Bitcoin miners report increased production in September
- 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.
The firm underlined the production curtailment at its facility on days of peak demand amidst a scorching summer in Texas.
The crypto miner reported mining 6,903 Bitcoins during the current fiscal year (October 2022-September 2023).
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.
Looking at the output, we can conclude that most Bitcoin miners fared better in September in comparison to August.
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.