Marathon Digital Holdings mines a record number of Bitcoins in October
Marathon Digital Holdings mined 615 bitcoins in October, which is the highest level for a month in its history.
The number of Bitcoins mined by the company in October is almost equal to the amount mined for the entire Q3 (616).
Despite all the troubles that have occurred in the company in recent months, in October Marathon Digital energised about 32,000 new ASIC miners, increasing its hashrate by 84%. The company currently has approximately 69,000 active machines. According to the press release, the computing power of Marathon devices is now 7 EH/s, which makes it one of the largest mining companies in the world.
According to Marathon Digital Holdings CEO Fred Thiel, the past month was the most efficient for the company in its entire history, both in terms of Bitcoin mining and the hashrate growth.
Thiel noted that the company is well on its way to increase the computing power to 23 EH/s in 2023. Marathon has previously entered into agreements with various hosting providers to provide 254 MW of power for its business. Thiel said that the facilities included in the agreement are under construction.
At the end of last month, Marathon Digital Holdings’ reserves stood at $52.1 million in cash and more than 11 thousand Bitcoins. The company also agreed with Silvergate Capital to raise $100 million in the loan against Bitcoins.
Earlier this year, Bitcoin hashrate decreased significantly amid civil disturbances in Kazakhstan, where many mining farms are located.
In September, Bitcoin’s mining difficulty increased by 3.45 This figure increased from 30.97 trillion hashes to 32.05 trillion hashes. At the same time, experts believe that crypto mining remains a profitable business in the long term.