Business
Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for October 2021
Monthly Bitcoin Production Increases 23% Month-over-Month to 417.7 BTC as Total Bitcoin Holdings Increase to 7,453 BTC LAS VEGAS, Nov. 02, 2021 (GLOBE
About this update from Mara Holdings, Inc.
[{"type":"text","content":"Monthly Bitcoin Production Increases 23% Month-over-Month to 417.7 BTC as Total Bitcoin Holdings Increase to 7,453 BTC\nLAS VEGAS, Nov. 02, 2021 (GLOBE NEWSWIRE) -- Marathon Digital Holdings, Inc. (NASDAQ:MARA) (\"Marathon\" or \"Company\"), one of the largest enterprise Bitcoin self-mining companies in North America, today published unaudited bitcoin (“BTC”) production and miner installation updates for October 2021. Historical and Potential Hash Rate Growth Based on Current Shipment Schedules of Previously Purchased Miners (Subject to Change) Corporate Highlights as of November 1, 2021 Produced 417.7 self-mined bitcoins during October 2021, increasing total bitcoin holdings to approximately 7,453 with a fair market value of approximately $457.4 millionCash on hand was approximately $20.9 million and total liquidity, defined as cash and bitcoin holdings, was approximately $478.3 millionReceived approximately 42,381 top-tier ASIC miners from Bitmain year to date with 12,331 delivered to a Compute North facility and an additional 3,285 ASIC miners currently in transitExisting mining fleet consists of 27,280 active miners producing approximately 2.96 EH/sTotal hash rate of the Company’s bitcoin mining pool, MaraPool, reached 3.0 EH/s in OctoberIn October, began chartering planes to mitigate the impact of global logistics issues and to ensure that shipments of new miners occur in a timely manner Bitcoin Production UpdateAs of November 1, 2021, Marathon’s mining fleet has produced approximately 2,516 self-mined bitcoins during 2021. By month, the Company’s bitcoin production was as follows: Total Network Hash Rate Source: https://www.blockchain.com/charts/hash-rate The Company last sold bitcoin on October 21, 2020, and since then, has been accumulating or “hodling” all bitcoin generated. As a result, Marathon currently holds approximately 7,453 BTC, including the 4,812.66 BTC the Company purchased in January 2021 for an average price of $31,168 per BTC. On November 1, 2021, the fair market value of one bitcoin was approximately $61,374, implying that the approximate fair market value of Marathon’s current bitcoin holdings is approximately $457.4 million. Miner Installations and Hash Rate GrowthAs of November 1, 2021, Bitmain has delivered approximately 30,050 top-tier ASIC miners to the Company’s mining facility in Hardin, MT and 12...