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bitcoin production

Marathon announced a 467% increase in Bitcoin production year-on-year in the third quarter, while hashrate rose over 400% in the same timeframe.

Bitcoin mining firm Marathon Digital Holdings saw its revenue surge $670% year-on-year in the third quarter of 2023, amid a nearly five-fold increase in Bitcoin production.

The results saw Marathon also swing to a quarterly profit, with $64.1 million of net income in the third quarter, according to the firm’s Nov. 8 results filing.

The firm partly attributed the improved financial results to a 467% spike in Bitcoin (BTC) production from 6.7 mined BTC per day in Q3 2022 to 37.9 BTC per day in Q3 2023. Similarly, Marathon’s energized hashrate boosted 403% over the same timeframe.

Marathon’s Q3 Earnings Release is here:
- Revenue of $97.8M, due to 467% increase in #Bitcoin production and higher BTC prices.
- Adjusted EBITDA improves to $43.7M.
- 8% increase in hash rate; expanding with hydro-powered ventures in Paraguay.
- Long-term debt reduced by 56%,…
— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) November 8, 2023

Part of Marathon’s boost in hashrate came from its new, 27-megawatt hydro-powered mining venture in Paraguay, which it announced on Nov. 8.

Marathon’s CEO and chairman Fred Thiel said the “significant progress” has helped strengthen the firm’s balance sheet ahead of the Bitcoin halving event scheduled for April 2024.

A $417 million note exchange completed in September managed to reduce Marathon’s long-term debt to 56% and in doing so captured over $100 million in cash savings for shareholders, Thiel noted, adding:

“For the first time in two years, our combined cash and bitcoin holdings exceeded our debt at the quarter's end.”

Meanwhile, Marathon remains committed to increasing its hashrate in the short to mid-term.

Its installed hashrate currently sits at 23.1 exahashes per second but the firm is looking to boost that to 26 EH/s and a further 30% in 2024.

Marathon’s (MARA) share price fell 6.9% to $8.55 on Nov. 8 but rebounded 4.3% in after-hours trading following the release of Marathon’s earnings statement, according to Google Finance.

*MARA’s change in share price on Nov. 8 (including after-hours trading). Source: Google Finance.*

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Bitcoin Miner Rewards

Marathon Digital, in particular, produced 1,242 Bitcoin in September, which accounted for a record 4.3% share of Bitcoin miner rewards.

Bitcoin miners Marathon Digital, Riot Platforms, and CleanSpark recorded strong Bitcoin production increases in September, leading to a small boost in share prices on Oct. 4.

The firm’s balance sheets also strengthened despite Bitcoin’s price (BTC) recording another month of sideways movement — hovering between the $25,100 and $28,500 mark.

Marathon's Bitcoin production rises 245%

Bitcoin mining firm Marathon Digital produced a total of 1,242 BTC in September — a 16% increase from August and a massive 245% increase from September 2022.

The huge spike in BTC production came from a 508% increase in the firm’s installed hashrate from 3.8 exahashes per second (EH/s) in September 2022 to 23.1 EH/s, according to Marathon’s September results.

Marathon Digital Holdings’ September #Bitcoin Production Update is here:

- Increased Monthly Average Operational Hash Rate 20%
- Produced 1,242 BTC in September 2023 and 8,610 BTC Year-To-Date
- Record Monthly Share of Miner Rewards at 4.3%
- Combined Unrestricted Cash and…
— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) October 4, 2023

In the Oct. 4 statement, Marathon’s CEO Fred Thiel said the firm was pleased to reach its goal of 23 exahashes on an installed basis. The United States-based firm says it’s now on the lookout for new mining locations offering low-cost renewable energy:

“We are evaluating multiple opportunities for our next 5 exahashes of hash rate capacity including international locations with low-cost renewable energy.”

Marathon says it has now produced 8,610 BTC year-to-date in 2023. The firm's balance sheet shows 13,726 unrestricted BTC and $101 million in unrestricted cash and cash equivalents on its balance sheet — totaling $471.2 million.

The firm’s share price increased 3.29% to $7.54 on Oct. 4, according to Google Finance.

Riot Platforms ups BTC production too

Meanwhile, Bitcoin miner Riot Platforms increased its BTC production by 9% month-on-month, producing 362 BTC in September while "strategically curtailing mining operations."

The firm is in a long-term contract whereby it sells pre-purchased power to its utility provider at market-driven spot prices in exchange for power curtailment credits.

Riot Produces 362 #Bitcoin in September 2023 While Continuing to Execute Power Strategy.

Read the full press release here: https://t.co/8v798bXwLg
— Riot Platforms, Inc. (@RiotPlatforms) October 4, 2023

Riot Platforms CEO Jason Les said the contract has continued to provide a strong revenue source for the firm:

“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.”

