Bitcoin

April

Bitcoin miners Marathon Digital and Riot Platforms reported their highest monthly production since the halving in April — signaling a strong rebound since miner rewards were halved.
Marathon produced 717 Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) worth $48.8 million in October, which the company attributed partially to its energized hashrate rising over 14% to surpass 40 exahashes per second, Marathon’s CEO Fred Thiel <a data-ct-non-breakable="null" href="https://ir.mara.com/news-events/press-releases/detail/1373/mara-announces-bitcoin-production-and-mining-operation-updates-for-october-2024" rel="null" target="null" text="null" title="null">said</a> in a Nov. 4 statement.
Higher transaction fees in October also boosted Marathon’s overall Bitcoin output, accounting for about 5% of the total production, Thiel said.
The firm said its mining pool, MARAPool, and private mempool Slipstream helped it earn $400,000 worth of Bitcoin from two high-fee transactions.
Marathon noted it achieved the milestone despite a 3% decline in block wins due to heightened <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-network-difficulty-increase-aug-2024" rel="null" target="null" text="null" title="null">network difficulty.</a>
The news indicates Bitcoin mining heavyweights are rebounding from the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-halving-2024-completion-confirmed" rel="null" target="null" text="null" title="null">April halving,</a> which saw the Bitcoin block subsidy sliced from 6.25 BTC to 3.125 BTC — significantly impacting miner revenue over the short term.
Similarly, Riot <a data-ct-non-breakable="null" href="https://www.riotplatforms.com/riot-announces-october-2024-production-and-operations-updates/" rel="null" target="null" text="null" title="https://www.riotplatforms.com/riot-announces-october-2024-production-and-operations-updates/">mined</a> 505 Bitcoin worth $34.4 million in October, marking a 22.6% month-on-month increase.
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 <img alt="Mining, Bitcoin Mining, Stocks, Halving, Hashrate" src="https://s3.cointelegraph.com/uploads/2024-11/0192f9d0-2612-7fe1-8efa-bac718989c61" title="">
 <figcaption style="text-align: center;">
 Bitcoin miners are installed at Riot’s Corsicana facility in Texas. Source: Riot
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The firm attributed the rise to its increased hashrate of 29.4 EH/s, up from 28.2 EH/s in September as the firm installed new MicroBT miners at its Corsicana facility.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/russia-brics-bitcoin-ai-play-kickstart-game-theory" rel="null" target="null" text="null" title="null">Russia’s Bitcoin, AI play with BRICS is ‘game theory’ in motion: Analyst</a>
Despite the strong monthly statements, Marathon (MARA) and Riot (RIOT) shares tanked <a data-ct-non-breakable="null" href="https://www.google.com/finance/quote/MARA:NASDAQ" rel="null" target="null" text="null" title="null">3.79%</a> and <a data-ct-non-breakable="null" href="https://www.google.com/finance/quote/RIOT:NASDAQ" rel="null" target="null" text="null" title="null">4.87%</a> on Nov. 4, Google Finance data shows.
<h3 id="strong-marathon-and-riot-stand-firm-with-hashrate-targets-strong">Marathon and Riot stand firm with hashrate targets</h3>
Riot is targeting 34.9 EH/s before 2024’s end and 100 EH/s by 2027, which it anticipates could be reached should it <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/riot-platforms-add-bitcoin-miners-ahead-of-2024-halving" rel="null" target="null" text="null" title="null">fully exercise its option</a> to purchase more MicroBTs in the future.
However, Riot’s 34.9 EH/s estimate fell from <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-miner-riot-platforms-hash-rate-up-50-percent-june" rel="null" target="null" text="null" title="null">its initial 36.3 EH/s target</a> due to slower-than-planned expansion at its<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/riot-platform-buys-kentucky-block-mining-93-million" rel="null" target="null" text="null" title="null"> recently acquired</a> Kentucky facilities.
Meanwhile, Marathon said its <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-miner-marathon-increase-hash-rate-target-by-end-2024" rel="null" target="null" text="null" title="null">hashrate target of 50 EH/s</a> before 2025 is still “within sight.”
Magazine:<a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/ai-more-power-hungry-bitcoin-profits-pose-risks-bitcoin-miners/" rel="null" target="null" text="null" title="null"> AI may already use more power than Bitcoin — and it threatens Bitcoin mining</a>

Marathon, Riot record highest monthly BTC production since April halving

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