In October, the mining company Marathon Digital Holdings mined a record 615 BTC, increasing the hashrate by about 84%.
$MARA‘s October 22 production update is out:
— Produced a record 615 #BTC🔥
– Increased HR to ~7.0 EH/s 👊
— 69,000 active miners 👀
— #BTC holdings = 11,285 #HODLhttps://t.co/IUO7KnQYBE— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) November 2, 2022
Within a month, the company deployed about 32,000 new ASIC miners generating ~3.2 EH/s. As a result, on November 1, the Marathon fleet reached ~69,000 devices with a total capacity of ~7 EH/s.
“October has been the most productive month in the history of Marathon in terms of both hash rate growth and bitcoin production,” said Chairman and CEO Fred Thiel.
He also added that the company is making good progress towards its goal of ramping up mining capacity to 23 EH/s by mid-2023. By hosting agreementsobjects for mining are still under construction.
After the launch of all previously purchased equipment, up to 66% of the Marathon hashrate will be generated by Antminer S19 XP, which are about 30% more energy efficient than previous generation units, the company emphasized.
Data as of October 31 shows that Marathon has 11,285 BTC (~$231.3 million) and $52.1 million in cash. Without restrictions the company can dispose of 3464 BTC (~$71 million).
Recall that in October, Marathon reached a settlement agreement with ex-CEO Merrick Okamoto regarding compensation for restricted shares, agreeing pay him $24 million.
As of September 30, the company had 10,670 BTC and $55.3 million in fiat currency.
