Marathon Digital Holds $457M in Bitcoin After Increase in October Mining

Marathon Digital (NASDAQ: MARA) produced 417.7 bitcoins in October, a 23% enhance over the earlier month that boosted the worth of the corporate’s complete bitcoin holdings to about $457.4 million, the bitcoin miner said on Tuesday.

  • Marathon Digital now has about 7,453 bitcoins. Its mining fleet consists of 27,280 energetic miners producing roughly 2.96 exahashes (EH/s).
  • “With shipments of our beforehand bought miners accelerating over the approaching months, we proceed to anticipate our bitcoin manufacturing to develop into extra constant as we scale,” Marathon Digital CEO Fred Thiel stated in an announcement.
  • In a press launch, Marathon Digital stated that it had obtained 42,381 top-tier ASIC miners from Bitmain this yr with one other 3,285 ASIC miners at present in transit.
  • The firm has been increasing quickly. After it receives all its excellent buy orders for miners by mid-2022 and deploys the machines, Marathon expects to have roughly 133,000 operational miners producing about 13.3 EH/s.
  • In October, Marathon Digital introduced that it had secured a $100 million revolving line of credit score with Silvergate Bank in bitcoin and U.S. {dollars} and would use the mortgage to fund the corporate’s bitcoin mining operations and to accumulate new gear.

Read extra: Crypto Miners Are ‘Stockpiling’ Bitcoin Amid Recent Rally, Kraken Says

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