Marathon Digital Holds $457M in Bitcoin After Increase in October Mining

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Marathon Digital produced 417.7 bitcoins in October, a 23% enhance over the earlier month that boosted the worth of the corporate’s complete bitcoin holdings to about $457.4 million, the bitcoin miner said on Tuesday.

  • Marathon Digital now has about 7,453 bitcoins. Its mining fleet consists of 27,280 lively miners producing roughly 2.96 exahashes (EH/s).
  • “With shipments of our previously purchased miners accelerating over the coming months, we continue to expect our bitcoin production to become more consistent as we scale,” Marathon Digital CEO Fred Thiel stated in a press release.
  • In a press launch, Marathon Digital stated that it had acquired 42,381 top-tier ASIC miners from Bitmain this yr with one other 3,285 ASIC miners at the moment in transit.
  • The firm has been increasing quickly. After it receives all its excellent buy orders for miners by mid-2022 and deploys the machines, Marathon expects to have roughly 133,000 operational miners producing about 13.3 EH/s.
  • In October, Marathon Digital introduced that it had secured a $100 million revolving line of credit score with Silvergate Bank in bitcoin and U.S. {dollars} and would use the mortgage to fund the corporate’s bitcoin mining operations and to amass new tools.

Read extra: Crypto Miners Are ‘Stockpiling’ Bitcoin Amid Recent Rally, Kraken Says