Marathon Digital Holdings, a leader in supporting and securing the Bitcoin ecosystem, announced its Bitcoin production and mining operation updates for October 2023. The company reported that it produced 1,202 Bitcoin in October, bringing its year-to-date total to 9,812 Bitcoin.
Marathon also increased its energized hash rate to 19.2 exahashes, which represents 4.0% of the total Bitcoin network’s available miner rewards. The company is expecting to surpass its 23 exahash target by the end of November, as its facility in Garden City, Texas, where 4.1 exahashes of miners are installed, is becoming fully operational.
Marathon Digital to Become the Largest Bitcoin Miner in North America
This will make Marathon the largest publicly traded Bitcoin miner in North America. In addition, the company has 2.3 exahashes online in Abu Dhabi, as part of its joint venture with Bitfarms, and plans to have 7.0 exahashes in the UAE by year-end.
Marathon’s chairman and CEO, Fred Thiel, said that the company is also exploring new methods of mining that can reduce its energy costs and increase its sustainable energy mix. One of the projects that the company recently announced is a pilot project in Utah that uses landfill methane gas to power its miners.
Thiel said that this project can help convert environmentally harmful gas into clean, renewable energy. The company also disclosed its financial highlights for October, which include $156.1 million in unrestricted cash and cash equivalents, and 13,396 unrestricted Bitcoin holdings. The combined balance of cash and Bitcoin was $620.4 million as of October 31, 2023.
The company sold 961 Bitcoins in October to cover its direct costs and intends to sell a portion of its Bitcoin holdings in future periods to support its operations and treasury. Marathon will hold a Special Meeting of Shareholders on November 10, 2023, to vote on several corporate proposals.
