Marathon Digital Mined Twice as Much BTC in September Compared to August

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The lead­ing cryp­tocur­ren­cy min­ing com­pa­ny – Marathon Dig­i­tal – mined 360 BTC dur­ing Sep­tem­ber, which is a sig­nif­i­cant improve­ment com­pared to the 184 BTC pro­duced in August.

The company’s total bit­coin hold­ings surged to 10,670 BTC, equal­ing over $215 mil­lion (at the time of writ­ing these lines).

Marathon’s Recent Performance

The pub­licly-trad­ed BTC min­er pro­duced 616 BTC in Q3 2022 and tran­si­tioned a part of its facil­i­ty infra­struc­ture from Mon­tana to Texas.

In Sep­tem­ber, the com­pa­ny mined 360 BTC – almost twice as much com­pared to August. In July, it mined 72 BTC.

As of the moment, the company’s oper­at­ing min­ing fleet con­sists of around 57,000 active min­ers, pro­duc­ing approx­i­mate­ly 5.7 EH/s. The increased com­pu­ta­tion­al pow­er is due to the 19,000 addi­tion­al min­ers that Marathon turned on by the end of Q3.

“We expect to con­tin­ue build­ing our hash rate in the fourth quar­ter as approx­i­mate­ly 19,000 addi­tion­al min­ers, rep­re­sent­ing approx­i­mate­ly 2.0 exa­hash­es per sec­ond, are expect­ed to come online in the next 30 days,” Fred Thiel – Marathon’s Chair­man and CEO – stated.

The orga­ni­za­tion stuck to its plan not to sell any of its bit­coins. Cur­rent­ly, it has 10,670 BTC with a mar­ket val­ue of more than $215 mil­lion (as of today’s fig­ures). The last time Marathon sold some of its BTC was in Octo­ber 2020.

The min­ing com­pa­ny also vowed to relo­cate about 3,000 of its min­ers from Com­pute North’s facil­i­ties in South Dako­ta and Nebras­ka to new regions. How­ev­er, the tran­si­tion is not a con­se­quence of Com­pute North’s fil­ing for a Chap­ter 11 bankruptcy.

Marathon’s Shares on the Rise

Fol­low­ing the announce­ment, the Las Vegas-based com­pa­ny (which entered NASDAQ in 2013) saw a sig­nif­i­cant spike in its stock price. Cur­rent­ly, MARA trades at $13.10, or a 5% increase daily.

Still, the shares are far from their Novem­ber 2021 highs when they sur­passed $75. Back then, how­ev­er, bit­coin sky­rock­et­ed to near­ly $70,000.

Nowa­days, the pic­ture looks com­plete­ly dif­fer­ent, with BTC strug­gling to main­tain its $20K price lev­el while the total cryp­to mar­ket cap­i­tal­iza­tion has shrunk from $3 tril­lion to $1 trillion.

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