As a seasoned crypto investor with a knack for spotting promising opportunities, I find Marathon Digital Holdings’ September performance incredibly encouraging. The 5% increase in Bitcoin production and the successful conversion of their Granbury data center to a more efficient cooling system are clear signs of a well-managed operation. The fact that they continue to hold onto mined Bitcoin rather than selling it off indicates a long-term strategy that aligns with my investment philosophy.
Marathon Digital Holdings, one of the largest Bitcoin mining companies, reported a 5% increase in Bitcoin production for September 2024.
The business has extracted 705 Bitcoins (Bitcoin), boosting its Bitcoin reserves to a total of 26,842 BTC, as per company updates. Additionally, Marathon announced that it had successfully mined 207 blocks in September, marking a 6% rise from the previous month’s figure.
During the last month, the company chose not to trade any Bitcoins, instead sticking with its plan to keep the Bitcoins it has mined.
Bitcoin mining refers to the task performed by high-powered computers, or “miners,” who work diligently to solve intricate mathematical puzzles, thereby validating transactions within the Bitcoin system. In return for their hard work, miners receive Bitcoin as a form of compensation.
Marathon Digital operates its mining activities with a hashed energy level of 36.9 quintillion hashes per second, which quantifies computational power, and aspires to boost this to 50 quadrillion hashes per second by the year-end in 2024.
Around the middle of August, Marathon revealed that it successfully secured $292.5 million in a private offering of senior notes due in 2031, which were oversubscribed. The company utilized approximately $249 million to acquire 4,144 Bitcoins and set aside the remaining $43 million for further Bitcoin purchases, debt repayments, and strategic growth initiatives.
September operations
In September, Marathon’s day-to-day activities ran smoothly, showing enhanced reliability and productivity at all its international locations.
In simpler terms, CEO Fred Thiel emphasized the advancements made by our company, pointing out the increasing computing power (hash rate) and the successful transformation of our Granbury facility into a more energy-efficient cooling setup.
We’re steadily advancing towards achieving a hash rate of 50 Exahash per second by the close of 2024. Our team is swiftly activating our self-owned facilities, optimizing their performance beyond initial expectations. The transition of our Granbury data center from air cooling to MARA’s immersion containers is proceeding as scheduled and we anticipate finishing this project before the end of the year.
Fred Thiel
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2024-10-02 17:31