Bitcoin Miners Marathon Digital and Riot Platforms Signal Highest Monthly BTC Production Since Halving

Marathon produced 717 Bitcoin BTC $68,219 — worth $48.8 million — in October, which the company partly attributed to its energized hashrate

Bitcoin miners Marathon Digital and Riot Platforms have just signaled their highest monthly Bitcoin production since the Bitcoin halving in April.

Marathon produced 717 Bitcoin ( BTC) ( $68,219) — valued at $48.8 million — in October, which the company partly attributed to its energized hashrate rising over 14% to surpass 40 exahashes per second, Marathon’s CEO Fred Thiel explained in a Nov. 4 statement.

Higher transaction fees in October also boosted Marathon’s overall Bitcoin output, which accounted for around 5% of the total Bitcoin production, Thiel said.

The firm said its mining pool, MARAPool, and private mempool Slipstream, helped it earn $400,000 worth of Bitcoin from two high-fee transactions.

Marathon noted it achieved the milestone despite a 3% decline in block wins due to heightened network difficulty.

The news indicates Bitcoin mining heavyweights are rebounding from the April halving, which saw the Bitcoin block subsidy sliced from 6.25 BTC to 3.125 BTC — impacting miner revenues in the short term.

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Similarly, Riot mined 505 Bitcoin — valued at $34.4 million — in October, marking a 22.6% month-on-month increase.

Bitcoin miners are installed at Riot’s Corsicana facility in Texas. Source: Riot

The firm attributed the rise to its increased hashrate to 29.4 EH/s — up from 28.2 EH/s in September as the firm installed new MicroBT miners at its Corsicana facility.

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Despite the strong monthly statements, Marathon (MARA) and Riot (RIOT) shares tanked 3.79% and 4.87% on Nov. 4, Google Finance data shows.

Marathon and Riot stand firm with hashrate targets

Riot is targeting 34.9 EH/s before 2024’s end and 100 EH/s by 2027, which it anticipates could be reached if it fully exercises its option to purchase more MicroBTs in the future.

However, Riot’s 39.4 EH/s estimate fell from its initial 36.3 EH/s target due to slower-than-planned expansion at its recently acquired Kentucky facilities.

Meanwhile, Marathon said its hashrate target of 50 EH/s before 2025 is still “within sight.”

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