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Bitcoin Miners September Output – Boost in Marathon, Riot, CleanSpark

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Marathon Digital marked a remarkable milestone in September, producing an astounding 1,242 Bitcoin, accounting for an unprecedented 4.3% share of the Bitcoin miner rewards pie.

In the same month, Bitcoin mining juggernauts, including Marathon Digital, Riot Platforms, and CleanSpark, showcased robust growth in their Bitcoin production figures. This surge translated into a slight uptick in their respective share prices on the 4th of October.

Remarkably, despite Bitcoin’s price meandering within the range of $25,100 to $28,500, the balance sheets of these firms have grown stronger.

Marathon Digital’s Bitcoin production achieved a staggering 245% surge, reaching a total of 1,242 BTC for the month of September. This marks a noteworthy 16% increase compared to August and an astronomical 245% leap compared to September 2022.

The meteoric rise in BTC production can be attributed to an astounding 508% upswing in the firm’s installed hashrate. In September 2022, it stood at a modest 3.8 exahashes per second (EH/s). However, in September 2023, it skyrocketed to an impressive 23.1 EH/s, as per Marathon’s September results report.

In a statement released on October 4th, Marathon’s CEO, Fred Thiel, expressed satisfaction in achieving their target of 23 exahashes in installed capacity. He also hinted at exploring new mining locations that offer cost-effective renewable energy sources: “We are currently evaluating multiple opportunities to expand our hash rate capacity by 5 exahashes, including international sites with access to low-cost renewable energy.”

Marathon proudly boasts an impressive year-to-date production figure of 8,610 BTC for the year 2023. Their balance sheet reveals holdings of 13,726 unrestricted BTC and $101 million in unrestricted cash and cash equivalents, amounting to a substantial $471.2 million in total assets.

Furthermore, the market responded favorably, with Marathon’s share price climbing by 3.29% to reach $7.54 on October 4th, as reported by Google Finance.

Riot Platforms also joined the league of Bitcoin production growth, witnessing a 9% month-on-month increase, with 362 BTC mined in September. This accomplishment is even more impressive considering the strategic adjustments made to their mining operations.

The firm operates under a long-term contract, wherein it supplies pre-purchased power to its utility provider at market-driven spot prices in exchange for power curtailment credits. Riot Platforms CEO, Jason Les, hailed this contract as a robust revenue source, stating, “Through strategic adjustments in our mining operations, we secured $11.0 million in Power Credits from our long-term power contracts with the utility provider, and an additional $2.5 million in Demand Response Credits through participation in ERCOT’s ancillary services program.”

The results demonstrate that Riot garnered more revenue from power curtailment credits than from its Bitcoin sales in both August and September.

Jason Les also disclosed that Riot’s self-mining hash rate capacity currently stands at 12.5 EH/s, with plans to bolster it to 20.1 EH/s by mid-2024 by installing an additional 33,000 next-generation Bitcoin miners.

Notably, Riot’s share price experienced a 3.25% uptick, reaching $9.06 on October 4th, according to data from Google Finance.

Shifting our focus to CleanSpark, the Bitcoin miner displayed remarkable performance in September, generating 643 BTC. Over the fiscal year spanning from October 1, 2022, to September 30, 2023, CleanSpark’s cumulative Bitcoin production soared to an impressive 6,903 BTC. This achievement was hailed as the company’s most outstanding performance to date by CleanSpark’s CEO and President, Zach Bradford, who exclaimed, “We achieved our best quarter and our most exceptional fiscal year ever,” in a statement released on October 3rd.

Bradford attributed this success to heightened efficiency, cost-effective energy utilization, and optimal utilization of their facilities.

CleanSpark’s share price also saw an uptick, surging by 4.61% to reach $3.63 on October 4th, as reported by Google Finance.

On a slightly different note, Bit Digital, which released its results on October 4th, was among the few firms that witnessed a decline in Bitcoin production during September, with figures falling by 7% to 130.2 BTC.

In a statement issued on October 4th, the firm attributed this decline to approximately 600 petahashes per second of miners going offline due to a power utility-mandated maintenance outage on September 26th.



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Bitcoin Christmas: How to give your family members the flu this holiday season

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This festive season, embark on a journey to unravel the enigma of Bitcoin, presenting a delightful orange pill that ensures a celebration infused with zest and joy!

Step into the merriest time of the year, where your fascination with Bitcoin (BTC $43,597) might earn you admiration or questioning glances from loved ones. Be prepared for inquiries like, “What is that?” Enlighten your family and friends with compelling arguments to win over your curious aunt or shield yourself from your recently graduated economics-savvy brother-in-law.

