Marathon Digital and Riot Blockchain, two of the largest public Bitcoin miners, have achieved record-breaking production levels following the halving event in April. Despite the challenges posed by increasing mining difficulty, both companies have reported significant increases in their monthly Bitcoin production.
Marathon Digital announced a 2% increase in Bitcoin production to 717 BTC in October, the highest monthly production since the halving. This achievement was attributed to higher transaction fees, with around 5% of the total BTC mined coming from these fees. The company’s Chairman and CEO, Fred Thiel, highlighted the role of Marathon’s proprietary technology platforms, such as Slipstream and MARAPool, in capturing additional revenue from transaction fees.
Additionally, Marathon’s active hashrate reached 40.2 exahashes per second (EH/s) in October, a 14% increase from the previous month. Thiel expressed confidence in the company’s ability to reach its target of 50 EH/s by the end of the year through the installation of new miners and infrastructure upgrades.
Riot Blockchain also saw a significant increase in Bitcoin production, producing 505 BTC in October, a 23% increase from the previous month. The company’s daily production rose from 13.7 BTC to 16.8 BTC, with CEO Jason Les attributing the increase to gains in hashrate deployment and operational efficiency. Riot’s hashrate reached 29.4 EH/s in October, up from 28.2 EH/s in September, driven by the deployment of new MicroBT miners.
By the end of October, Riot’s Bitcoin holdings had increased to 10,928 BTC, reflecting the company’s commitment to expanding its mining operations. Both Marathon Digital and Riot Platforms have demonstrated their ability to adapt to the changing landscape of Bitcoin mining and capitalize on opportunities for growth despite the challenges posed by rising network difficulty.
As the Bitcoin mining industry continues to evolve, companies like Marathon and Riot are setting new production records and pushing the boundaries of what is possible in terms of mining efficiency and profitability. Their success serves as a testament to the resilience and innovation of the industry as a whole, highlighting the potential for further growth and development in the coming months and years.