The total value of the company's reserves in the first cryptocurrency is $206 million

Marathon Digital doubles its BTC mining volume in a month

10.10.2022 - 11:25

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2 min

What’s new? The mining company Marathon Digital published a report on bitcoin mining and plant operations for September. It says that the company mined 360 BTC last month, which is almost twice as much as the result for August (184 BTC). The total value of the company's bitcoin assets rose to 10 670 BTC (~$206 million according to Binance exchange rates as of October 10). Marathon Digital mined a total of 616 BTC in the third quarter and also moved some of the infrastructure of one of its facilities from Montana to Texas.

The company's report

What else does the report say? In September, about 3000 previously installed miners with a combined hash rate of about 0,3 EH/s were successfully put into operation. This increased the company's total hashrate to about 3,8 EH/s (about 37 000 active miners) as of September 30.

By October 5, an additional 19 000 rigs were active, increasing Marathon's hashrate to 5,7 EH/s. The company expects about 19 000 more miners (2 EH/s) to be engaged over the next 30 days. Based on these calculations, Marathon said that by the middle of fiscal 2023, enough equipment will be installed to generate about 23 EH/s.

Despite the bear market, the company stuck to its plan and did not sell a single BTC. Marathon last sold some of its bitcoins in October 2020.

What is known about Marathon Digital? It is one of the largest bitcoin mining companies in the United States. It mined a record 1259 BTC in the first quarter of 2022. Its shares are trading on the Nasdaq stock exchange under the ticker MARA. As of October 10 at 10:45 UTC, the security stood at $11,21, having lost 14,43% in a day, according to Investing.com.

Earlier, analysts at portal Hashrate Index shared bitcoin mining data for August. All public miners continued to increase their hashrate and plan to increase capacity by almost 17 EH/s by the end of the year. According to experts, the combined hashrate of the entire Bitcoin network could grow to 270-280 EH/s.

According to Blockchain.com, Bitcoin's hashrate updated to an all-time high of 240,208 TH/s on October 3.

To see how bitcoin's hashrate growth is affecting miners, see GetBlock Magazine's article.

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