Bitcoin Mining Companies Report Record Production In October

According to PANews, Bitcoin mining companies Marathon Digital and Riot Platforms achieved their highest monthly Bitcoin production since the halving in April, indicating a robust recovery in miner revenue post-halving. Marathon produced 717 Bitcoins in October, valued at approximately $48.8 million. This increase is partly attributed to its hash rate rising to 40 EH/s, with high transaction fees contributing about 5% to the production. Meanwhile, Riot Platforms generated 505 Bitcoins, worth around $34.4 million, with its hash rate increasing to 29.4 EH/s. Despite the strong monthly performance, both companies experienced a decline in their stock prices on November 4, with Marathon's shares dropping by 3.79% and Riot's by 4.87%. This decline in stock value occurred despite the significant production achievements, highlighting the volatile nature of the cryptocurrency market and its impact on related stocks. The increased hash rates for both companies suggest a strategic focus on enhancing operational efficiency and capitalizing on the current market conditions to maximize Bitcoin output.