Las Vegas-based cryptocurrency miner Marathon Digital Holdings steadily improved bitcoin production levels in August, mining 184 bitcoins. It has also successfully employed 25,000 pre-installed miners.
The process increased the hash rate to approximately 3.2 exahashes per second. In the next three months, the company expects to activate an additional 65,000 miners, thus reaching a computing power of 6.9 EH/s.
Marathon making progress
One of the largest cryptocurrency miners – Marathon Digital – said that the positive monthly results are due to the delivery of thousands of miners and an increase in the hash rate. Chairman and CEO – Fred Thiel commented in detail:
“In August, we continued installing and activating miners with our hosting providers, increasing our hash rate and steadily improving our bitcoin production.
During the month, approximately 25,000 pre-installed miners ran, increasing our hash rate to approximately 3.2 exhashes per second, with an operational mining fleet consisting of approximately 34,000 miners as of August 31. As a result, we generated 184 bitcoins in August.”
Marathon has mined 2,222 BTC so far as of August 31. This represents an increase of 26% over the same period last year. Her bitcoin holdings totaled 10,311 BTC, worth $206.7 million at the end of last month. However, due to the recent decline, the holdings are currently around $194 million.
The company hopes that once all of its previously purchased miners are installed, it will increase its production level. Its primary goal is to reach a hash rate of around 23 eahs/sec by mid-2023. At the end of August, the mining capacity was 3.2 eahs/sec.
Marathon has had to deal with some significant issues in the recent past, including a severe storm that passed through Montana in June. At that time, weather conditions paralyzed 75% of the company’s total mining fleet.
2022 Marathon competitions
Marathon Digital did not sell any of its bitcoin holdings during the crypto market crash in the second quarter of this year. During that period, he mined 707 bitcoins, which is an 8% year-over-year increase. In fact, the last time the organization separated some of its shares was in October 2020.
In July, the data center – Applied Blockchain – secured about 254 megawatts of new hosting capacity for the company’s operations. Of this amount, it promised to distribute 90 MW to mining facilities in Texas and at least 110 MW to those in North Dakota.
Like many other crypto companies that have been listed, Marathon’s stocks are far from their best days. Currently, this stuff is trading around $11, down almost 50% from six months ago.
The post This Is How Marathon Digital Performed in August first appeared on CryptoPotato.