Marathon Digital Reports 5% Increase in Bitcoin Production for September

Marathon Digital Holdings, one of the largest Bitcoin mining companies, reported a 5% increase in Bitcoin production for September 2024. The company mined 705 Bitcoin (BTC), raising its total holdings to 26,842 BTC, according to company postings. Marathon also reported winning 207 blocks in September, marking a 6% increase from the previous month.

The company did not sell any Bitcoin during the month, continuing its strategy of holding onto mined Bitcoin.

Understanding Bitcoin Mining

Bitcoin mining is the process where powerful computers, known as miners, solve complex mathematical problems to verify transactions on the Bitcoin network. Miners are rewarded in Bitcoin for their efforts.

Marathon Digital supports these mining operations using an energized hash rate of 36.9 exahashes per second (EH/s), a measure of computing power. The company aims to reach 50 EH/s by the end of 2024.

Financial Moves and Investments

In mid-August, Marathon announced it had raised $292.5 million through an oversubscribed private offering of 2.125% senior notes maturing in 2031. The company used $249 million to purchase 4,144 BTC and allocated the remaining $43 million for additional Bitcoin purchases, debt repayments, and strategic expansions.

September Operations

Marathon’s operations performed well in September, with improved uptime and efficiency across its global sites. CEO Fred Thiel highlighted the company’s progress, noting its growing hash rate and the successful conversion of its Granbury data center to a more efficient cooling system.

“We remain on track to reach our target of 50 EH/s by the end of 2024. Our team continues to quickly energize our owned sites and operate them more efficiently than originally planned. The conversion of our Granbury data center from air-cooled to MARA’s immersion containers is progressing on time and we expect this work to be completed before year-end.”

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