Las Vegas-based cryptocurrency mining company – Marathon Digital Holdings – steadily improved its bitcoin production levels in August, mining 184 BTC. It also successfully activated 25,000 of the previously installed miners.
The process increased the hash rate to nearly 3.2 exahashes per second. In the next three months, the company expects to activate 65,000 additional miners and thus reach a computing power of 6.9 EH/s.
Marathon is making progress
One of the largest cryptocurrency mining companies – Marathon Digital – said that the positive monthly results are due to the activation of thousands of mines and the increased hash rate. Commented in detail the President and CEO – Fred Thiel:
“In August, we continued to install and activate miners with our hosting providers, increasing our hash rate and steadily improving our bitcoin production.
During the month, approximately 25,000 of the previously installed miners were successfully activated, increasing the hash rate to approximately 3.2 exahash per second, with the operating mining fleet consisting of approximately 34,000 miners as of August 31. As a result, we generated 184 BTC in August.”
Marathon has mined 2,222 BTC in the year to August 31. This is a 26% increase over the same period last year. Total bitcoin holders equal 10,311 BTC, worth $206.7 million at the end of last month. Due to the recent recession, however, that inventory currently stands at about $194 million.
The company hopes that once all the miners it previously bought are installed, it will boost its production levels. Its primary goal is to reach a hash rate of around 23 exahash per second by mid-2023. As of late August, the mining capacity was 3.2 EH/s.
Marathon has had to deal with some major issues in the recent past, including a severe storm that passed through the state of Montana in June. At the time, weather conditions crippled 75% of the entity’s total mining fleet.
Marathon’s Endeavors in 2022
Marathon Digital did not sell any of its bitcoin assets during the cryptocurrency market crash in Q2 of this year. During that time, it mined 707 BTC, which was an 8% year-over-year increase. In fact, the last time the organization parted with any of its hides was October 2020.
In July, its data center – Applied Blockchain – secured approximately 254 megawatts of new hosting power for the company’s operations. Of that amount, he promised to distribute 90 megawatts to mining facilities in Texas and at least 110 megawatts to those in North Dakota.
Similar to many other publicly traded crypto companies, Marathon shares are far from their best days. They are currently trading at around $11, a drop of almost 50% compared to six months ago.
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