Bitcoin miners reported contrasting production efficiency in September as the sector transformed despite market volatility.
Although Hut 8 and Irish Energy have continued to expand their operations, the most recent update illustrates a variety of production outcomes and efficiency benefits.
Many Bitcoin mining companies are integrating high-performance computation and artificial intelligence into their operations.
For instance, Hut 8 intends to achieve 20 exahashes per second self-mining by 2025, while Iris will achieve 31 EH/s by the fourth quarter of 2024.
Bitfarms achieves efficiency objectives despite market volatility
The earnings of Bitfarms in September decreased from 233 BTC in August to 217 BTC. The network difficulty, which reached its highest point in September, is the primary cause of this decline. Despite the decrease, Bitfarms exceeded its year-end efficiency objective of 21 watts per terahash.
Additionally, the organization enhanced its operational capacity by 2.2 EH/s and increased its BTC holdings to 1,147 BTC by signing a hosting agreement with Stronghold Digital Mining and improving its energy efficiency by 16%.
The company’s decrease in BTC production can be attributed to the recent increase in network difficulty, which peaked in September and made it more challenging to produce BTC despite operational advancements.
Iris production pump, Hut 8 hashrate growth
In September, Hut 8 experienced a modest increase in its hashrate, increasing from 18.5 EH/s in August to 19.5 EH/s by the end of the month.
The company’s deployment of additional miners is the cause of this expansion. Nevertheless, Hut 8’s BTC production experienced a slight decline in September, with a production of 85 BTC, a decrease from 87 BTC in August, despite the increased computing capacity.
The same period saw Iris report more robust results, with a substantial increase in BTC production from 245 BTC in August to 347 BTC in September.
In conjunction with this increase in production, there was a 42% increase in mining capacity due to a ramp-up in operational hashrate to 21 EH/s.
CleanSpark hashrate injector
CleanSpark, a BTC mining company, disclosed in its most recent audited fiscal year report on October 4 that it had achieved a 187% increase in hashrate over the previous year.
The company’s hashrate increased from 9.6 EH/s in September 2023 to 27.6 EH/s in September 2024 due to the strategic diversification of its portfolio across three new states.
CleanSpark’s CEO, Zach Bradford, also attributed the increase to the conclusion of numerous expansions at the company’s current data center.
