Crypto Miners Marathon, Riot Hit Highest Monthly Post-Halving Bitcoin Production

Marathon Digital (Nasdaq: MARA) and Riot Platforms (Nasdaq: RIOT) have both reached record Bitcoin production since Bitcoin's halving in April, which reduced miner rewards by half, from 6.25 BTC to 3.125 BTC per block.

In October, Marathon Digital revealed it produced 717 Bitcoin, worth $47.7 million, according to a statement. The crypto mining giant attributed the achievement partly to its improved energized hash rate.

"October was our best month of bitcoin production since April’s halving event as uptime remained strong and we grew our energized hash rate to 40.2 EH/s, a 14% increase over September,” said Fred Thiel, MARA's chairman and CEO.

"Despite a slight month-over-month decrease in block wins, driven by the growth in global hash rate and the resulting rise in difficulty level, BTC production increased by 2% to 717 BTC."

Higher transaction fees in October also contributed to the firm's overall output, with fees accounting for 5% of total Bitcoin production. Marathon Digital's mining pool, MARAPool, and its private transaction pool, Slipstream, generated $400,000 in Bitcoin from two high-fee transactions.

Meanwhile, Riot produced 505 Bitcoin in October, valued at $34.4 million, marking a 22.6% increase from the previous month. The firm attributed this success to its hashrate increase.

“During the month of October, our deployed hash rate increased to 29.4 EH/s, driven by new deployments of latest generation MicroBT miners at the Corsicana Facility," explained Jason Les, CEO of Riot. "We are pleased with the positive operational momentum underway and look forward to continuing this progress.”

Nonetheless, both Marathon and Riot saw their stock price fall around 4% over the past 24 hours and 20% and 17% respectively over the last five days.