Marathon Digital Holdings reported that it produced 1,202 Bitcoins in October and sold 961 to cover costs, leaving its remaining holdings at the end of the month at 13,396 unrestricted Bitcoins.
Marathon Digital Holdings, Inc. is a major player in the Bitcoin mining space, shared a snap Results and continued development in October 2023. In its latest update, the company detailed a small increase in its active hash rate, indicating continued growth in its mining power.
Marathon Chairman and CEO Fred Thiel noted that the active hash rate increased by 1% and currently stands at 19.2 exahash. The improvement was largely due to progress at the company’s Garden City, Texas, facility, which contributed 4.1 exahash. As the site nears full operational capacity, Marathon will surpass its 23 exahash goal and aim to become the largest Bitcoin miner in North America.
Marathoning is not only growing in influence but also becoming increasingly popular in the United States. Its international operations are also expanding, with 2.3 exahash already operational in Abu Dhabi. Further expansion is expected by the end of the year.
The company is also exploring innovative mining solutions to improve sustainability and reduce energy costs. A pilot project in Utah is currently using methane gas from landfills to mine Bitcoin (BTC), exemplifying Marathon’s commitment to environmental responsibility and the use of renewable energy.
In October, Marathon’s U.S. operations produced 1,184 Bitcoins, a significant increase year-over-year. The efficiency of the Marathon fleet will also be improved, a key factor in mining performance, according to the manufacturer’s specifications.
Financially, Marathon showed strong health, ending the month with $156.1 million in unrestricted cash and cash equivalents. In addition, the company strategically sold some of its Bitcoin assets to support operations and maintain financial stability.