Marathon Digital And Riot Platforms Hit Highest Bitcoin Production Post-Halving

Bitcoin mining giants Marathon Digital and Riot Platforms have reported their highest monthly Bitcoin production figures since the April halving, marking a significant recovery for the sector.

In October 2024, Marathon produced 717 Bitcoin, valued at approximately $48.8 million. CEO Fred Thiel said that the surge was partly due to a more robust hashrate, which increased over 14% to exceed 40 exahashes per second.

Higher transaction fees during the month also contributed to Marathon’s strong output, which accounted for around 5% of total Bitcoin production.

EXPLORE: 20 New Crypto Coins to Invest in 2024

Marathon Generated $400,000 Worth of Bitcoin

Marathon’s mining pool, MARAPool, along with its private mempool, Slipstream, enabled Marathon to generate an additional $400,000 worth of Bitcoin from two high-fee transactions.

Notably, Marathon achieved this milestone despite facing a 3% decline in block wins due to increased network difficulty. The 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 October Production report just dropped – over 700 Bitcoin mined, and MARA becomes the first public miner to cross the 40 EH/s threshold:

– Energized Hash Rate 40.2 EH/s (+14% MoM)

– 717 Bitcoin Produced (+2% MoM)

– MaraPool continues to be a HUGE… https://t.co/7U1TiiRacw pic.twitter.com/XGQ5lOLapV

— D.R. Lewis (@Charge_Stack) November 4, 2024

Riot Platforms also reported a solid month, mining 505 Bitcoin valued at about $34.4 million in October, representing a 22.6% increase from the previous month.

The growth can be attributed to an enhanced hashrate of 29.4 EH/s, up from 28.2 EH/s in September, following the installation of new MicroBT miners at its Corsicana facility.

Despite these impressive production figures, shares of both Marathon (MARA) and Riot (RIOT) saw declines of 3.79% and 4.87%, respectively, on November 4, according to Google Finance data.

Looking ahead, Riot aims to reach a hashrate of 34.9 EH/s by the end of 2024 and a long-term goal of 100 EH/s by 2027, contingent on the full exercise of its purchase options for more MicroBT miners.

Meanwhile, Marathon remains focused on achieving a hashrate target of 50 EH/s before 2025, which is still considered attainable.

EXPLORE: 15 Best Anonymous Bitcoin Wallets with no KYC in 2024

Deutsche Telekom’s T-Systems Launches Bitcoin Mining Pilot

In a separate development, Deutsche Telekom’s subsidiary, T-Systems MMS, has initiated a pilot project in collaboration with Bankhaus Metzler to create Bitcoin mining infrastructure that utilizes surplus renewable energy.

The initiative aims to harness electricity from renewable sources that would otherwise go to waste due to limitations in the energy grid or lack of adequate storage solutions.

Dubbed “Digital Monetary Photosynthesis,” the project intends to gather critical data and insights to inform future efforts in stabilizing energy grids.

The primary objective of this collaboration is to leverage excess renewable energy for Bitcoin mining, which could help balance supply and demand in the energy grid.

The approach mirrors strategies already implemented by miners in Texas, where similar practices have been adopted to address energy distribution challenges.

The hosting partner for the project is Metis Solutions GmbH, and the mining hardware is located at RIVA Engineering GmbH in Backnang, Germany. RIVA Engineering, a manufacturer of metal and glass facades, generates its own electricity through a photovoltaic system.

EXPLORE: 15 Best No KYC Crypto Exchanges for 2024

The post Marathon Digital And Riot Platforms Hit Highest Bitcoin Production Post-Halving appeared first on .