The company sold 1,576 Bitcoin for a total revenue of $32.2 million. The Austin, Texas-based firm mined 43 Bitcoin, lower than August because of curtailment and difficulty, according to the firm’s disclosures.Ĭore Scientific added 410 PH/s of hashrate to its self-mining operations, taking its total current hashrate to 13.0 EH/s. Core Scientific mined 1,213 Bitcoin in September at a rate of 40.4 Bitcoin per day. With 232,000 managed ASICs, both owned and co-located, Core Scientific is one of the largest publicly traded Bitcoin miners in the world. Both Marathon Digital and Core Scientific have significant debt position, as can be seen when you compare their MCAP to their EV. Digihost is closely followed by Iris Energy, Cleanspark and DMG Blockchain. As can be seen from the table above, Digihost Technology has no current debt on the balance sheet. That being said, Iris's net asset base is currently actually larger than that of Core Scientific, with 23 EH/s under its management.įinally, looking at the Enterprise Value as a proportion of net assets again provides a good indicator of value. While Iris Energy maintains a healthy outlook, it does have a significant amount of debt being serviced over the next 18 months. Both companies have little or no debt on the balance sheet. From the data, Digihost Technology and Cleanspark look to have the best value from a hashrate perspective. Future hashrate based on the end-of-year projections is also included. The table below looks at current and future hashrate in terms of cost, or the EV divided by the hashrate (PH/s). EV provides a fair valuation of a company when comparing it to its peers. market capitalization (MCAP)), multiplied by the share price, adding the total debt and lastly deducting the total liquidated cash on the balance sheet. EV is calculated by taking the total number of outstanding shares (i.e. Valuation MetricsĪ few more metrics are worth consideration, including the Enterprise Value (EV) of each miner. Overall, the top four miners appear to be creating a gap with their consistent operational updates. Year-to-date, the top position has again changed, with Hive Blockchain now edging out Iris Energy as the most consistent operator by EH/s. Notable miners include DMG Blockchain, which increased its daily average Bitcoin production by 15.3%, and Marathon Digital, which doubled its daily production rate in September. Scroll below to see a recap of each miner's production.īitfarms (BITF) beat out Hive Blockchain by the smallest of margins in terms of overall operational mining performance by EH/s, followed by Iris Energy (IREN) and Cleanspark (CLSK).
This article includes updates on 11 publicly listed miners. Not only did miners have to put up with a large increase in Bitcoin’s difficulty, but inflation-goaded energy prices continue to eat into their bottom line. September mining proved to be a challenge for many miners.
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