Business
Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for October 2022
Produced a Record 615 BTC in October 2022Total Bitcoin Holdings Increased to 11,285 BTC with a fair market value of $231.3 Million LAS VEGAS, Nov. 02, 2022
About this update from Mara Holdings, Inc.
[{"type":"text","content":"Produced a Record 615 BTC in October 2022Total Bitcoin Holdings Increased to 11,285 BTC with a fair market value of $231.3 Million LAS VEGAS, Nov. 02, 2022 (GLOBE NEWSWIRE) -- Marathon Digital Holdings, Inc. (NASDAQ:MARA) (\"Marathon\" or \"Company\"), a leader in supporting and securing the Bitcoin ecosystem, today published unaudited bitcoin (“BTC”) production and miner installation updates for October 2022. Management Commentary“October was the most productive month in Marathon’s history both in terms of hash rate growth and bitcoin production,” said Fred Thiel, Marathon’s chairman and CEO. “The energization of approximately 32,000 of our miners during the month allowed us to increase our hash rate approximately 84% from approximately 3.8 exahashes per second at September 30 to approximately 7.0 exahashes per second at November 1. By successfully growing our hash rate and maintaining uptime, we were able to produce a record 615 bitcoin in October. With S19 XPs now being delivered and new facilities under construction, we believe we are well positioned to continue building on our recent momentum to reach 23 exahashes per second in 2023.” Recent Highlights Produced a record 615 BTC in October 2022As of November 1, operating mining fleet consisted of approximately 69,000 active miners, producing approximately 7.0 EH/s, after approximately 32,000 miners (c. 3.2 EH/s) were successfully energized during October 2022Year-to-date through October 31, 2022, produced 3,197 BTC, a 27% increase over the same time period in the prior yearTotal bitcoin holdings increased to 11,285 BTC with a fair market value of approximately $231.3 million as of October 31, 2022Unrestricted bitcoin holdings were approximately 3,464 BTC with a fair market value of approximately $71.0 millionUnrestricted cash on hand was approximately $52.1 million at October 31, 2022 Miner Energization and Installations UpdatesIn October, approximately 32,000 of Marathon’s previously installed miners, representing approximately 3.2 EH/s, were successfully energized and brought online. As a result, the Company’s hash rate increased to approximately 7.0 EH/s (c. 69,000 active miners) as of November 1, 2022. Based on current construction and installation schedules provided to Marathon by its hosting providers, the Company continues to expect to have enough miners installed to ...