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Marathon and Riot report highest BTC output since April halving

Marathon and Riot report highest BTC output since April halving

Grafa2024/11/05 14:00
By: Mahathir Bayena
BTC-0.09%

Bitcoin (CRYPTO:BTC) mining firms Marathon Digital and Riot Platforms recorded their highest monthly Bitcoin production since the April halving.

Marathon produced 717 BTC in October, valued at approximately $48.8 million, with the increase partly attributed to a 14% rise in its hashrate, which exceeded 40 exahashes per second, according to CEO Fred Thiel’s Nov. 4 statement.

Higher transaction fees in October also contributed to Marathon’s production, accounting for around 5% of its total Bitcoin output.

Marathon reported that its mining pool, MARAPool, and private mempool, Slipstream, helped secure $400,000 in Bitcoin through two high-fee transactions.

The company noted it achieved these figures despite a 3% decrease in block wins due to higher network difficulty.

Riot Platforms reported a similarly strong month, mining 505 BTC in October, worth approximately $34.4 million—a 22.6% increase from the prior month.

Riot attributed the rise to an increase in its hashrate, which reached 29.4 EH/s after installing new MicroBT miners at its Corsicana, Texas facility.

Both companies have set targets to further increase their hashrates.

Riot aims to reach 34.9 EH/s by the end of 2024, with plans to expand to 100 EH/s by 2027, depending on future acquisitions.

Marathon has a goal of reaching 50 EH/s by 2025, which it described as “within sight.”

Despite the production gains, Marathon (MARA) and Riot (RIOT) shares dropped by 3.79% and 4.87%, respectively, on Nov. 4, according to Google Finance data.

The October production increase reflects adjustments by major mining firms to adapt to post-halving conditions, with both companies focusing on expanding their hashrates to support output.

At the time of reporting, the Bitcoin (BTC) price was $68,348.07.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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