Marathon Digital and Riot Platforms achieve record-breaking BTC production as hashrate expansion counters rising network difficulty.
Bitcoin, the world's leading cryptocurrency, continues to make headlines as two major players in the industry, Marathon Digital and Riot Platforms, achieved their highest monthly Bitcoin production since the April halving event. Despite the challenges posed by rising mining difficulty, both Marathon Digital and Riot Platforms have managed to increase their production and set new records. This article explores the reasons behind their success and the impact it has on the crypto market.
Marathon's Bitcoin Production
Marathon Digital, one of the largest public Bitcoin miners, announced on November 4th that it had achieved a 2% increase in Bitcoin production to 717 BTC in October. This marks the company's strongest monthly production since the halving event earlier this year. Despite a minor decline in block wins due to heightened network difficulty, Marathon Digital managed to achieve this milestone.
Transaction Fees Boost BTC Production
Marathon's Chairman and CEO, Fred Thiel, attributed the increase in Bitcoin production to higher transaction fees in October. These fees accounted for around 5% of the total BTC mined by the company. Thiel highlighted two large transactions that generated significant fees, 3.217 BTC and 2.665 BTC respectively. This showcases the potential of Marathon's proprietary mining technology, such as Slipstream and MARAPool, to capture additional revenue from transaction fees.
"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," said Thiel.
Increase in Active Hashrate
Marathon's active hashrate also saw a significant increase in October, reaching 40.2 exahashes per second (EH/s). This represents a 14% increase from September and demonstrates the company's commitment to reaching its target of 50 EH/s by the end of the year. Marathon achieved this by installing new miners, upgrading infrastructure, and energizing additional immersion containers.
As of October 31st, Marathon held a total of 27,562 BTC, including 4,499 restricted coins. The company maintained an average daily production of 23.1 BTC throughout the month.
Riot's Production Increase
Riot Platforms, another major player in the Bitcoin mining industry, reported a 23% increase in Bitcoin production in October. The company produced 505 BTC, setting a new post-halving record. This marks a significant improvement from September's production of 412 BTC.
Gains in Hashrate Deployment and Operational Efficiency
Riot CEO Jason Les attributed the increase in Bitcoin production 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. This increase was driven by the deployment of new MicroBT miners at the Corsicana facility.
By the end of October, Riot's Bitcoin holdings had risen to 10,928 BTC, up from 10,427 BTC in September.
Conclusion
The recent achievements of Marathon Digital and Riot Platforms in increasing their Bitcoin production post-halving demonstrate the resilience and potential profitability of the mining industry. Despite the challenges posed by rising mining difficulty, both companies have managed to leverage their proprietary technologies and improve operational efficiency to achieve record production numbers.
This increase in Bitcoin production is not only beneficial for Marathon Digital and Riot Platforms but also for the overall crypto market. It strengthens the network and contributes to the decentralization and security of the Bitcoin blockchain. As more miners continue to innovate and overcome challenges, the future of Bitcoin mining looks promising.
With the ongoing advancements in mining technology and the potential for increased transaction fees, it will be interesting to see how other players in the industry adapt and strive for similar achievements. The growth of Bitcoin mining is a testament to the increasing interest and adoption of cryptocurrencies worldwide.
As we move forward, it is crucial for miners to continue investing in research and development to stay ahead of the competition and ensure the long-term sustainability of the mining industry. The achievements of Marathon Digital and Riot Platforms serve as inspiration for others in the industry to push boundaries and embrace innovation.
The future of Bitcoin mining is bright, and it will play a pivotal role in shaping the future of cryptocurrencies and blockchain technology as a whole.