Mining
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The American mining company Marathon Digital Holdings reported that in October it mined just one bitcoin less than in the entire third quarter of 2022.
On top of a record mined 615 bitcoins, Marathon Digital Holdings increased its hashrate by 84% from 3.8 ECH/s (September 30) to 7 ECH/s (November 1). This became possible due to the increase in the production capacity of the first cryptocurrency.
Within a month, the company deployed about 32,000 new ASIC miners generating approximately 3.2 EH/s. As a result, the Marathon fleet reached 69,000 devices as of November 1st.
As a result, Marathon’s total digital assets rose to 11,285 BTC, and the market value as of October 31 was about $231.3 million. True, the company can only manage 3,464 BTC (about $71 million) without restrictions.
Fred Thiel, CEO of Marathon Digital Holdings, praised the company’s October success both in terms of hash rate growth and bitcoin mining. According to the businessman, the company is successfully moving towards its goal: to increase the capacity to 23 EH/s by mid-2023. Thiel recalled that the facilities for which the company has entered into hosting agreements are still under construction.
At the same time, analysts at Arcane Research said in May that, against the backdrop of a fall in the bitcoin market and an increase in hash rate, Marathon Digital Holdings’ losses since the beginning of the year amounted to 62%.
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