Bitcoin mining companies, including Bitdeer, CleanSpark, and Marathon Digital, have driven a significant increase in the average network hashrate in the third quarter. These firms collectively grew Bitcoin’s monthly average hashrate by 13.88 exahashes per second (EH/s) from June to September. Bitdeer saw the highest increase in hashrate, followed by CleanSpark and Marathon. Despite a record-breaking heat wave in North America, these companies were able to maintain and increase their computational power. However, Riot’s strategy of shutting down operations in Texas contributed to a decrease in its hashrate. Bitdeer’s success can be attributed to the completion of its 100 MW data center in Bhutan. Marathon aims to increase mining efficiency and has retired a significant portion of its debt, positioning itself well for the bitcoin halving event in April 2024.

AI Sentiment: Positive