Bitcoin miner revenues continue to decline in September as network hash rate rises
Quick Take U.S. publicly traded bitcoin miners have finished releasing their monthly mining updates for September. The total market cap of 14 U.S.-listed bitcoin miners tracked by JPMorgan rose 4% to $21 billion during the month.
Publicly traded crypto miners as a whole suffered a third consecutive month of declining daily revenue in September, coinciding with an increase in network difficulty that contributed to making conditions challenging.
Bitcoin network’s hash rate increased monthly over Q2, reaching 643 exahashes per second (EH/s) in September, a 2% rise from August, according to a report from JPMorgan . Meanwhile, miners saw their earnings per EH/s drop by 6% month-over-month to an average of $42,100. That happened even as the world's largest cryptocurrency by market capitalization gained about 7% in value in September, recovering much of its August slump , according to The Block's bitcoin price page .
With all that said, the total market capitalization of 14 U.S.-listed bitcoin miners tracked by JPMorgan rose 4% to $21 billion in September. Here’s a look at how some of the largest miners produced during the month.
Bitcoin miner production highlights for September
MARA (formerly Marathon Digital Holdings) produced 705 bitcoin, a 6% increase from August. The company did not sell any of its bitcoin holdings, which now total 26,842 BTC.
“In September, the strength of our globally diversified operations was evident as we achieved significant uptime and increased our energized hash rate to 36.9 EH/s, reflecting 5% growth from August," said Fred Thiel, MARA's chairman and CEO. "We are proud to have surpassed a marathon worth of bitcoin HODL in September and currently have almost 27,000 BTC on our balance sheet."
Riot Platforms (ticker RIOT) mined 412 BTC, a 28% increase from August, and now holds 10,427 BTC. CEO Jason Les attributed the growth to operational improvements and hash rate increases, citing the completion of its third 100 MW building at the Corsicana Facility.
CleanSpark (CLSK) mined 493 BTC in September, bringing total holdings to 8,049 BTC. CEO Zach Bradford emphasized the company’s strategic positioning and resilience, noting that CleanSpark’s stock price had increased by 145% year-over-year by the end of the month.
"These results came from successfully navigating the halving, closing multiple acquisitions, delivering significant organic growth, and even riding out a hurricane to close out the year,” Bradford said.
Bitfarms (BITF) produced 217 BTC, down 7% month over month due to rising network difficulty. The company sold 173 BTC but added 44 BTC to its treasury, which now holds 1,147 BTC, valued at $73.4 million.
TeraWulf (WULF) mined 176 BTC, operating at an average of 8.2 EH/s. CEO Paul Prager said the company focused on demand response events and performance tuning to maximize profitability.
Core Scientific (CORZ) mined 345 BTC, slightly down from 358 BTC in August, and sold 370 BTC.
"Our outstanding team continues to advance our customer-funded project to modify certain of our data centers to deliver nearly 400 megawatts of digital infrastructure for high-performance computing,” said CEO Adam Sullivan. “In September, we completed the migration of all ASIC miners from two of our bitcoin mining data centers designated for HPC conversion.
Speculators and long-term holders shape the market
While overall production has grown for several miners, others, like Cipher Mining, took a different approach, selling 923 BTC in September while mining just 155 BTC.
Hut 8 (HUT) produced 85 BTC, bringing its total holdings to 9,106 BTC. The company also expanded its partnership with mining rig manufacturer Bitmain Technologies and launched a new GPU-as-a-service offering .
Hut 8's stock was the standout performer, rising 21% during the month. Despite declining revenues, the strong market performance and the overall rise in hash rate reflect cautious optimism in the sector.
Last month, Macquarie initiated "outperform" ratings on MARA, Riot Platforms, Core Scientific, CleanSpark and Cipher Mining, citing a growing shift from crypto-specific operations to AI and high-performance computing (HPC) models. Meanwhile, analysts at Bernstein said AI-focused Bitcoin miner stocks are outperforming their rivals due to stronger conviction in the data center thesis amid choppy bitcoin price action.
“While their hash rate growth may generally be slower than that of pure-play Bitcoin miners, AI-focused operators are expanding their data center infrastructure in parallel, which provides additional opportunities in the rapidly growing AI sector, the analysts said,” wrote The Block’s James Hunt.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
FLOKI's Critical Technical Setup and Breakout Potential: Navigating Short-Term Opportunities in a Consolidating Altcoin Market
- FLOKI's August 2025 technical setup shows a potential breakout after forming a rounded bottom pattern and key Fibonacci support at $0.00009620. - Mixed moving averages and balanced RSI indicate volatility, with Bollinger Bands signaling momentum but warning of overbought risks near $0.00010553. - Traders face a 12% upside potential if support holds, but bearish pressure could trigger an 8% decline if resistance fails, requiring strict risk management. - Breakout scalping and range trading strategies are
XLM's Path to $1: Is This the Final Dip Before a Major Breakout?
- Stellar Lumens (XLM) forms a 60-70% successful inverse head-and-shoulders pattern, with a potential $1 target if the $0.50 neckline breaks decisively. - Institutional accumulation at $0.39 support and $440M+ in tokenized assets, plus PayPal/Franklin Templeton partnerships, reinforce XLM's macroeconomic tailwinds. - Protocol 23's 5,000 TPS upgrade on Sept 3 and regulatory clarity in major markets create a virtuous cycle of demand, positioning XLM as a high-probability breakout candidate. - Strategic entry
Bitcoin Treasury Strategies and Corporate Capital Allocation: A New Frontier in Institutional Finance
- Over 170 public companies now hold Bitcoin as treasury assets, with firms like KindlyMD and Sequans Communications raising billions via equity to accumulate BTC. - Strategic logic includes Bitcoin's inflation resistance and potential to boost shareholder value through Bitcoin-per-share metrics, though equity dilution risks persist. - Corporate Bitcoin buying pressures institutional demand, tightening supply post-2024 halving while creating feedback loops that could destabilize altcoin markets. - Risks in
The New Frontier of Speculation: How Celebrity-Driven Markets Mirror Investor Behavior and Unlock Real-Time Sentiment Trading Opportunities
- Celebrity-backed memecoins like YZY Money and EMAX exhibit extreme volatility, driven by centralized tokenomics and influencer hype, causing retail investor losses. - Platforms like Polymarket aggregate real-time sentiment on celebrity events (e.g., Taylor Swift pregnancy odds), correlating with consumer behavior and merchandise sales trends. - Sentiment-driven trading strategies leverage prediction market data to forecast cultural trends, linking celebrity endorsements to stock movements and event-drive
Trending news
MoreCrypto prices
More
