Bitcoin mining stocks CleanSpark Inc (CLSK) and Riot Platforms Inc (RIOT) are attracting attention Thursday after both companies released their mining updates for September. The news underscores the continued growth and operational efficiency within the Bitcoin mining sector.
CleanSpark’s September Success
CleanSpark reported mining 493 Bitcoin in September, a notable increase from the 478 mined in August. The company now holds a total of 8,049 Bitcoin, having mined 5,079 year-to-date. While CleanSpark sold 2.5 Bitcoin last month at an average price of $58,287 per coin, the company’s average hashrate for September reached 23.4 EH/s, translating to an average of 16.43 Bitcoin mined daily.
CleanSpark highlighted that they achieved a peak hashrate of 27.6 EH/s in September, before Hurricane Helene impacted their operations towards the end of the month. Fortunately, the company reported no significant damage to infrastructure and is unaware of any material losses related to its mining servers. As of October 2nd, all but 45 MW of power had been restored to their sites, with the remaining power expected to be restored in the coming days.
“Our expansion efforts have not slowed down, and we are actively racking miners at newly acquired sites and at our existing facilities as part of our fleet upgrade plan,” shared Zach Bradford, CEO of CleanSpark. “Through these efforts, we expect to reach 30 EH/s during October 2024. Looking ahead to fiscal year 2025, we are positioned to rapidly achieve our forecasted growth to 50 EH/s and beyond. We look forward to providing further updates on 2025 in the coming weeks.”
Riot Platforms’ Strong Performance
Riot Platforms also shared its positive September mining metrics. The company mined 412 Bitcoin last month, representing a 28% increase from the 322 mined in August. “This increase in production was driven by an increase in average operating hash rate across all our facilities and was achieved despite periodic curtailment that took place through our participation in the final month of ERCOT’s Four Coincident Peak (4CP) program for 2024, whereby we paused mining operations during periods of high demand on the grid,” explained Jason Les, CEO of Riot.
Riot’s average operational hashrate reached 19.5 EH/s in September, a significant jump from 14.5 EH/s in August. Les emphasized, “We are excited about the results we are seeing from our growing hash rate and operational improvements, which are directly translating into increased production and improved efficiency. Following the completion of our third 100 MW building, Building B1, at our Corsicana Facility during the month, we achieved a total deployed hash rate capacity of 28.2 EH/s.”
Stock Performance
At the time of publication, CleanSpark shares were down 1.93% at $8.62, while Riot shares were down 0.28% at $7.28, according to Benzinga Pro. The performance of both stocks reflects the broader market sentiment and the ongoing volatility within the cryptocurrency space.
These positive production reports from CleanSpark and Riot Platforms demonstrate the continued growth and resilience of the Bitcoin mining industry. As both companies continue to scale their operations and optimize efficiency, investors will be closely watching their future performance and the overall impact on the Bitcoin ecosystem.
