The Las Vegas-based cryptocurrency miner – Marathon Digital Holdings – steadily improved its bitcoin production levels in August, mining 184 BTC. It also successfully energized 25,000 of its previously installed miners.
The process increased the hash rate to nearly 3.2 exahashes per second. Over the next three months, the company expects to activate 65,000 additional miners and thus reach a computing power of 6.9 EH/s.
Marathon Makes a Progress
One of the biggest crypto mining firms – Marathon Digital – said the positive monthly results are due to turning on the thousands of miners and the increased hash rate. Commenting in detail was Chairman and CEO – Fred Thiel:
“In August, we continued to install and energize miners with our hosting providers, increasing our hash rate and steadily improving our bitcoin production.
During the month, approximately 25,000 of our previously installed miners were successfully energized, increasing our hash rate back to approximately 3.2 exahashes per second, with our operating mining fleet consisting of approximately 34,000 miners as of August 31. As a result, we produced 184 BTC in August.”
Marathon has mined 2,222 BTC year-to-date through August 31. That is a 26% increase over the same period in the previous year. Its total bitcoin ownings equal 10,311 BTC, worth $206.7 million at the end of last month. Due to the recent downturn, though, that stash currently equals around $194 million.
The firm hopes that once all its previously purchased miners are installed, it will boost its production levels. Its primary target is to reach a hash rate of approximately 23 exahashes per second by the middle of 2023. As of the end of August, its mining capacity was 3.2 EH/s.
Marathon had to cope with some significant issues in the recent past, including a severe storm that passed through the state of Montana in June. Back then, the weather conditions crippled 75% of the entity’s total mining fleet.
Marathon’s Endeavors in 2022
Marathon Digital did not sell any of its bitcoin holdings during the crypto market crash in Q2 this year. During that period, it mined 707 BTC, which was an 8% Year-Over-Year increase. In fact, the last time when the organization parted with some of its stash was October 2020.
In July, its data center – Applied Blockchain – secured around 254 megawatts of new hosting power for the company’s operations. Out of that amount, it vowed to distribute 90 megawatts to the mining facilities in Texas and at least 110 megawatts to those in North Dakota.
Similar to many other crypto companies that have their shares publicly traded, Marathon’s stocks are far from their best days. Currently, those trade at around $11, a nearly 50% decline compared to six months ago.