Bitcoin miners Marathon and Riot achieve record post-halving production Bitcoin miners Marathon and Riot achieve record post-halving production
Marathon Digital and Riot Platforms achieve record-breaking BTC production as hashrate expansion counters rising network difficulty.
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Updated: Nov. 4, 2024 at 8:31 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Two of the largest public Bitcoin miners — Marathon Digital and Riot Platforms — recorded their highest monthly Bitcoin production since the April halving event, despite the industry’s ongoing challenges with rising mining difficulty.
On Nov. 4, Marathon Digital announced that it boosted its Bitcoin production by 2% to 717 BTC in October, marking its strongest monthly production since the halving event that cut mining rewards by half. The firm stated that it achieved this milestone despite a minor decline in block wins due to heightened network difficulty.
Marathon’s Bitcoin production
Marathon’s Chairman and CEO Fred Thiel explained that higher transaction fees in October boosted the firm’s BTC production, which accounted for around 5% of the total BTC mined.
According to Thiel, two large transactions alone generated fees of 3.217 BTC and 2.665 BTC, showcasing the potential of Marathon’s proprietary mining technology to capture additional revenue. Thiel stated:
“We believe that our proprietary technology platforms such as Slipstream and MARAPool, our proprietary mining pool, allow us to capture all potential benefits and take advantage of higher transaction fees as they arise.”
Meanwhile, Marathon’s active hashrate climbed to 40.2 exahashes per second (EH/s), a 14% increase from September. Thiel noted that this number showed that the company remains on track to reach its 50 EH/s target by year-end by installing new miners, infrastructure upgrades, and energizing additional immersion containers.
As of Oct. 31, Marathon held 27,562 BTC, including 4,499 restricted coins, and maintained an average daily production of 23.1 BTC throughout the month.
Riot sees a 23% increase
Similarly, Riot Platforms reported producing 505 BTC in October, marking a 23% increase from September’s 412 BTC and setting a new post-halving record. The company’s daily production also rose from 13.7 BTC in September to 16.8 BTC in October.
Riot CEO Jason Les attributed the production increase to gains in hashrate deployment and operational efficiency. Riot’s hashrate rose to 29.4 EH/s in October, up from 28.2 EH/s in the previous month, driven by the deployment of new MicroBT miners at the Corsicana facility.
By the end of October, Riot’s Bitcoin holdings rose to 10,928 BTC, up from 10,427 BTC in September.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Marathon Digital
Marathon Digital Holdings is a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets.
Riot Platforms
Riot Platforms is a bitcoin mining company, supporting the Bitcoin blockchain through rapidly expanding industrial-scale mining focused in the United States.
Fred Thiel is the CEO of Marathon Digital Holdings (NASDAQ:MARA), a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets.