Bitcoin Miners Marathon, Riot, and CleanSpark See Significant Increase in BTC Production in September

3:36 am
October 5, 2023
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Bitcoin mining companies Marathon Digital, Riot Platforms, and CleanSpark experienced notable growth in Bitcoin production during the month of September. This increase in output has led to a rise in share prices for these companies on October 4.

Despite Bitcoin’s price remaining relatively stable, with fluctuation between the $25,100 and $28,500 range, these mining firms saw strong improvements in their balance sheets.

Marathon’s BTC Production Surges by 245%

Marathon Digital, a Bitcoin mining firm, produced a total of 1,242 BTC in September. This marks a 16% increase from August and an impressive 245% increase from the same period in 2022. The significant spike in BTC production can be attributed to a 508% increase in the firm’s installed hashrate, which rose from 3.8 exahashes per second (EH/s) in September 2022 to 23.1 EH/s, according to Marathon’s September results.

“We are evaluating multiple opportunities for our next 5 exahashes of hash rate capacity, including international locations with low-cost renewable energy,” said Marathon Digital CEO Fred Thiel.

In addition to increased BTC production, Marathon Digital has produced a total of 8,610 BTC year-to-date in 2023. The company’s balance sheet shows 13,726 unrestricted BTC and $101 million in unrestricted cash and cash equivalents, totaling $471.2 million. This positive financial performance has resulted in a 3.29% increase in Marathon’s share price, reaching $7.54 on October 4.

Riot Platforms Also Sees Production Growth

Riot Platforms, another Bitcoin mining company, saw a 9% increase in BTC production in September. The company produced 362 BTC while “strategically curtailing mining operations.” Riot Platforms has a long-term contract through which it sells pre-purchased power to its utility provider in exchange for power curtailment credits.

“By strategically curtailing mining operations, we also received $11.0 million in Power Credits pursuant to our long-term power contracts with our utility provider, and $2.5 million in Demand Response Credits from participating in ERCOT’s ancillary services program,” said Riot Platforms CEO Jason Les.

Riot Platforms’ revenue from power curtailment credits exceeded the net proceeds of its Bitcoin sales in August and September. The company’s share price increased by 3.25% to $9.06 on October 4.

CleanSpark Achieves Record-Breaking Performance

CleanSpark, a Bitcoin mining company, produced 643 BTC in September and a total of 6,903 BTC during its fiscal year from October 1, 2022, to September 30, 2023. CleanSpark’s CEO and President Zach Bradford described this as the company’s best performance to date, attributing it to increased efficiency, low energy costs, and running facilities at maximum capacity.

As a result of its outstanding results, CleanSpark’s share price increased by 4.61% to $3.63 on October 4.

Bit Digital Experiences a Decline in Production

On the other hand, Bit Digital, which also released its results on October 4, saw a 7% decrease in Bitcoin production in September, with only 130.2 BTC. The decline was due to approximately 600 petahashes per second of miners being offline during a power utility mandated maintenance outage on September 26.


Bitcoin miners Marathon Digital, Riot Platforms, and CleanSpark witnessed significant growth in BTC production during September. Marathon saw a massive 245% increase in production, while Riot Platforms and CleanSpark experienced more modest increases. These improvements in Bitcoin output have resulted in higher share prices for these mining companies.


1. What caused the increase in BTC production for Marathon Digital?

The surge in BTC production for Marathon Digital can be attributed to a substantial increase in the firm’s installed hashrate, which rose by 508% from the previous year.

2. How did Riot Platforms generate revenue apart from Bitcoin sales?

Riot Platforms earned revenue from power curtailment credits obtained through long-term contracts with its utility provider and participation in an ancillary services program.

3. What factors contributed to CleanSpark’s record-breaking performance?

CleanSpark achieved its best performance to date due to increased efficiency, low energy costs, and running its facilities at maximum capacity.


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