Bitcoin mining companies Marathon Digital and Riot Platforms reached their highest monthly BTC production figure since the last halving.
This development points to a strong recovery after miner rewards were halved. Marathon announced in October that it had produced 717 Bitcoins worth $48.8 million. The company attributed this production increase in part to the hash rate increasing by 14 percent to exceed 40 exahashes per second. Marathon CEO Fred Thiel drew attention to this situation in his statement on November 4.
Stating that high transaction fees in October also increased Marathon’s total Bitcoin production, Thiel said that these fees constitute approximately 5 percent of production. Marathon stated that it achieved this success despite experiencing a 3 percent decrease in block earnings due to increased network difficulty.
Riot Also Increased Bitcoin Production
Similarly, Riot Platforms generated 505 BTC worth $34.4 million in October. This indicates a 22.6 percent increase on a monthly basis. Riot attributed this increase to the hash rate increasing from 28.2 EH/s in September to 29.4 EH/s in October. The company stated that it has installed new MicroBT miners at its Corsicana facility.
However, despite these strong monthly production figures, Marathon (MARA) shares lost 3.79 percent and Riot (RIOT) shares lost 4.87 percent on November 4. This data was announced by Google Finance.
Marathon and Riot’s hash rate targets
Riot plans to increase the hash rate to 34.9 EH/s by the end of 2024 and reach the goal of 100 EH/s by 2027. It is thought that this goal can be achieved if the company fully exercises its option to purchase more MicroBT miners in the future. However, Riot’s 34.9 EH/s estimate was down from its original goal of 36.3 EH/s, as the recent expansion of its Kentucky facilities moved slower than planned.
On the other hand, Marathon stated that it is still possible to reach the 50 EH/s hashrate target before 2025 and that this target is “in sight.”
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