Key Points
- Marathon Digital Holdings reported a 5% increase in Bitcoin production in September 2024, mining 705 Bitcoin.
- The company continues its strategy of holding onto mined Bitcoin, and aims to reach a hash rate of 50 EH/s by end of 2024.
Marathon Digital Holdings, a leading Bitcoin mining firm, has recorded a 5% rise in Bitcoin production for September 2024. The company successfully mined 705 Bitcoin (BTC), increasing its total holdings to 26,842 BTC.
This information comes directly from company announcements. Marathon also reported winning 207 blocks in September, marking a 6% increase from the previous month.
Continued Strategy and Mining Operations
The company maintained its strategy of not selling any Bitcoin during the month. Bitcoin mining involves powerful computers, known as miners, solving complex mathematical problems to verify transactions on the Bitcoin network. Miners are then rewarded in Bitcoin for their efforts.
Marathon Digital fuels these mining operations with an energized hash rate of 36.9 exahashes per second, a measure of computing power. The company has set a goal to reach 50 EH/s by the end of 2024.
In mid-August, Marathon announced it had raised $292.5 million through an oversubscribed private offering of 2.125% senior notes maturing in 2031. It 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 showed strong performance 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 successful conversion of its Granbury data center to a more efficient cooling system.
Thiel stated, “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.”