Crypto Miner Marathon Digital Mines Record 615 Bitcoin in October
Marathon increased its hashrate by 84% in October in setting its new monthly high.
Marathon Digital Holdings (MARA) mined 615 bitcoin in October, the highest monthly total in its history, showing that its struggle to bring hashrate online is behind it, the firm said in a press release on Wednesday.
Asset-light Marathon, which works with hosting firms and doesn't own the infrastructure behind its mining machines, has had a tough few months.
Most of its hashrate was knocked offline by a June storm in Montana. Its hosting partner Compute North, one of the largest in the U.S., filed for chapter 11 bankruptcy in late September, unsettling the market about Marathon's deployment prospects.
Despite these headwinds, Marathon energized 32,000 machines during October, increasing its hashrate by 84%. The miner's computing power is now 7 exahash/second (EH/s), the press release said, making it one of the world's largest miners.
The bitcoin mined in October almost matches the 616 it mined for the entire third quarter.
The rest of Marathon's hashrate is supposed to come online by mid-2023 through a 200 megwatt (MW) hosting deal with Applied Blockchain (APLD), an additional 42 MW with troubled Compute North and 12 MW with undisclosed firms. The miner didn't provide updates as to the progress of these projects.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.