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Bitcoin miners report increased production in September

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Most Bitcoin miners report a modest to a 2x surge in their September production, compared to August 2023.

Bitcoin miners report increased production in September

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  • Most Bitcoin miners reported increased production in September.
  • BTC rallied north of $28K, but soon after fell along the $27.5K-price mark.

Bitcoin [BTC] mining firms have reported increased production of BTC tokens at their facilities in September 2023. Most miners reported a modest to more than double surge in their September production in comparison to the prior month.

Notably, Marathon Digital produced 1,242 Bitcoins in September, in comparison to 1,072 Bitcoins in August. This increase of 16% in production was primarily due to improved uptime and decreased curtailment activity in Texas.

It has produced 8,610 BTC year-to-date (YTD) in 2023.

Moreover, Riot Platforms reported producing 362 Bitcoins in September, an increase of 8% in comparison to August when it produced 333 Bitcoins.

The firm underlined the production curtailment at its facility on days of peak demand amidst a scorching summer in Texas.

Additionally, CleanSpark noted the production of 643 Bitcoins in September. However, the firm had fared better the prior month, producing 659 Bitcoins in August.

The crypto miner reported mining 6,903 Bitcoins during the current fiscal year (October 2022-September 2023).

Also, Cipher Mining accounted for the production of 416 Bitcoins in September. It had an increase of 16% in its mining production as it produced 357 Bitcoins in August.

The firm also finalized the buildout of the operations at its Odessa facility in September. It also achieved its Q3 goal of 7.2 EH/s of Bitcoin mining.

According to Bitfarms report, the firm mined 411 Bitcoins in September, in comparison to 383 Bitcoins in August. Though it missed meeting its Q3 target of 6.3 EH/s, it increased its operating capacity by 24% YTD.

Hut 8 reported producing 277 Bitcoins in September. In August, the firm had produced only 103 Bitcoins. In short, the miner recorded a 2.5x production rise in September in comparison to the prior month.

The firm noted that a warm season and global energy supply chain challenges caused power prices to fluctuate throughout September. Consequently, it curtailed its operations.

Bit Digital mined 130.2 Bitcoins in September — a fall of 7% compared to August, when it produced 139.9 Bitcoins.

Lastly, Terawulf reported producing 329 Bitcoins in September, almost the same as August when it produced 330 Bitcoins.

Looking at the output, we can conclude that most Bitcoin miners fared better in September in comparison to August.

Source: AMBCrypto

Is Bitcoin on its way to price recovery?

As long as the performance of Bitcoin on the trading charts is concerned, it rallied north of $28K on 2 October. It was at its highest level in more than a month at press time.

BTC is up about 70% YTD as of now. However, it is still more than 50% below its all-time high (ATH).

At the time of writing, BTC was trading at $27,673.

bitcoin mining

Source: BTC/USD, TradingView

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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