As a result of the August mining hardware upgrade we entered the autumn with a record hashrate of about 140 PH/s (140,000 TH/s) with an Average Energy Efficiency (AEE) of 30 W/TH.
September was the first full month of Minto's operation after the 37% increase in mining power and a 16% improvement in energy efficiency. This has had an extremely positive impact on our results and will have long-term positive consequences.
So, in September, Minto mined 1.8 BTC, showing revenue growth of 74% month-on-month, received almost $31k of net profit (+75% MoM, +164% YoY) and sent a record $21.7k to the Treasury.
The Minto team has fully implemented its plan to prepare for halving, according to which we formed the Treasury, carried out a comprehensive upgrade of mining hardware, and $BTCMT holders obtained the most energy-efficient hashrate.
By the end of September, it is obvious that the plan worked, and the project is gaining momentum already in the post-halving reality.
September was also marked by the $BTCMT listing on the centralized MEXC exchange, which resulted in an almost 24% increase in the project’s TVL due to increased interest in our token.
Minto's client hashrate (ACH) exceeded 37 PH/s, maintaining an energy efficiency of 28.5 W/TH, which is an outstanding result at a time when many players cannot ensure mining profitability and are fighting for survival, accelerating the process of mergers and acquisitions (M&A) among mining companies.
Minto remains an independent and strong player with very competitive parameters and excellent prospects in the current halving cycle, which we have secured thanks to the timely decisions of the Minto community.
We continue to work successfully in the 65% mining hardware uptime mode, whose effectiveness is clearly confirmed by our calculations for a hypothetical 100% uptime mode.
Even with significant hypothetical revenue (about 3 BTC at 100% uptime versus 1.8 BTC at 65% uptime), $200k of electricity costs in case of constantly running mining power completely negates all efforts and results in a net loss of $24.6k.
Thus, the issue of switching to the 100% uptime mode is not on the agenda.
So, we are entering the 4th quarter of 2024 on a positive wave and are preparing another important update, which we plan to unveil to the Minto community soon as part of a new vote.
Stay tuned and let's help October live up to its name Uptober again!