As a seasoned researcher with a penchant for all things crypto, I find myself consistently astounded by the resilience and adaptability of Bitcoin miners like Marathon Digital and Riot Platforms. After the halving in April, I had my doubts about their ability to bounce back so swiftly, but here we are witnessing a strong rebound that surpasses even pre-halving levels.
Bitcoin mining companies, Marathon Digital and Riot Blockchain, have recently reported their highest monthly Bitcoin production levels since the Bitcoin halving event in April. This suggests a robust recovery after the reduction of miner rewards by half.
In October, Marathon generated approximately 717 Bitcoin (BTC), equivalent to around $48.8 million, according to a statement made by the company’s CEO, Fred Thiel on November 4th. This increase was partially credited to a significant boost in hashrate, which surpassed 40 exahashes per second and experienced an over 14% rise.
As an analyst, I noted that the increased transaction fees in October significantly contributed to Marathon’s Bitcoin generation, accounting for roughly 5% of the global Bitcoin production, according to my observations.
The firm said its mining pool, MARAPool, and private mempool Slipstream, helped it earn $400,000 worth of Bitcoin from two high-fee transactions.
Despite a 3% drop in successful block minings, caused by increased mining complexity within the network, Marathon managed to reach its target.
According to recent reports, major players in Bitcoin mining are recovering following the reduction in rewards from the Bitcoin blockchain, which occurred in April and cut the reward per block from 6.25 Bitcoins to 3.125 Bitcoins. This change had a noticeable effect on miners’ income in the short term.
In the same vein, Riot generated approximately 505 Bitcoins, valued at around $34.4 million, during October, signifying an uptick of about 22.6% compared to the previous month.
The company credits the boost in performance, now at 29.4 exahashes per second (EH/s), to the installation of additional MicroBT miners at its Corsicana facility, which increased its hashrate from 28.2 EH/s in September.
On November 4th, contrary to their robust monthly reports, Marathon (MARA) and Riot (RIOT) stocks experienced a dip of 3.79% and 4.87% respectively, according to Google Finance data.
Marathon and Riot stand firm with hashrate targets
By the end of 2024, Riot aims to reach a hashrate of approximately 34.9 Exahash per second (EH/s). Furthermore, they project that by 2027, they could potentially boost this to 100 EH/s, given their option to acquire additional MicroBT mining equipment in the future.
Riot’s projected hash rate (39.4 EH/s) was lower than the intended goal (36.3 EH/s) because the expansion of their new Kentucky facilities progressed more slowly than anticipated.
Meanwhile, Marathon said its hashrate target of 50 EH/s before 2025 is still “within sight.”
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2024-11-05 04:05