What Caused Mixed Performance for Bitcoin Miners in September?
As the industry changes in the face of market volatility, reports from Bitcoin miners in September have shown divergent performances. Irish Energy and Hut 8 have both kept up their operational expansion, although the most recent report shows varying production outcomes and efficiency advances.
High-performance computing and artificial intelligence are being progressively integrated into the operations of bitcoin mining firms. For instance, Hut 8 hopes to self-mine at 20 exahashes per second by 2025, and Iris anticipates reaching 31 EH/s by 2024’s fourth quarter.
CleanSpark’s Hash Rate Surges by 187%, Bitfarms and Hut 8 Face September Production Fluctuations
In September, Bitfarms made 217 BTC, as opposed to 233 BTC in August. The increased network difficulty, which peaked in September, is to blame for this reduction. Bitfarms met its year-end efficiency goal of 21 watts per terahash ahead of schedule despite the decline. The increase in network difficulty, which peaked in September and made it more difficult to produce BTC even with operational gains, is what’s responsible for the company’s decrease in BTC output.
September’s hash rate for Hut 8 showed a minor increase, from 18.5 EH/s in August to 19.5 EH/s at the end of the month. Due to the company’s deployment of more miners, there has been growth. Hut 8 produced 85 BTC in September compared to 87 BTC in August, indicating a modest decline in BTC production despite the increased processing power.
In its most recent audited fiscal year report, Bitcoin mining business CleanSpark said on October 4 that it had increased its hash rate by 187% in the previous 12 months. Zach Bradford, CEO of CleanSpark, also credited the growth to the company’s current data center’s completion of several expansions.
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