, with a fair market value of approximately $22.1 million and $23 million, respectively (as of September 30). The company’s cash and cash equivalents were $20.8 million.

Dynamics of securities of mining companies over the past 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%.

Let us recall that in October, the Australian Iris Energy announced plans to increase its Bitcoin mining capacity by 25% after purchasing new devices from Bitmain.

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

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