Bitcoin Mining Stocks CleanSpark, Marathon Digital And Riot Platforms Are Sliding Monday: What's Going On?

Bitcoin BTC/USD mining stocks Marathon Digital Holdings Inc MARA, Riot Platforms Inc RIOT and CleanSpark Inc CLSK are moving lower Monday morning. Each of the companies released mining updates for October.

CLSK Mining Update: CleanSpark mined 655 bitcoin in October, up 32% on a month-over-month basis. CleanSpark has now mined a total of 5,734 bitcoin year-to-date.

CleanSpark said it had total bitcoin holdings of 8,701 as of Oct. 31 after selling 2.78 bitcoin last month. The company ended the month with an operating hash rate of 31.3 EH/s.

“October was another remarkable operational month in the books for CleanSpark … There are just a few short months remaining in the calendar year, but we have a handful of projects under construction that we expect to come online and hashing before the start of 2025,” said Zach Bradford, CEO of CleanSpark.

At the time of publication, CleanSpark shares were down 3.71% at $9.96, according to Benzinga Pro.

MARA Mining Update: MARA Holdings mined 717 bitcoin in October, up 2% month-over-month. The company said it held a total of 27,562 bitcoin as of October. 31.

Marathon Digital noted that it grew its energized hash rate to 40.2 EH/s during the month.

“Despite a slight month-over-month decrease in block wins, driven by the growth in global hash rate and the resulting rise in difficulty level, BTC production increased by 2% to 717 BTC,” said Fred Thiel, chairman and CEO of MARA Holdings.

“Our 50 EH/s target by the end of 2024 is within sight as we steadily increase our hash rate by installing new miners, improving infrastructure and energizing additional immersion containers.”

MARA Holdings shares were down 2.79% at $15.68 at the time of publication, according to Benzinga Pro.

RIOT Mining Update: Riot mined 505 bitcoin in October, up 23% month-over-month. The company said it held 10,928 bitcoin as of the end of the month.

Riot increased its deployed energized hash rate to 29.4 EH/s in the quarter.

“In October, Riot achieved a new post-halving milestone in production, with 505 Bitcoin mined in the month,” said Jason Les, CEO of Riot.

“This 23% increase in production from September is a reflection of both the ongoing growth in our deployed hash rate and of the efforts to improve our operational efficiency. During the month of October, our deployed hash rate increased to 29.4 EH/s, driven by new deployments of latest generation MicroBT miners at the Corsicana Facility. We are pleased with the positive operational momentum underway and look forward to continuing this progress.”

Riot Platforms shares were down 5.3% at $8.94 at the time of publication, according to Benzinga Pro. Bitcoin was up about 0.64% over a 24-hour period, trading around $68,400 at last check.

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