Marathon Digital mined 705 Bitcoin in September

Marathon Digital Holdings, one of the largest Bitcoin mining companies, reported a 5% increase in Bitcoin production for September 2024.

According to company announcements, the company issued 705 Bitcoin (BTC), bringing its total holdings to 26,842 BTC. Marathon also reported winning 207 blocks in September, up 6% from the previous month.

The company did not sell any Bitcoin during the month and maintained its strategy of holding onto mined Bitcoin.

Bitcoin mining is the process where powerful computers known as miners solve complex mathematical problems to verify transactions on the Bitcoin network. Miners are rewarded with Bitcoin for their efforts.

Marathon Digital supports these mining operations using an energy hash rate of 36.9 exahashes per second (a measure of computing power) and aims to reach 50 EH/s by the end of 2024.

In mid-August, Marathon announced it had raised $292.5 million through an oversubscribed private offering of 2.125% senior notes due in 2031. He used $249 million to purchase 4,144 BTC and reserved the remaining $43 million for additional Bitcoin purchases, debt repayments, and strategic investments. expansions.

September operations

Marathon’s operations performed well in September, with increased uptime and efficiency across its global facilities.

CEO Fred Thiel highlighted the company’s progress, noting the increased hash rate and the successful conversion of the Granbury data center to a more efficient cooling system.

“We remain on track to achieve our goal of 50 EH/s by the end of 2024. Our team continues to rapidly energize the sites we have and run them more efficiently than we originally planned. The conversion of our Granbury data center from air-cooled to MARA immersion containers is on schedule and we expect this work to be completed before the end of the year.”

Fred Thiel