Marathon Digital and Riot Platforms Achieve Record Bitcoin Production in 2024

Marathon Digital and Riot Platforms have reported a significant recovery in Bitcoin mining, achieving their highest monthly outputs since the April halving.

Marathon mined 717 Bitcoin in October, valued at approximately $48.8 million, thanks to a 14% increase in hashrate to over 40 exahashes per second and higher transaction fees contributing about 5% to production.

Despite a 3% decline in block wins due to increased network difficulty, Marathon’s results indicate a solid rebound.

Riot Platforms also saw a boost, mining 505 Bitcoin worth around $34.4 million, marking a 22.6% month-on-month increase attributed to a rise in hashrate to 29.4 EH/s following the installation of new miners.

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However, both companies faced stock declines on November 4, with Marathon shares dropping 3.79% and Riot shares falling 4.87%.

Looking ahead, Riot aims for a hashrate of 34.9 EH/s by the end of 2024, while Marathon targets 50 EH/s by 2025.

Alexander Stefanov