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Leading Bitcoin miners, Marathon Digital and Riot Platforms, reported record production figures for October, marking their highest output since the Bitcoin halving in April 2024.
Marathon mined 717 Bitcoin, equivalent to $48.8 million, while Riot generated 505 Bitcoin, valued at $34.4 million. The post-halving rebound in output underscores the significance of increased transaction fees and robust hashrate growth in sustaining miner profitability amid halved block rewards.
Marathon Digital’s BTC Production
Marathon’s increased production was partially attributed to its energized hashrate, which grew by 14% to over 40 exahashes per second. Marathon’s CEO, Fred Thiel, highlighted the impact of high transaction fees in October, which contributed around 5% of the company’s total Bitcoin production.
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Marathon’s proprietary MARAPool and Slipstream mempool services captured $400,000 in Bitcoin from two unusually high-fee transactions, further enhancing the month’s profitability. Despite a 3% reduction in block wins due to a rise in network difficulty, Marathon’s October production remained robust.
Riot Expands Hashrate
Riot Platforms similarly saw a notable boost in its October output, producing 505 Bitcoin, up by 22.6% compared to September. This rise is largely due to the company’s expanding hashrate, which reached 29.4 exahashes per second following the installation of new MicroBT miners at its Corsicana, Texas facility.
The additional capacity enabled Riot to sustain its upward production trajectory, demonstrating the efficacy of its recent investments in advanced mining infrastructure.
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Looking ahead, Riot has outlined an ambitious target to achieve a 34.9 EH/s hashrate by year-end and aims for a formidable 100 EH/s by 2027. Despite recent challenges, including slower-than-expected progress at its Kentucky facilities, the firm remains committed to scaling its operations through strategic acquisitions and additional MicroBT purchases.
Steady Hashrate Targets
Both Marathon and Riot are doubling down on their hashrate targets despite recent market volatility. Marathon remains optimistic about reaching its 50 EH/s hashrate goal by 2025, while Riot is refining its capacity expansion strategy to meet future demand.
Despite the companies’ positive monthly outputs, stock prices for Marathon (MARA) and Riot (RIOT) dipped on Nov. 4, falling by 3.79% and 4.87%, respectively, according to Google Finance. However, Marathon’s and Riot’s steady hashrate targets reflect confidence in their mining operations’ long-term resilience.
