The mining company Marathon Digital Holdings mined a record 615 BTC in October, increasing hashrate by about 84%.
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$MARA‘s October 22 production update is out:
— Produced a record 615 #BTC🔥
— Increased HR to ~7.0 EH/s 👊
— 69,000 active miners 👀
— #BTC holdings = 11,285 #HODLhttps://t.co/IUO7KnQYBE— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) November 2, 2022
During the month the firm deployed around 32,000 new ASIC miners, generating ~3.2 EH/s. As a result, by November 1 the Marathon fleet reached ~69,000 devices with total capacity around 7 EH/s.
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“October was the most productive month in Marathon’s history in terms of hash rate growth and Bitcoin production,” commented Fred Thiel, Chairman and CEO of the company.
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According to him, the firm is on track to reach its goal of expanding mining capacity to 23 EH/s by mid-2023. He added that the facilities for which the company entered into hosting agreements are still under construction.
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After all previously purchased equipment comes online, 66% of Marathon’s hashrate will be generated by Antminer S19 XP, which are about 30% more energy-efficient than the previous generation installations, the company stressed.
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As of October 31 Marathon’s reserves stood at 11,285 BTC (about $231.3 million) and $52.1 million in cash. Without restrictions, the company could deploy 3,464 BTC (about $71 million).
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Earlier in October, Marathon reached a global settlement with former CEO Merrick Okamoto regarding compensation for restricted stock, agreeing to pay him $24 million.
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As of September 30, the company held 10,670 BTC and $55.3 million in fiat currency.
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