Marathon Digital and Riot Platforms Reach Record Bitcoin Production Despite Halving Event
- Patricia ArquetteOriginal
- 2024-11-05 16:12:17857browse
Marathon Digital (Nasdaq: MARA) and Riot Platforms (Nasdaq: RIOT) have both reached record Bitcoin production since Bitcoin's halving in April, which reduced miner rewards by half, from 6.25 BTC to 3.125 BTC per block.
Nasdaq-listed crypto mining firms Marathon Digital (Nasdaq: MARA) and Riot Platforms (Nasdaq: RIOT) have both achieved record Bitcoin production in the months following Bitcoin's halving, which saw miner rewards slashed in half from 6.25 BTC to 3.125 BTC per block.
Marathon Digital revealed on Monday that it had mined 717 Bitcoin, valued at $47.7 million, according to a statement. The crypto mining behemoth attributed the achievement in part to its improved energized hash rate.
“October was our best month of bitcoin production since April’s halving event as uptime remained strong and we grew our energized hash rate to 40.2 EH/s, a 14% increase over September,” said Fred Thiel, MARA's chairman and CEO.
“Despite a slight month-over-month decrease in block wins, driven by the growth in global hash rate and the resulting rise in difficulty level, BTC production increased by 2% to 717 BTC.”
The firm's total output was also boosted by higher transaction fees in October, with fees accounting for 5% of total Bitcoin production. Two high-fee transactions yielded MARA's mining pool, MARAPool, and its private transaction pool, Slipstream, 717 Bitcoin.
Riot, on the other hand, produced 505 Bitcoin in October, valued at $34.4 million, a 22.6% increase over the previous month. The firm attributed this success to its hashrate increase.
“During the month of October, our deployed hash rate increased to 29.4 EH/s, driven by new deployments of latest generation MicroBT miners at the Corsicana Facility,” explained Jason Les, CEO of Riot. “We are pleased with the positive operational momentum underway and look forward to continuing this progress.”
Both Marathon and Riot, however, saw their stock price fall around 4% over the past 24 hours and 20% and 17% respectively over the last five days.
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