CleanSpark's October Bitcoin Production Soars 32% Year-over-Year
- CleanSpark mined 655 Bitcoin in October, achieving a 32% month-over-month increase.
- Marathon Digital also reported higher production with 717 Bitcoin mined in October, a 2% increase.
- The overall decline in share prices for these companies indicates challenges in the competitive Bitcoin mining market.
On November 4, 2024, Bitcoin mining stocks, including CleanSpark, Marathon Digital, and Riot Platforms, experienced notable declines in share prices despite some recording increases in Bitcoin production during October. CleanSpark reported a 32% increase in Bitcoin mined, totaling 655 Bitcoin for the month, contributing to a year-to-date total of 5,734 Bitcoin. The company's operational hash rate reached 31.3 EH/s at the end of October, but their share price fell by 3.71%. Marathon Digital announced a modest 2% increase in Bitcoin production with 717 mined in October, raising its total holdings to 27,562 Bitcoin. With an energized hash rate at 40.2 EH/s, Marathon’s efforts are directed towards achieving a target of 50 EH/s by the end of 2024. Despite the production growth, Marathon shares also saw a decline of 2.79%. Riot Platforms reported a production of 505 Bitcoin, marking a 23% increase from September due to enhancements in operational efficiency and growth in hash rate. Their total deployed energized hash rate increased to 29.4 EH/s, but shares fell by 5.3%. Overall Bitcoin trading experienced a slight increase of about 0.64% during this time, with the price around $68,400. The mixed performance of these mining companies illustrates the competitive landscape in Bitcoin production amid fluctuating market dynamics, as each company works to increase efficiency and production to capitalize on the growing demand for Bitcoin.