Bitcoin Mining Production Reaches Halving High
05 Nov, 2024 ● Crypto News
Bitcoin miners Marathon Digital and Riot Platforms have reported their highest monthly production since the April halving, indicating a significant recovery since the reduction in miner rewards.
Marathon produced 717 Bitcoin in October, valued at $48.8 million.
The company credited part of this increase to its hashrate, which grew over 14%, surpassing 40 exahashes per second.
Marathon’s CEO Fred Thiel mentioned in a Nov. 4 statement that higher transaction fees in October also contributed to the boost, making up around 5% of the total production.
The company highlighted that its mining pool, MARAPool, and its private mempool, Slipstream, helped earn $400,000 worth of Bitcoin from two high-fee transactions.
Marathon also noted that this achievement came despite a 3% decrease in block wins due to greater network difficulty.
The announcement signals that major Bitcoin mining companies are recovering from the halving in April, which reduced the Bitcoin block subsidy from 6.25 BTC to 3.125 BTC, temporarily impacting miner revenues.
Riot similarly experienced a productive month, mining 505 Bitcoin in October, valued at $34.4 million, which represents a 22.6% increase from the previous month.
The company attributed this to an increased hashrate of 29.4 EH/s, up from 28.2 EH/s in September, thanks to the installation of new MicroBT miners at its Corsicana facility.
Despite these strong results, Marathon (MARA) and Riot (RIOT) shares fell by 3.79% and 4.87%, respectively, on Nov. 4, according to Google Finance data.
Riot aims to reach a hashrate of 34.9 EH/s by the end of 2024 and potentially 100 EH/s by 2027 if it chooses to acquire more MicroBT miners.
However, the 34.9 EH/s target is a reduction from its initial goal of 36.3 EH/s, due to slower-than-expected expansion at its recently acquired Kentucky sites.
Marathon, on the other hand, stated that its goal of achieving a 50 EH/s hashrate by 2025 remains “within sight.”
Sources:
https://cointelegraph.com/news/marathonriot-highest-monthly-bitcoin-production-since-the-halving
https://www.riotplatforms.com/riot-announces-october-2024-production-and-operations-updates/