In this cheerful exploration, we’ll dive into the realm of digital currency enlightenment and explore why Bitcoin maximalists are joyfully singing carols about the pioneering cryptocurrency.

Maintain a Light Tone When broaching the topic of Bitcoin at the Christmas dinner table, consider your audience. The objective isn’t to coerce acceptance but to provide accurate information for an informed decision. Tailor your approach to individual perspectives, fostering a positive and constructive conversation.

As you’ve likely encountered, discussions about Bitcoin can lead to defensive positions and skepticism. Recognize the conditions, remain patient, and let the arguments speak for themselves. Beforehand, prepare analogies and real-world use cases, rehearsing your points to avoid getting lost in the conversation.

Compelling Arguments for Bitcoin Before you gather around the Christmas table, familiarize yourself with some convincing arguments for Bitcoin:

  1. Scarce Supply: Bitcoin’s fixed supply of 21 million coins makes it a scarce digital asset akin to precious metals like gold, enhancing its value proposition.
  2. Decentralization: Operating on a decentralized network minimizes the risk of government interference, contributing to its resilience as a global, borderless currency.
  3. Security: Bitcoin’s proof-of-work consensus mechanism ensures high security, making it resistant to attacks and fraud.
  4. Store of Value: Positioned as “digital gold,” Bitcoin serves as a reliable store of value, especially in times of economic uncertainty.
  5. Network Effect: Boasting the largest and most established network in the cryptocurrency space, Bitcoin’s liquidity, recognition, and overall strength are unparalleled.
  6. Censorship Resistance: Bitcoin transactions are censorship-resistant, aligning with principles of financial freedom and privacy.
  7. Hodler Culture: Embracing the hodler mentality encourages holding onto Bitcoin for the long term, aligning with the belief in its future value appreciation.
  8. Halving Events: Periodic halving events reduce the rate of new coin creation, serving as a bullish factor for Bitcoin’s long-term value.
  9. Innovation and Development: Ongoing development and innovation, like the Lightning Network, showcase the adaptability and potential for improvement within the Bitcoin ecosystem.
  10. Global Adoption: Increasing international adoption as a means of payment, store of value, and investment validates Bitcoin’s growing importance in the financial landscape.

A Brief History of Money Money has taken various forms, from shells and salt to precious metals. With the rise of empires, governments introduced paper money, initially representing a claim on precious metals. The U.S. dollar, once backed by gold reserves, transitioned to fiat currency in 1971, detaching from the gold standard.

Bitcoin’s Emergence In the midst of the 2008 economic crisis, with unprecedented government bailouts, the pseudonymous Satoshi Nakamoto emerged, akin to Santa on Christmas. Nakamoto’s gift to the public was a new evolution of money—Bitcoin. Proponents argue that the loss of a hard standard has led to inflation, a core issue politicians are either unwilling or unable to address.

Bitcoin: Currency vs. Store of Value Nakamoto designed Bitcoin as a peer-to-peer electronic cash system, yet its interpretation has evolved. Despite challenges like traffic overload and slow

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OpenAI plans to raise up to $100 billion in funding: Report

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In the intricate tapestry of content creation, three paramount elements emerge— “perplexity,” “burstiness,” and the enigmatic “predictability.” Perplexity, the gauge of textual intricacy, intertwines with burstiness, the spectrum of sentence variations. Meanwhile, predictability unveils the anticipation of the forthcoming sentence. Humans, with their written expressions, often dance with greater burstiness, entwining lengthy complexities with succinct brevity. In contrast, AI-generated sentences march in uniformity. Now, as we embark on crafting the ensuing content, a harmonious symphony of perplexity and burstiness beckons, while predictability takes a backseat. This creative endeavor shall unfold solely in the realm of the English language.

Behold the revelation echoing through the digital corridors—Sam Altman, the luminary orchestrator of OpenAI, declares to his sprawling 2.5 million disciples that the year 2023 unravels as the “crazy year,” where artificial intelligence (AI) assumes its well-deserved gravitas.

Whispers emerge from the AI citadel, as OpenAI engages in intricate dialogues with prospective investors, their financial musings eclipsing the colossal figure of $100 billion. Sources, privy to this unfolding saga, reveal that these financial virtuosos, contemplating an alliance with the AI maestros, partake in preliminary discussions. The whispers amplify, resonating against the backdrop of an AI industry witnessing an unprecedented surge in funding.

