Marathon Digital Mined Twice as Much BTC in September Compared to August

The leading cryptocurrency mining company – Marathon Digital – mined 360 BTC during September, which is a significant improvement compared to the 184 BTC produced in August.

The company’s total bitcoin holdings surged to 10,670 BTC, equaling over $215 million (at the time of writing these lines).

Marathon’s Recent Performance

The publicly-traded BTC miner produced 616 BTC in Q3 2022 and transitioned a part of its facility infrastructure from Montana to Texas.

In September, the company mined 360 BTC – almost twice as much compared to August. In July, it mined 72 BTC.

As of the moment, the company’s operating mining fleet consists of around 57,000 active miners, producing approximately 5.7 EH/s. The increased computational power is due to the 19,000 additional miners that Marathon turned on by the end of Q3.

“We expect to continue building our hash rate in the fourth quarter as approximately 19,000 additional miners, representing approximately 2.0 exahashes per second, are expected to come online in the next 30 days,” Fred Thiel – Marathon’s Chairman and CEO – stated.

The organization stuck to its plan not to sell any of its bitcoins. Currently, it has 10,670 BTC with a market value of more than $215 million (as of today’s figures). The last time Marathon sold some of its BTC was in October 2020.

The mining company also vowed to relocate about 3,000 of its miners from Compute North’s facilities in South Dakota and Nebraska to new regions. However, the transition is not a consequence of Compute North’s filing for a Chapter 11 bankruptcy.

Marathon’s Shares on the Rise

Following the announcement, the Las Vegas-based company (which entered NASDAQ in 2013) saw a significant spike in its stock price. Currently, MARA trades at $13.10, or a 5% increase daily.

Still, the shares are far from their November 2021 highs when they surpassed $75. Back then, however, bitcoin skyrocketed to nearly $70,000.

Nowadays, the picture looks completely different, with BTC struggling to maintain its $20K price level while the total crypto market capitalization has shrunk from $3 trillion to $1 trillion.