The results show that Riot earned more from power curtailment credits than the net proceeds of its Bitcoin sales in August and September.

Meanwhile, Les said Riot’s total self-mining hash rate capacity is currently at 12.5 EH/s, and the firm expects to bolster that figure to 20.1 EH/s once the firm installs another 33,000 next-generation Bitcoin miners in mid-2024.

Riot’s share price increased 3.25% to $9.06 on Oct. 4, according to data from Google Finance.

CleanSpark records its ‘best quarter’ and ‘best fiscal year ever’

Bitcoin miner CleanSpark produced 643 BTC in September and 6,903 BTC during its fiscal year from Oct. 1, 2022 to Sept. 30, 2023 — making it the company’s best performance to date, according to CleanSpark’s CEO and President Zach Bradford.

“We had our best quarter and best fiscal year ever," Bradford said in an Oct. 3 statement.

We had our best quarter and best fiscal year ever. Our efficiency is up, our energy costs are among the best in the industry, and our facilities are running at max capacity. I'm especially proud of our teams and leaders who, day in and day out, demonstrate grit@CleanSpark_Inc… https://t.co/61LGL4kAKL
— Zach Bradford (@ZachKBradford) October 3, 2023

Bradford cited increased efficiency, low energy costs and its facilities running at max capacity as three of the main drivers behind the firm’s record results.

CleanSpark’s share price increased 4.61% to $3.63 on Oct. 4, according to Google Finance.

Bit Digital, which also released results on Oct. 4, was one of a few firms whose Bitcoin production fell in September — recording a 7% fall to 130.2 BTC.

In an Oct. 4 statement, the firm attributed the fall to approximately 600 petahashes (per second) of miners dropping offline due to a power utility mandated maintenance outage on Sept. 26.

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Marathon Digital posts quarterly record of 2,195 Bitcoin mined in Q1

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Antminer

With a new quarterly production record, Marathon Digital is now on track to meet its mid-year target of 23 exahashes.

Bitcoin (BTC) mining firm Marathon Digital has reported a quarterly record of 2,195 BTC mined over the first quarter of 2023, currently worth around $62 million.

Marathon reported in an April 3 update that the 2,195 mined BTC is a 74% increase from the first quarter of last year and a 41% increase from Q4 2022.

It comes on the back of the miner increasing its operational hash rate by 195% from Q1 2022.

Marathon also recorded a monthly record of 825 BTC mined in March — currently valued at around $23.3 million — and marked a 21% production increase from February.

$MARA's March Production Update is here:
- Increased #Bitcoin Production 21% MoM
- Produced a Record 825 BTC in March ’23
- Produced a Record 2,195 BTC in Q1 ’23
- Increased Hash Rate 64% in Q1 ’23 (11.5 EH/s)
- Reported Unrestricted Cash and Cash Equiv. of $124.9M
- Increased… pic.twitter.com/Jc1ACI2kY2
— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) April 3, 2023

In a statement, CEO Fred Thiel said Marathon made “notable progress” on executing its two primary initiatives for 2023 — to energize its previously purchased mining rigs to reach 23 exahashes by the end of the second quarter and to optimize performance.

The firm is now exactly on target, having increased its operational hash rate from 7.0 exahashes on Jan. 1 to 11.5 exahashes as of March 31.

Marathon’s management attributed the increase in efficiency to it bringing online 25,900 Bitcoin miners based in various facilities in North Dakota, bringing its fleet to 105,200 mining rigs as of April 1.

Marathon explained its operational improvements cleaned up part of its balance sheet by wiping out $50 billion in debt in addition to repaying its loan back to the now-failed Silvergate Bank:

“We reduced our debt by $50 million and increased our unrestricted Bitcoin holdings by 3,132 Bitcoin after we prepaid our term loan and terminated our credit facilities with Silvergate Bank.”

The firm finished the quarter with approximately $124.9 million in unrestricted cash and cash equivalents, and 11,466 BTC, which equates to over $450 million.

Marathon noted the figures have not been audited.

*Marathon’s figures show a stronger first quarter after tough market conditions in 2022. Source:* *Marathon Digital*

Marathon expects operational efficiencies to continue having purchased a new batch of Antminer S19 XPs Bitcoin mining rigs that are said to be nearly 30% more efficient than the Antminer S19 Pro.

Once those miners are installed approximately 66% of Marathon’s hash rate will come from the S19 XPs, it said.

The design of S19 XPs has, however, been criticized by fellow Bitcoin mining firm Compass Mining.

In a March report the firm identified “three flaws” of the new S19s which may result in the mining rig overheating, or in some cases, shutting down completely.

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