Bitcoin miners in the public domain experienced a decrease in their daily revenues for the third consecutive month in September. This decline coincided with a rise in the network’s difficulty, presenting a challenging environment for the industry.
According to a report by JPMorgan, the hash rate of the Bitcoin network increased to 643 exahashes per second (EH/s) in September, marking a 2% rise from August. Despite this uptick, miners’ earnings per EH/s dropped by 6% compared to the previous month, averaging $42,100. The decrease in revenue occurred even as Bitcoin, the largest cryptocurrency by market capitalization, saw a 7% increase in value during the month, recovering most of its losses from August.
Nevertheless, the collective market value of the 14 U.S.-listed Bitcoin miners monitored by JPMorgan grew by 4% in September, reaching $21 billion. Here is a breakdown of some of the top-performing miners during the month:
- Marathon Digital Holdings (MARA): The company mined 705 Bitcoin in September, a 6% increase from August. Marathon opted not to sell any of its Bitcoin holdings, which currently total 26,842 BTC. Chairman and CEO Fred Thiel highlighted the strength of the company’s globally diversified operations, with an energized hash rate of 36.9 EH/s, up 5% from the previous month.
- Riot Platforms (RIOT): Riot mined 412 BTC in September, a 28% surge from the previous month, bringing its total holdings to 10,427 BTC. CEO Jason Les attributed this growth to operational enhancements and hash rate expansion, including the completion of the third 100 MW building at the Corsicana Facility.
- CleanSpark (CLSK): CleanSpark mined 493 BTC in September, increasing its total assets to 8,049 BTC. CEO Zach Bradford emphasized the company’s strategic positioning and resilience, noting a 145% year-over-year rise in stock price by the end of the month. Bradford cited successful navigation through the halving, multiple acquisitions, substantial organic growth, and weathering challenges to close out the year.
*This content does not constitute investment advice.