Marathon Digital Holdings, a leading Bitcoin mining company, has announced a significant increase in Bitcoin production for September 2024. The company reported a 5% rise in Bitcoin mined, totaling 705 BTC and bringing their overall holdings to 26,842 BTC. Additionally, Marathon secured 207 blocks in September, representing a 6% increase from the previous month.
Continuing their strategy of holding onto mined Bitcoin, Marathon did not sell any of their BTC during the month. Bitcoin mining involves powerful computers, or miners, solving complex mathematical problems to validate transactions on the Bitcoin network, with miners receiving Bitcoin as a reward for their efforts.
Marathon Digital operates with a hash rate of 36.9 exahashes per second and aims to reach 50 EH/s by the end of 2024. In August, the company announced a successful private offering of senior notes, raising $292.5 million. They used a portion of these funds to purchase 4,144 BTC and allocated the rest for additional Bitcoin purchases, debt repayments, and strategic expansions.
September proved to be a strong month for Marathon, with improved uptime and efficiency across their global operations. CEO Fred Thiel highlighted the company’s progress, emphasizing the growing hash rate and the successful conversion of their Granbury data center to a more efficient cooling system.
Thiel stated, “We remain on track to reach our target of 50 EH/s by the end of 2024. Our team continues to quickly energize our owned sites and operate them more efficiently than originally planned. The conversion of our Granbury data center from air cooled to MARA’s immersion containers is progressing on time and we expect this work to be completed before year end.”
In conclusion, Marathon Digital Holdings’ September operations showcase their commitment to expanding their Bitcoin mining capabilities and optimizing their processes for future growth. With a clear focus on increasing their hash rate and strategic investments, the company is positioning itself for continued success in the evolving cryptocurrency landscape.