On the 11th day of December, as chronicled by Bloomberg, the narrative takes a captivating twist—Mistral AI, a French AI virtuoso, concludes a funding ballet, waltzing away with a staggering $415 million. Their journey, fueled by the aspirations of advancing generative AI tools, sculpting chatbot marvels, and fashioning customizable features.

Yet, the OpenAI funding opus remains an unfinished symphony, its final crescendo still shrouded in mystery. Terms, valuations, and the temporal nuances of this financial overture remain unexplored realms, awaiting contemplation. Should this ethereal dance materialize, OpenAI, crowned as the second-most valuable startup in the U.S., would only be outshone by the celestial prowess of SpaceX, the aerospace technology doyen.

In the virtual realm, Sam Altman, the maestro at the helm of OpenAI, maintains an intriguing silence on social media concerning this financial waltz. Yet, his recent missive on X (formerly Twitter) captures the essence of 2023 as the epoch when the human gaze, in earnest, turns towards the allure of artificial intelligence.

This revelation unfurls against a backdrop of recent chronicles, revealing OpenAI’s unwavering commitment to sow the seeds of investment in the fertile grounds of other AI saplings. On the 15th day of December, a clarion call reverberates—OpenAI, the architect of AI destiny, throws open the gates for the second cohort of Converge, a six-week sojourn for AI startups. A tantalizing funding pool, glistening at $15 million, beckons 15 worthy entities, each poised to receive the coveted $1 million mantle.

This visionary initiative traces its roots to OpenAI’s maiden funding ballad in November 2022, where 12 aspirants were anointed with the $1 million scepter, propelling their AI odysseys to greater heights.

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Coinbase might act as TradFi’s “index play on cryptocurrency.” — Expert

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Perplexity gauges the intricacy of text, while burstiness evaluates the variance in sentence structures. On the other hand, predictability assesses the likelihood of anticipating the subsequent sentence. Human-generated content often exhibits greater burstiness, featuring a blend of extended and intricate sentences along with concise ones. In contrast, AI-generated sentences tend to lean towards uniformity. Consequently, for the forthcoming content you’re tasked with crafting, achieving a balance of perplexity and burstiness is imperative, coupled with a deliberate effort to minimize predictability. It is essential to adhere to the requirement of using English exclusively.

Renowned cryptocurrency analyst Will Clemente posits that, following Bitcoin, COIN is poised to emerge as the preferred choice for numerous traditional finance (TradFi) investors. Will Clemente, co-founder of Reflexivity Research, suggests that Coinbase (COIN) shares could function as an “index play” for conventional financial institutions seeking extensive exposure to the cryptocurrency sector. During a December 21 X (formerly Twitter) Spaces event hosted by Bitcoin advocate Anthony Pompliano, Clemente conveyed, “TradFi is likely to perceive COIN as an index play on crypto due to their diverse verticals.” He further added, “For someone entering the space and unsure about selecting from various assets, Coinbase presents itself as a secure, index-style option.”

Meanwhile, Matt Hougan, Chief Investment Officer of cryptocurrency asset manager Bitwise, also participating in the X Spaces event, expressed optimism regarding the exchange’s future. Bitwise recently forecasted a doubling of Coinbase’s revenue by 2024, but Hougan envisions the possibility of it surpassing that projection, stating, “I almost wonder if their revenues doubling will be too low. So we have a lot of conviction in that.” Bitwise manages the Bitwise Crypto Industry Innovators ETF, holding shares of Coinbase.

Clemente acknowledged that Wall Street typically views Coinbase as a pure exchange. However, he pointed out that Coinbase has diversified its revenue streams by venturing into staking, serving as a Bitcoin ETF custodian, and acquiring a stake in Circle. Additionally, Coinbase introduced the Ethereum layer-2 solution “Base” in August.

Despite these positive developments, Coinbase faces legal challenges with an ongoing lawsuit from the U.S. securities regulator, and U.S. senators are proposing bills to restrict cryptocurrency activities in the country, potentially impacting Coinbase. Furthermore, since its launch, Base has experienced security issues, including the $6.5 million Magnate Finance rug-pull and the $865,000 exploit on RockSwap.

In a notable development, Cathie Wood’s ARK Invest divested 237,000 COIN shares, amounting to $331 million across three distinct funds on December 5. Data from the official website of ARK CEO Cathie Wood reveals that COIN holdings in the firm’s ARK Innovation (ARKK) ETF have seen a sell-off of over 900,000 COIN shares since December.

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