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Bitcoin Miners Boost Production Amid Steady Market Performance

Published 06/10/2023, 03:38 am
© Reuters.
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Bitcoin miners Marathon Digital (NASDAQ:MARA) and Riot Platforms have significantly increased their production rates in September, despite a broader stock market downturn since August. This comes amid Bitcoin's firm price hold at $27,700, marking a 67% growth year-to-date.

Marathon Digital minted 1,242 Bitcoin in September, a 16% increase from August and a substantial 245% jump from the same month last year when prices dropped to $26,000 during the "crypto winter". The company has accumulated 8,610 Bitcoin this year and continues to scout for affordable renewable energy mining sites.

Echoing Marathon's growth, Riot Platforms also escalated its output by 9%, generating 362 Bitcoin. Additionally, CleanSpark produced a record 643 Bitcoin.

On Thursday, Bitcoin's rejection at $28,000 and subsequent $700 market downslide aligned with BTC price action predicted by Material Indicators' tools. Keith Alan anticipates a BTC/USD trading range influenced by Key Moving Averages at $27,970 (200-week) and $27,868 (21-week), with BTC projected to range between $25k - $28k.

Meanwhile, Michaël van de Poppe predicts Bitcoin breaching the $30,000 resistance, emphasizing the importance of holding above $27,200. Ali's RSI-based method signaled a "sell" in October and recommends buying when RSI declines below 30.35, hinting at Bitcoin's potential to retest the $28,000 mark.

Despite the volatility in the stock market since August, Marathon Digital's stock has surged to $7.54 per share and Riot Platforms' to $9.06 per share. This mirrors Bitcoin's resilience amidst fluctuating market conditions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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