Marathon Marking a 16% Mom Increase From Previous Month

PLUS IREN, WULF, BITF, CLSK, HIVE and Amanda Fabiano leaves Galaxy

Kim Sandin
October 06, 2023

Here's what happened in the world of mining this week:

September updates from Marathon, Iris, TeraWulf, Bitfarms, CleanSpark, HIVE 📈
Amanda Fabiano, former Head of Mining at Galaxy, leaves to start a consulting business ⭐️

In September 2023, Marathon produced 1,242 Bitcoin, marking a 16% increase from the previous month and a 245% increase from September 2022.
Marathon's combined unrestricted cash and Bitcoin holdings amounted to $471 million as of September 30, 2023.
Marathon's U.S. average operational hash rate increased by 20% month-over-month to 15.8 EH/s.
Marathon recently retired a significant portion of its convertible debt at a discount, strengthening its balance sheet.
The company holds 13,726 BTC, with 13,726 in unrestricted BTC holdings and no restricted BTC holdings.

Iris Energy Limited is increasing its self-mining capacity by 25% from 5.6 EH/s to 7.0 EH/s. This capacity increase is achieved by acquiring 1.4 EH/s of the latest-generation Bitmain S21 miners.
The efficiency of Bitmain's S21 miners is at 17.5 J/TH, which enhances resilience post-halving, capital efficiency of data centers, and upside to Bitcoin.
The purchase price for the miners is $19.6 million ($14/TH), with $16.7 million ($11.9/TH) to be paid before shipment and the remaining $2.9 million ($2.1/TH) deferred until one year after shipment.
The mining equipment is expected to be installed at Iris Energy's site in Childress, Texas, with shipping scheduled for early 2024.
The funding for this acquisition is expected to come from existing capital sources, including cash in the bank (~$64 million) and operating cash flow.
Iris Energy's 80MW expansion in Childress is progressing as planned, with data centers to be delivered progressively from early 2024.
The company is targeting near-term expansion with a potential operating capacity of up to 9.4 EH/s and is actively monitoring the market for additional hardware acquisition opportunities.
Iris Energy continues to work on its single-site expansion program, with a goal of reaching 30 EH/s in the future.

TeraWulf self-mined 329 BTC in September 2023. The company generated approximately $6.5 million of free cash flow in Q3 2023, which will be used to repay debt.
TeraWulf's power cost averaged $9.9k per bitcoin produced, or approximately $0.035/kWh in September.
The company had an operational miner fleet of approximately 50,000 miners as of September 30, 2023.
The Lake Mariner facility is undergoing a 43 MW expansion scheduled for completion by year-end 2023.

Bitfarms increased its hashrate to 6.1 EH/s, reflecting a 9% increase from the previous month. The energy efficiency of their miners improved to 36 w/TH, achieved with new 28 w/TH miners.
In September 2023, Bitfarms mined 411 BTC, a 7.3% increase compared to August 2023, despite a 2.7% increase in network difficulty during the same period.
The company's mining operations have been optimized, and the installation of S19 Pro + miners in Argentina has shifted their fleet composition.
Financially, Bitfarms sold 362 BTC in September 2023, generating $9.5 million in proceeds, and reduced its outstanding debt by $1.9 million, leaving a remaining balance of $9.9 million.
The company added 49 BTC to its treasury, bringing the total to 703 BTC, and held $46 million in cash and cash equivalents at the end of September 2023.

CleanSpark mined 643 bitcoins in September 2023. The company mined a total of 6,903 bitcoins during its fiscal year 2023, which ran from October 1, 2022, to September 30, 2023.
CleanSpark's total bitcoin holdings as of September amounted to 2,240 bitcoins.
In September 2023, CleanSpark sold 80 bitcoins at an average price of approximately $26,800 per bitcoin, generating proceeds of around $2.2 million.
The company's deployed fleet consisted of 88,954 mining machines and the current hashrate of CleanSpark's mining operations stood at 9.6 EH/s.

In September 2023, HIVE produced 269.5 bitcoin from its ASIC and GPU mining operations, achieving an average of 70 bitcoin per Exahash (EH).
The company maintained an average hashrate of 3.83 EH/s throughout September 2023. The company ended September with a total mining capacity of 3.98 EH/s, which includes ASIC and GPU BTC hashrate, marking an 8.3% increase compared to the previous month.
HIVE recently acquired 1,000 Bitmain S19k Pro miners, with an efficiency of 23 J/TH and 120 TH/s per machine, as part of its preparations for the halving.
The company's total Bitcoin production in September 2023 included 259 BTC produced from ASICs, with an average hashrate of 3.69 EH/s from ASICs during the month.
The monthly average hashrate for HIVE in September 2023 was 3.83 EH/s, with 3.69 EH/s from ASIC mining capacity and 0.15 EH/s from GPU mining capacity.
This performance represents an 8.3% month-over-month increase in BTC ASIC hashrate, demonstrating the company's growth in mining capacity.

Amanda Fabiano, formerly the head of mining at Galaxy Digital, has left the company to start her consulting services firm.
Her new advisory firm is called Fabiano Consulting, and it aims to assist Bitcoin mining companies in their growth.
As part of her consulting business, Fabiano will work with clients such as Compass Mining and Giga Energy.
During her time at Galaxy Digital, Fabiano played a significant role in the acquisition of the Helios mining facility from Argo Blockchain, worth nearly $100 million, which helped rescue the miner from bankruptcy.
She emphasizes the importance of prudent strategies for miners in the current crypto market conditions, especially with the Bitcoin network's hashrate at an all-time high and the upcoming halving event.