Bitcoin Mining Giants Marathon Digital and Riot Platforms Record Monthly High Bitcoin production numbers since the April halvingmarking a significant recovery for the sector.
In October 2024, Marathon product 717 Bitcoinvalued at approximately $48.8 million. CEO Fred Thiel said that the the rise was partly due to a more robust hashrate, which rose more than 14% to exceed 40 exasperated per second.
Higher transaction fees during the month also contributed to Marathon’s strong production, which accounts for around 5% of Bitcoin’s total production.
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Marathon generated $400,000 in Bitcoin
The marathon runners mining pool, MARAPool, with his private memory pool, Slipstream, allowed Marathon to generate an additional $400,000 worth of Bitcoin from two expensive transactions.
Notably, Marathon reached this milestone despite a 3% drop in block gains due to increased network difficulty. This rebound follows the April halving, which reduced the Bitcoin block subsidy from 6.25 BTC to 3.125 BTC, significantly impacting miner revenues in the short term.
$MARA @MARAHoldings The October production report just dropped – over 700 Bitcoins mined, and MARA becomes the first public miner to cross the 40 EH/s threshold:
– Power-on hash rate 40.2 EH/s (+14% MoM)
– 717 Bitcoin produced (+2% MoM)
– MaraPool continues to be a HUGE… pic.twitter.com/XGQ5lOLapV
—DR Lewis
(@Charge_Stack) November 4, 2024
(@Charge_Stack) Riot Platforms also had a strong month, mining 505 Bitcoins worth approximately $34.4 million in October, representing a 22.6% increase from the previous month.
The growth can be attributed to an improved hashrate of 29.4 EH/s, compared to 28.2 EH/s in September, following the installation of new MicroBT miners at its Corsicana factory.
Despite these impressive production numbers, shares of Marathon (MARA) and Riot (RIOT) saw declines of 3.79% and 4.87%, respectively, on November 4, according to Google Finance data.
Looking to the future, Riot aims to achieve a hashrate of 34.9 EH/s by the end of 2024 and a long-term goal of 100 EH/s by 2027, depending on complete exercising its purchase options for more MicroBT miners.
Meanwhile, Marathon remains focused on reaching a hashrate target of 50 EH/s before 2025, which is still considered achievable.
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Deutsche Telekom’s T-Systems Launches Bitcoin Mining Pilot Project
In a separate development, Deutsche Telekom subsidiary T-Systems MMS has launched a pilot project together with Bankhaus Metzler to create Bitcoin mining infrastructure that uses surplus renewable energy.
The initiative aims to harness electricity from renewable sources that would otherwise be wasted due to energy grid limitations or lack of adequate storage solutions.
Dubbed “Digital Monetary Photosynthesis,” the project aims to collect critical data and insights to inform future efforts to stabilize energy networks.
The main goal of this collaboration is to harness excess renewable energy for Bitcoin mining, which could help balance supply and demand on the energy grid.
This approach mirrors strategies already implemented by miners in Texas, where similar practices were implemented. been adopted to meet the challenges of energy distribution.
The project hosting partner is Metis Solutions GmbH, and the mining hardware is located at RIVA Engineering GmbH in Backnang, Germany. RIVA Engineering, manufacturer of metal and glass facades, generates its own electricity using a photovoltaic system.
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