- Mara set a new record in October and Mined 612 BTC.
- Bitcoin badly affected with crypto market volatility.
MARA(Marathon Digital Holdings) published its press release on 2 November 2022, informing that it mined 615 Bitcoin in October 2022, also termed the most BTC mined in one month by MARA, reflecting the struggle to bring the hash rate online.
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.
On November 2, 2022, TheCoinRepublic reported that bitcoin’s hash rate is troubling miners and mining companies. On the other hand, the surging hash rate is helping electricity companies to reduce excessive pressure to produce more energy.
The hash rate of Marathon digital went offline when, at the time, Montana was badly affected by a severe storm causing a flood in June 2022. Compute North is a hosting partner of Marathon, and it was among one of the largest companies in the U.S which filed bankruptcy under Chapter 11 of bankruptcy laws.
Compute North plays a crucial role in the mining facilities of Marathon Digital, along with several others. These include major facilities such as King Mountain wind farm, McCamey, and Wolf Hollow, Granbury, Texas.
Regardless of the severe storm, Marathon energised around 32k machines during the month of October 2022 by increasing its hash rate by 84 percent.
According to the press release, miners’ current computational and processing power is around 7 exahash/second(EH/s), making them the world’s largest miners.
The Bitcoins mined in October are roughly equivalent to 616 mined in the entire third half of 2022.
It is assumed that the hash rate of Marathon Digital will come online probably in the second half of 2023 with a 200 megawatt(MW) hosting contract with Applied Blockchain(APLD), around 42 MW with bankrupt Compute North, and nearly 12MW with unrevealed firms.
On August 10, 2022, TheCoinRepublic published that Marathon Digital mined 707 BTCs. Because of energization delays in Texas, it experienced a 44% decline.
In addition, it also suffered weather and maintenance issues that affected its power-generating facility in Montana.
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/11/03/new-record-for-marathon-digital-mined-615-btc-in-october/