Marathon Digital and Riot miners achieve record Bitcoin production in October
Marathon and Riot Platforms set new Bitcoin production records in October
Two major Bitcoin mining companies, Marathon Digital Holdings and Riot Platforms, have reported record monthly Bitcoin production levels in October 2024, marking their highest output since April's halving event. This increase comes despite mounting difficulties in the Bitcoin mining industry, including a rising network hash rate that has intensified mining difficulty across the board.
Technological achievements of Marathon Digital
On November 4, Marathon Digital announced a 2% increase in Bitcoin production, totaling 717 BTC for October. This milestone, the company’s strongest since the halving, was achieved with an energized hash rate growth to 40.2 exahashes per second (EH/s), a 14% increase over September’s 35.2 EH/s. Fred Thiel, Marathon’s CEO, attributed the improved output to sustained system uptime and technological advancements, including proprietary tools like Slipstream and MARAPool. These platforms help Marathon capitalize on high transaction fees, which accounted for 4.8% of October’s total production revenue. Notably, two transactions yielded fees of 3.217 BTC and 2.665 BTC, reflecting Marathon’s success in capturing value from fee spikes.
Marathon is on track to reach its 50 EH/s target by the end of 2024. The company’s current Bitcoin holdings stand at 27,562 BTC, including 4,499 BTC held in reserve. In October, Marathon won 200 blocks, slightly fewer than the 207 achieved in September, largely due to increased global competition among miners. However, the slight decrease in blocks won was offset by improved transaction fee capture and Marathon’s expanded hash rate.
Riot Platforms performance and infrastructure growth
Meanwhile, Riot Platforms also reported substantial growth, with October marking a new production high of 505 BTC, up 23% from September’s 412 BTC. This increase in output is largely credited to Riot’s ongoing expansion at its Corsicana facility in Texas, where the company has deployed the latest MicroBT miners. Riot’s CEO, Jason Les, emphasized that the boost in production is part of a larger effort to scale operations and improve efficiencies. Riot’s hash rate rose to 29.4 EH/s, reinforcing the company’s strategic positioning in the industry.
In addition to achieving record output, Riot is advancing the development of its Corsicana site. Phase 1 of this facility, which will provide 400 megawatts (MW) of power, is nearing completion. Riot has also commenced planning for Phase 2, expected to add another 600 MW, bringing the site’s total capacity to a substantial 1 gigawatt. The first phase of this ambitious project is scheduled to come online in 2025, signaling Riot’s long-term commitment to scaling its mining infrastructure.
The record-breaking October for both Marathon and Riot demonstrates the resilience and adaptability of these leading miners. Despite the increased difficulty and heightened global competition, both firms have managed to leverage advanced technology, infrastructure improvements, and effective operational strategies to achieve unprecedented levels of Bitcoin production. Their progress underscores the competitive dynamics in the Bitcoin mining industry as companies strive to maintain profitability in a landscape defined by constant technological and economic shifts.
Recall, earlier we wrote that the largest miners in North America continue to increase BTC mining, despite the problems in the cryptocurrency sector.
