Bitcoin Miner Revenues Drop 6% for Third Consecutive Month
The post Bitcoin Miner Revenues Drop 6% for Third Consecutive Month appeared on BitcoinEthereumNews.com.
Bitcoin miners experienced a third month of declining revenues, a trend that coincided with increased network difficulty and a surging hash rate, making operational conditions challenging Publicly traded cryptocurrency miners experienced a third straight month of declining daily revenues in September, a trend that coincided with increased network difficulty and a surging hash rate, making operational conditions more challenging. According to a report from JPMorgan, the Bitcoin network’s hash rate increased monthly over Q2, reaching 643 exahashes per second (EH/s) in September—a 2% rise from August. Despite the world’s largest cryptocurrency by market capitalization gaining about 7% in value during September, recovering much of its August slump, miners saw their earnings per EH/s drop by 6% month-over-month to an average of $42,100. Source: Blockchain.com This revenue decline occurred even as the total market capitalization of 14 U.S.-listed bitcoin miners tracked by JPMorgan rose 4% to $21 billion in September. Here’s a closer look at how some of the largest miners performed during the month. Marathon mines 705 BTC amid 6% rise Marathon Digital Holdings (MARA) produced 705 bitcoins in September, marking a 6% increase from August. The company did not sell any of its bitcoin holdings, which now total 26,842 BTC. “In September, the strength of our globally diversified operations was evident as we achieved significant uptime and increased our energized hash rate to 36.9 EH/s, reflecting 5% growth from August,” said Fred Thiel, the chairman and CEO of MARA. “We are proud to have surpassed a marathon worth of bitcoin HODL in September and currently have almost 27,000 BTC on our balance sheet.” Riot Platforms (RIOT) mined 412 BTC, a significant 28% increase from August, and now holds 10,427 BTC. CEO Jason Les attributed this growth to operational improvements and hash rate increases, citing the completion of its…
Filed under: News - @ October 9, 2024 1:26 am