During the third quarter of 2023, Bitcoin miners experienced a substantial increase in realized hashrates, with several companies outpacing the network’s average growth rate throughout the summer. Bitdeer (BTDR) led the pack with an impressive realized hashrate growth of 120.14%. Following closely were CleanSpark (CLSK) and Marathon Digital (MARA), which reported growth rates of 42.95% and 38.48%, respectively, as reported by BlocksBridge.

Cipher Mining (CIIFR) and Bit Digital (BTBT) also demonstrated notable increases in hashrates, with growth percentages of 26.14% and 18.93%, respectively. Meanwhile, Bitfarms (BITF) and Hive Blockchain (HIVE) experienced more modest gains, recording growth rates of 16.53% and 13.58%, respectively. DMG Blockchain (DMG) and Argo Blockchain (ARBK) registered growth percentages ranging from 10% to 7.5%.

Conversely, not every company experienced growth. Riot Blockchain (RIOT) witnessed a decline in its realized hashrate by 14.10%. Iris Energy (IREN) also faced a slight setback, with a decrease of 0.53%. These fluctuations underscore the unpredictable nature of the industry.

It’s important to highlight that the reported growth specifically pertains to realized hashrates, excluding other proprietary hashrate-related activities such as power sales and cloud mining. This differentiation underscores significant advancements within the core miners operations..