In September, miners such as Marathon Digital, Riot Platforms and CleanSpark witnessed a significant increase in Bitcoin (BTC) production, leading to a minor surge in share prices on Oct. 4.
Despite Bitcoin’s price remaining relatively static between the $25,100 and $28,500 range, the companies’ balance sheets still strengthened.
Difference between Web 1.0, 2.0, 3.0 and 4.0
The main difference between Web 1.0, 2.0, 3.0 and 4.0 is the level of user interactivity and the ability to customize content. Web 1.0 was mainly static and focused on providing information. Web 2.0 allowed users to interact with each other and create content. Web 3.0 is the next step in the evolution of the web, allowing users to customize their experience and access more personalized content. Finally, Web 4.0 takes it one step further, allowing users to access more immersive and interactive experiences.
Difference between Web 3.0 and Metaverse
The difference between Web 3.0 and the Metaverse is that Web 3.0 is the next step in the evolution of the web, allowing users to customize their experience and access more personalized content, while the Metaverse is an entirely virtual world where people can interact and create content. The Metaverse is a 3D virtual world that is built on blockchain technology.
Marathon’s Bitcoin production rises 245%
In September, Bitcoin mining firm Marathon Digital generated 1,242 BTC, representing a 16% increase from August and a 245% surge compared to the same month in 2022.
The remarkable surge in BTC production was driven by a 508% expansion in the firm’s installed hash rate from 3.8 exahashes per second (EH/s) in September 2022 to 23.1 EH/s, according to Marathon’s September results.
On Oct. 4, Marathon CEO Fred Thiel said in a statement that the company was delighted to meet its goal of 23 exahashes on an installed basis. The US-based firm also indicated that it is actively searching for new mining locations that offer low-cost renewable energy.
As of the end of 2023, Marathon has mined 8,610 BTC. Its balance sheet shows that it currently holds 13,726 unrestricted BTC and $101 million in unrestricted cash and cash equivalents, totaling $471.2 million.
On Oct. 4, the firm’s share price rose 3.29% to $7.54, according to Google Finance.
Riot Platforms ups BTC production, too
September saw Bitcoin miner Riot Platforms increase its BTC production by 9%, producing 362 BTC while “strategically curtailing mining operations.”
The firm has a long-term contract with its utility provider, where it sells pre-purchased power at market-driven spot prices in exchange for power curtailment credits. This has proved to be a lucrative arrangement for Riot Platforms, as the results show they earned more from power curtailment credits than the net proceeds of its Bitcoin sales in August and September.
Riot Platforms CEO Jason Les said their total self-mining hash rate capacity is currently at 12.5 EH/s, with plans to increase to 20.1 EH/s when they install 33,000 next-generation Bitcoin miners in mid-2024.
Riot’s share price rose 3.25% to $9.06 on Oct. 4, according to data from Google Finance.
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CleanSpark Reports Its “Best Quarter” and “Best Fiscal Year Ever”
CleanSpark, a Bitcoin miner, achieved a record-breaking 643 BTC in September and 6,903 BTC in its fiscal year from Oct. 1, 2022 to Sept. 30, 2023, according to CleanSpark CEO and President Zach Bradford.
“We had our best quarter and best fiscal year ever,” Bradford stated on Oct. 3.
Bradford credited the company’s success to improved efficiency, low energy costs, and its facilities running at maximum capacity.
CleanSpark’s share price rose 4.61% to $3.63 on Oct. 4, per Google Finance.
Bit Digital, which also released its results on Oct. 4, saw its Bitcoin production dip 7% to 130.2 BTC in September due to a power utility-mandated maintenance outage on Sept. 26, as the firm mentioned in an Oct. 4 statement.
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