How Did Bitcoin Miners Perform in September?

Bitcoin mining companies saw mixed results in September, reflecting the impact of ongoing market volatility on the sector.

While Hut 8 and Irish Energy expanded their operations, variations in efficiency and production were evident across the industry.

Many miners are turning to advanced technologies like AI and high-performance computing to boost performance. Hut 8 aims to hit 20 EH/s in self-mining capacity by 2025, while Irish Energy expects to reach 31 EH/s by Q4 2024.

Bitfarms reported earning 217 BTC in September, a drop from August’s 233 BTC, due to increased network difficulty. However, it still met its annual efficiency goal early and expanded its energy efficiency by 16%. The company also boosted capacity through a deal with Stronghold Digital Mining, raising its operational hashrate by 2.2 EH/s.

Hut 8 increased its hashrate to 19.5 EH/s in September, up from 18.5 EH/s, but produced slightly less Bitcoin —85 BTC compared to August’s 87 BTC.

Meanwhile, Iris showed robust growth, with BTC output jumping from 245 BTC in August to 347 BTC in September, driven by a 42% surge in mining capacity.

CleanSpark, on the other hand, announced a 187% annual increase in hashrate, climbing from 9.6 EH/s to 27.6 EH/s in the last fiscal year due to expansions across three states and upgrades at existing facilities.