Bitcoin Miner Revenues Drop for Third Straight Month Despite Hash Rate Increase

In September, Bitcoin miners experienced a third consecutive month of declining daily revenues, with earnings dropping by 6% due to rising network difficulty. Despite this, top miners like MARA and Riot Platforms saw production increases, while others navigated challenges by optimizing operations.

Bitcoin miners faced a challenging September as daily revenues declined for the third consecutive month, coinciding with a rise in the network’s hash rate, which reached 643 exahashes per second (EH/s) — a 2% increase from August. According to JPMorgan’s report, miners’ earnings per EH/s dropped by 6% month-over-month to an average of $42,100.

This revenue drop comes even as Bitcoin gained around 7% in value during September, recovering from August’s slump. Despite declining revenues, the total market capitalization of 14 U.S.-listed Bitcoin miners tracked by JPMorgan rose 4% to $21 billion.

Production Highlights for September

Several publicly traded miners reported their production levels in September:

• Marathon Digital Holdings (MARA) produced 705 BTC, a 6% increase from August. The company continues to HODL all its Bitcoin, bringing its total holdings to 26,842 BTC. Marathon CEO Fred Thiel highlighted the company’s energized hash rate growth of 5% from August, reaching 36.9 EH/s.
• Riot Platforms (RIOT) mined 412 BTC, up 28% from the previous month, thanks to operational improvements and completion of a 100 MW facility at Corsicana. The company now holds 10,427 BTC.
• CleanSpark (CLSK) mined 493 BTC and now holds 8,049 BTC. CEO Zach Bradford emphasized the company’s resilience and growth, with its stock price increasing by 145% year-over-year by the end of September.
• Bitfarms (BITF) saw a slight dip, producing 217 BTC, down 7% due to increased network difficulty. The company sold 173 BTC and added 44 BTC to its treasury, which now holds 1,147 BTC.
• TeraWulf (WULF) mined 176 BTC while focusing on demand response events to maximize profitability.
• Core Scientific (CORZ) mined 345 BTC in September, slightly down from August, and sold 370 BTC. CEO Adam Sullivan emphasized the company’s ongoing data center conversions.

Market Performance and Shifting Strategies

While miners like Cipher Mining took a different route, selling 923 BTC while producing only 155 BTC, others like Hut 8 (HUT) expanded their partnerships and launched new GPU-as-a-service offerings. Hut 8’s stock rose by 21% during September, reflecting cautious optimism despite the revenue decline.

Analysts noted that some miners, particularly AI-focused operators, are outperforming rivals due to increased focus on data center infrastructure, providing opportunities in the rapidly growing AI sector.

Our creator. creates amazing NFT collections! 
Support the editors - Bitcoin_Man (ETH) / Bitcoin_Man (TON)

Pi Network (Guide)is a new digital currency developed by Stanford PhDs with over 55 million participants worldwide. To get your Pi, follow this link https://minepi.com/Tsybko and use my username (Tsybko) as the invite code.

Binance: Use this link to sign up and get $100 free and 10% off your first months Binance Futures fees (Terms and Conditions).

Bitget: Use this link Use the Rewards Center and win up to 5027 USDT!(Review)

Bybit: Use this link (all possible discounts on commissions and bonuses up to $30,030 included) If you register through the application, then at the time of registration simply enter in the reference: WB8XZ4 - (manual)