SA Charts: How did bitcoin miners perform in October?

Nine of the top ten biggest bitcoin miners by market capitalization saw an uptick in their October bitcoin production tallies as the price of the world’s largest cryptocurrency (BTC-USD) continued to climb during the month.

Earlier in the week, Bitcoin hit a new record high, briefly surpassing the $75K mark, following Donald Trump’s victory in the 2024 presidential elections. Trump has been vocal about his support for the crypto sector during his electoral campaign, compared to the Biden government’s crackdown on the sector.

Miners MARA Holdings (NASDAQ:MARA), CleanSpark (NASDAQ:CLSK), Riot Platforms (NASDAQ:RIOT), Iris Energy (NASDAQ:IREN), Core Scientific (NASDAQ:CORZ), Bitfarms (NASDAQ:BITF), Bitdeer Technologies (NASDAQ:BTDR), Cipher Mining (NASDAQ:CIFR) and Hut 8 (NASDAQ:HUT) all saw increased output from September to November.

TeraWulf (NASDAQ:WULF) remained the only outlier, witnessing a dip in production to 150 bitcoins in October from 176 a month earlier.

Looking at the October performance for this group of miners in total, the group produced a total of 3,513 bitcoins during the month. This was an increase of 13% from September.

Since the start of the year, bitcoin has risen about 69.3%, outperforming the S&P 500 index, which has gained about 24.3% during the same period.