Bitcoin miners Marathon Digital and Riot Platforms announced impressive production figures for October, reaching their highest outputs since the Bitcoin halving in April 2024. Marathon successfully mined 717 Bitcoin (BTC), valued at approximately $48.8 million. This growth was attributed to a 14% increase in its hashrate, exceeding 40 exahashes per second (EH/s). CEO Fred Thiel highlighted that higher transaction fees contributed to the October output, accounting for roughly 5% of total production. Additionally, Marathon’s mining pool, MARAPool, along with its private mempool, Slipstream, facilitated the acquisition of $400,000 worth of Bitcoin from two high-fee transactions.
Despite these production achievements, Marathon faced a 3% drop in block wins, attributed to increased network difficulty. This rebound is particularly noteworthy after the April halving, which reduced the Bitcoin block subsidy from 6.25 BTC to 3.125 BTC, leading to a temporary decrease in miner revenues.
Riot Platforms Sees Significant Growth
Similarly, Riot Platforms reported mining 505 Bitcoin in October, worth around $34.4 million, representing a 22.6% month-on-month increase. This growth arose from a rise in hashrate to 29.4 EH/s, an increase from 28.2 EH/s in September, driven by the installation of new MicroBT miners at its Corsicana facility. Despite these strong production figures, both Marathon (MARA) and Riot (RIOT) experienced declines in their shares of 3.79% and 4.87%, respectively, on November 4, as market sentiment remained cautious.
Future Hashrate Targets
Both companies have ambitious hashrate goals. Riot aims to reach 34.9 EH/s by the end of 2024 and 100 EH/s by 2027, contingent on fully exercising options to acquire additional MicroBT miners. This estimate has been adjusted downward from an initial target of 36.3 EH/s due to slower-than-anticipated expansion at its newly acquired facilities in Kentucky.
Meanwhile, Marathon is hopeful about achieving its hashrate goal of 50 EH/s by the end of 2024. The recovery in production levels indicates that both companies are adapting and thriving in the changing landscape of Bitcoin mining post-halving, a crucial period that challenges miner profitability. As these firms continue to refine their operations and expand their capabilities, they are well-positioned for further growth in the competitive Bitcoin mining market.
I am Toby Rothschild, Co-Founder of Spearmint and author at Coinography, and a strategist focused on advancing Web3 innovation, digital ecosystems, and the future of decentralized technology. I combine product thinking, creative leadership, and deep interest in emerging trends to help shape how individuals and organizations interact with the next generation of digital systems.
My work centers on understanding how blockchain, AI, and digital identity are reshaping global industries. At Spearmint, I help lead the direction of initiatives that bring clarity, structure, and meaningful user experiences to complex technological environments. I focus on bridging vision with execution, ensuring that innovation remains practical, scalable, and aligned with long-term growth.
As an author at Coinography, I create insights that translate fast-moving Web3 developments into clear, useful narratives. I explore topics such as decentralized governance, digital identity, creator economies, token models, protocol design, and the shifting cultural patterns around emerging technology. My aim is to make digital transformation more understandable and approachable for a wider audience.
I believe that Web3 is not only a technological shift but a cultural and creative one. Strong ideas, thoughtful communication, and human-centered design will shape which technologies thrive and how communities evolve around them. My writing and research reflect this belief, focusing on clarity, relevance, and long-term perspective.
Professional Links Website: https://coinography.com LinkedIn: https://www.linkedin.com/in/tobyrothschild/
