September Marked Record Profits for Bitcoin Miners

September of 2023 was a great month for Bitcoin mining companies. While the crypto world has been focused on the high-profile court cases regarding SBF and Celsius’ Mashinsky, Bitcoin miners have steadily been improving their hash rates, promising a greater future supply of the first cryptocurrency.

News of record outputs from three Bitcoin mining firms coincides with reports of Kraken witnessing a 5-year ATH of BTC inflow and a 506.06M hash rate spike in mid-September, according to YCharts.

CleanSpark Celebrates Best Year on Record

CleanSpark mined 643 BTC in September, bringing its total BTC holdings to 2,240.

According to the firm’s CEO, these numbers have not only made the past few months their most profitable quarter on record – they’ve turned CleanSpark’s FY23 into their best year to date.

We had our best quarter and best fiscal year ever. Our efficiency is up, our energy costs are among the best in the industry, and our facilities are running at max capacity. I’m especially proud of our teams and leaders who, day in and day out, demonstrate grit@CleanSpark_Inc… https://t.co/61LGL4kAKL

— Zach Bradford (@ZachKBradford) October 3, 2023

Riot Blockchain also reportedly had a great month. Although the firm only mined about half as much as CleanSpark did – a total of 362 BTC – this is largely due to a deal struck with ERCOT, Texas’ electric grid.

This deal paid out over $13 million in energy credits, worth over 500 BTC at current prices.

“By strategically curtailing mining operations, we also received $11.0 million in Power Credits pursuant to our contracts with our utility provider and $2.5 million in Demand Response Credits from participating in ERCOT’s ancillary services program. Combined, total Power and Demand Response Credits received equate to approximately 511 Bitcoin based on the average price of Bitcoin in September.”

Marathon Mines Over 1,000 BTC

Although CleanSpark and Riot Blockchain both had stellar results in September, they were outdone by Marathon Digital Holdings.

According to a press release submitted by the firm, Marathon produced 1,242 BTC during September, bringing its Year-to-Date total to 8610.

Marathon Digital Holdings’ September #Bitcoin Production Update is here:

– Increased Monthly Average Operational Hash Rate 20%– Produced 1,242 BTC in September 2023 and 8,610 BTC Year-To-Date– Record Monthly Share of Miner Rewards at 4.3%– Combined Unrestricted Cash and…

— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) October 4, 2023

Marathon also used the announcement as an opportunity to lay out its plans for the near future.

“Our primary focus is still growth. Now that we have reached our primary domestic growth target of 23 exahashes on an installed basis, we are evaluating multiple opportunities for our next 5 exahashes of hash rate capacity including international locations with low-cost renewable energy.”

However, Marathon’s mining ventures were not without incident. In its race to set new records, it managed to mine an invalid block, for instance, due to an error in arranging its Bitcoin transactions.