Bitcoin miners Marathon and Riot have achieved record production following the halving.
Marathon Digital and Riot Platforms, two of the largest public Bitcoin miners, have reported higher monthly Bitcoin production since the April halving, despite ongoing industry challenges due to increased mining difficulty. This was the highest.
On November 4, Marathon Digital announced a 2% increase in October Bitcoin production to 717 BTC, marking the strongest monthly production since the halving event that halved mining rewards. The company said it achieved this milestone despite a slight decrease in block wins due to increased network difficulty.
Marathon’s Bitcoin Production
Fred Thiel, Chairman and CEO of Marathon, explained that high transaction fees in October led to an increase in the company’s BTC production, which accounts for approximately 5% of total BTC mined volume.
According to Thiel, just two large transactions generated fees of 3,217 BTC and 2,665 BTC, demonstrating the potential of Marathon’s proprietary mining technology to generate additional revenue. Thiel said:
“We believe that with proprietary technology platforms such as Slipstream and MARAPool, our proprietary mining pool, we can capture all potential profits and leverage higher transaction fees as they occur.”
Meanwhile, Marathon’s active hash rate increased to 40.2 exahashes per second (EH/s), a 14% increase from September. Thiel noted that the numbers show the company remains on track to achieve its 50EH/s goal by the end of the year through new rig installations, infrastructure upgrades and activating additional flooded containers.
As of October 31, Marathon held 27,562 BTC, including 4,499 restricted coins, and maintained an average daily production of 23.1 BTC throughout the month.
Riots, up 23%
Likewise, Riot Platforms reported that it produced 505 BTC in October, a 23% increase from September’s 412 BTC and setting a new halving record. The company’s daily production also increased from 13.7 BTC in September to 16.8 BTC in October.
Riot CEO Jason Les attributed the increase in production to improvements in hash rate distribution and operational efficiency. Riot’s hashrate increased from 28.2EH/s in the previous month to 29.4EH/s in October due to the deployment of new MicroBT miners at its Corsicana facility.
By the end of October, Riot’s Bitcoin holdings had increased to 10,928 BTC, up from 10,427 BTC in September.
