Bitcoin Mining Giant Experiences a Massive Surge in Production: Conditions Improve for Miners!

• Bitcoin miner Marathon Digital (MARA) increased its monthly production hash rate by 20% by recording an increase in share prices amid an uncertain crypto market environment.
• The company’s total BTC ownership is currently 13,726, which is a 29% increase from last year’s 10,670 BTC, showing 3% growth from August.
• Marathon Digital now owns 13,726 BTC, and its combined balance of increasing crypto assets and unrestricted cash equivalents is $471.2 million, compared to $188 million last year.

Bitcoin mining giant Marathon Digital Holdings reported a significant increase in BTC production in September, as the company is expanding its capacity!

New Report from Bitcoin Mining Company Marathon

Bitcoin miner Marathon Digital (MARA) increased its monthly production hash rate by 20% by recording an increase in share prices amid an uncertain crypto market environment. In its September Production Update, the miner produced 1,242 Bitcoins (BTC), a 16% increase from August, and witnessed a 245% increase over the past 12 months.

The company’s total BTC ownership is currently 13,726, which is a 29% increase from last year’s 10,670 BTC, showing 3% growth from August. Marathon Digital’s CEO, Fred Thiel, praised the recent posts, highlighting the increased capacity and improved operational times within and outside the United States:

“The increased Bitcoin production since August has been attributed to improving operational times in Texas and reduced downtime. In September, we recorded a record 4.3% share of miner rewards on the Bitcoin network, surpassing the previous record of 3.7% last month and 4.1% in July 2023.”

In the United States, the company mined 1,232 BTC in September, averaging 41 BTC per day, indicating a 242% production increase from last year and a 20% increase from August. With a hash rate rising from 3.8 EH/s to 19.1 EH/s, Marathon Digital has overcome the negative impacts of the crypto bear market that left miners vulnerable, due to falling asset prices and increased mining difficulty.

Overall, the miner’s hash rate has increased by 403% annually and 19% since August, mining a total of 8,610 BTC and earning 4% of monthly miner rewards. Thiel also emphasized the company’s plans to increase its capacity, particularly in its Abu Dhabi facility:

“Outside the U.S., our joint venture in Abu Dhabi mined 50 Bitcoins in September, of which approximately 10 are our share. Construction in our second, larger facility is nearly complete, and we expect the project’s full 7.0 exahash to be online by the end of 2023.”

Steady Financial Situation Through Winter

The company now owns 13,726 BTC, and its combined balance of increasing crypto assets and unrestricted cash equivalents is $471.2 million, compared to $188 million last year. According to the report, the company sold 800 BTC for operational purposes and plans to sell more for corporate purposes in the future. The company has improved its financial situation after increasing its capacity and reducing its liabilities.

Last month, they hedged 1,000 BTC, preserving its positive potential, and liquidated it with cash and equivalents. The company’s finances have increased by 58% in the last 12 months but contracted by 9% since August, though it was considered a strong month with a sharp increase in mining capacity.