- MARA established a new record and mined 615 in October 2022.
MARA(Marathon Digital Holdings) is a Bitcoin mining company that recently reported mining 615 Bitcoin in October 2022.
MARA termed it the most mined BTC as of August 2022; the company only mined 184 BTC.
Chief Executive Officer of Marathon Digital Fred Thiel informed that the company is undergoing a “transition Period,” and is planning to upgrade the mining capacity from 7EH/s to 23 EH/s by mid-2023.
According to reliable media reports, as of 1 November 2022, around 69k active miners are working under Marathon Digital.
Since December 2021, the crypto market has been mirroring massive crypto volatility. Approximately every digital currency in the crypto sector lost its trading prices by 70-80%, and most exited the market.
Bitcoin is still the leading cryptocurrency globally, but it is also affected by volatility and a downtrend of 70-75% compared to its trading price in H1 and H2 of 2021. Bitcoin is the only crypto that traded around $70k in its history.
However, the MARA earnings have sharply decreased quarterly and yearly.
Fred noted, “We believe Marathon has a strong foundation. This foundation is buoyed by reserves of 11,300 BTC making Marathon the “second largest holder among publicly traded companies.” He also revealed that the company did not sell any BTC holdings.
Marathon Digital has increased its mining hash rate by around 84-85 percent by adding more miners to its ecosystem. Earlier, Mara moved away from the Montana plant, which used coal to produce energy for mining purposes.
Fred quoted, “no better time to be scaling our bitcoin production… using 30% more efficient miners.”
The official further revealed that 60% of its hash rate comes from Bitmain Antminer ” S19XP miners by the time we reach the 2023 goal of 23 EH/s.”
Fred says, “The bulk of Marathon’s capacity is S19J Pro miners.
“You’ll see a little bit of XPs coming online in Q4… the mix, when fully deployed, will be 66% of our hash rate… Anecdotally, the S19XP is a better quality machine and has a cooler operating range. You can run them in slightly warning climates without shutting them down, increasing the capacity for overclocking them.”
Marathon refinanced its existing $100 million revolving line of credit and added a $100 million term loan on July 28. Both facilities are secured by bitcoin and will mature in July 2024.
Regardless of the severe storm, Marathon energised around 32k machines during the month of October 2022 by increasing its hash rate by 84 percent.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/11/09/fred-thiel-claims-marathon-digital-became-second-largest-private-company-to-hold-bitcoin/