Fourth Month Of Revenue Loss Hits Wall Street Miners As Bitcoin Output Surges

Several big U.S. mining companies like TeraWulf, CleanSpark, Riot Platforms, and MARA showed growth in October.

Even though some of them made the most Bitcoins since the halving, a recent report from JPMorgan shows that the money made in the industry is still going down. The report revealed there is a record-high network hash rate, which means it is getting harder to operate with more competition.

TeraWulf mined 150 Bitcoins in October, which means it got about 4.8 Bitcoins each day. The company’s mining power grew 62% compared to last year, reaching 8.1 EH/s. The firm worked on reducing energy costs, spending an average of $36,789 for each Bitcoin mined, which is about $0.048 for each kWh.

TeraWulf Aims To Reach 8.7 EH/s By Year-End

The company is investing in clean energy and is upgrading its Lake Mariner facility to use better miners, aiming to reach 8.7 EH/s by the end of the year.

The Senior Vice President of Operations at TeraWulf Sean Farrell stated that October was another good month. TeraWulf mined 150 Bitcoins and kept an average daily production of around 5 Bitcoins. He added that the company is speeding up the switch to better mining machines by replacing old ones at Lake Mariner with new S19 XP models.

Riot Platforms had a big boost in production, mining 505 Bitcoins, which is a 23% increase from September. The firm’s hash rate grew to 29.4 EH/s, thanks to improvements at its Corsicana, Texas facility.

This was the highest output since the Bitcoin halving in April. The Corsicana site is expected to reach a capacity of 1 gigawatt when finished, helping the company grow long-term. Average power costs went up slightly to 3.9 cents because of rising energy prices. Riot plans to keep building at Corsicana and will have investors talk about its growth.

The Chief Executive Officer of Riot, Jason Les noted that in October, Riot hit a new record for production since the halving, with 505 Bitcoins mined. This 23% increase from September shows the firm’s growth in mining power and efforts to work better.

MARA Mined 717 Bitcoins In October, Up 2% From The Previous Month

According to reports, MARA also had its best production since the halving in April, mining 717 Bitcoins, which is a 2% increase from the last month. The company’s mining power grew 14% to 40.2 EH/s, getting closer to its goal of 50 EH/s by the end of the year.

MARA focused on optimizing transaction fees, which made up about 5% of its October Bitcoin production, helping it earn more money despite strong competition. MARA continues to use special platforms like Slipstream and MARAPool to take advantage of higher transaction fees.

Fred Thiel, MARA’s Chairman and Chief Executive Officer stated that even though the firm had a small drop in winning blocks due to the increase in global mining power and tougher challenges, Bitcoin production went up by 2% to 717 BTC.