Bitcoin Miners’ Revenues Decline for the Third Month in a Row: CEOs Speak Out

Public Bitcoin miners saw their daily revenues fall for a third month in a row in September, and the decline coincided with a rise in the network’s difficulty, creating a challenging environment for the industry.

According to a report by JPMorgan, the Bitcoin network’s hash rate rose to 643 exahashes per second (EH/s) in September, a 2% increase from August. Despite this increase, miners’ earnings per EH/s fell 6% from the previous month, to an average of $42,100. This drop in revenue comes despite Bitcoin, the world’s largest cryptocurrency by market cap, gaining about 7% during the month, recouping most of its losses from August.

However, the combined market value of the 14 U.S.-listed Bitcoin miners tracked by JPMorgan rose 4% in September to $21 billion. Below is an overview of some of the best-performing miners during the month.

• Marathon Digital Holdings (MARA): The company mined 705 Bitcoin, up 6% from August. Marathon did not sell any of its Bitcoin holdings, which currently stand at 26,842 $BTC. “In September, the strength of our globally diversified operations was demonstrated as we achieved significant uptime and increased our energized hashrate to 36.9 EH/s, up 5% from August,” said Fred Thiel, Chairman and CEO of MARA. “We are proud to have surpassed a large Bitcoin stockpile in September and now have almost 27,000 $BTC on our balance sheet.”
• Riot Platforms (RIOT): Riot mined 412 $BTC in September, up 28% from the previous month and bringing its total holdings to 10,427 $BTC. CEO Jason Les attributed the growth to operational improvements and hash rate growth, citing the completion of the third 100 MW building at the Corsicana Facility.
• CleanSpark (CLSK): CleanSpark mined 493 $BTC in September, bringing its total assets to 8,049 $BTC. CEO Zach Bradford highlighted the company’s strategic positioning and resilience, noting that the company’s stock price had increased 145% year-over-year through the end of the month. “These results were achieved by successfully navigating the halving, completing multiple acquisitions, delivering significant organic growth, and even weathering a storm to close out the year,” Bradford said.

*This is not investment advice.