It feels like the entire world is doubling down on BTC (Bitcoin) and getting ready for what might finally end up being a recession and a deep one at that. Could crypto be the saving grace during these times? or will it be subject to the same issues of Fiat money? Only time will tell as this will be the first time bitcoin is in the limelight and a recession has kicked in. So far things are looking on the up and up for Bitcoin as it's gone from 16k early this year to hold above 25k for a long period of time.
It seems clear that large mining companies and even investors still want their hands on as much of that digital gold as possible. Let's take a look at the actions of some of these major mining leaders in the bitcoin space and see what they have been up to.
Riot
Riot is a name many have come to know. In September 2023 riot produced a staggering 362 bitcoin worth roughly 9 million dollars in total mined digital assets for the month. The company operates by repurchasing power from the utility provider. It also seems like they are getting some kickback with power credits and long term power contracts that's helping the company keep prices down while still producing roughly 12.5EH/s and is currently looking to expand this to 20.1 EH/s in mid 2024.
It should be noted however they are doubling their mining power AFTER the halving event which means they are still going to mine roughly the same amount of bitcoin for doing so at least in theory.
CleanSpark
Cleanspark is another major power player. Mining a whooping 643 BTC in September worth roughly a little over 16 million dollars the company is one of the biggest mining producers for bitcoin.
Cleanspark has done a great job at keeping costs down, running equipment 24/7 without any major down time have been skyrocking it's profits and capabilities. However the worrisome there at least from an investor standpoint is yeah they had a very good month without anything breaking but what if next month something breaks. It's going to be hard for this company to keep outperforming itself if it's already reporting everything is running as efficient as possible.
Marathon Digital Holdings
Marathon reported a massive 245% increase year over year producing 1,242 BTC in September worth over a staggering 31 million dollars. Their current hash rate runs at 23.1 EH/s
The company is now looking to expand into international locations with renewable energy.
It's clear that these companies are growing at a rather large pace compared to what others may thing bitcoin mining at least on scale and with connections can be hugely profitable. The shameful part is the occasional scare of companies to not mine bitcoin and to go over seas something I personally think is such a massive mistakes. Imagine the amount of wealth generation and keeping wealth within the states if everyone here was mining away.
Are you doubling down on BTC and think big things are coming soon?
