Marathon Digital Holdings enhances Bitcoin mining operations

Marathon Digital Holdings reported a production of 1,202 Bitcoins in October, selling 961 to cover costs, with a remaining holding of 13,396 unrestricted BTC as of month-end.

Marathon Digital Holdings, Inc., a major player in the Bitcoin mining sector, has shared a snapshot of its performance and ongoing developments for October 2023. In the latest update, the company detailed a slight increase in its energized hash rate, signaling continued growth in its mining capabilities.

Fred Thiel, Marathon’s Chairman and CEO, noted a 1% rise in the energized hash rate, now reaching 19.2 exahashes. This advancement is particularly attributed to the progress in the company’s Garden City, Texas facility, which contributed 4.1 exahashes. As this site approaches full operational capacity, Marathon is set to exceed its target of 23 exahashes, aiming to become the largest Bitcoin miner in North America.

Marathon’s presence is not just growing in the U.S.; its international ventures are also expanding, with 2.3 exahashes already functioning in Abu Dhabi. Further expansion is expected by the year’s end.

You might also like: Europe’s Bitcoin miner secures €575m debt financing from Tether

The company is also exploring innovative mining solutions to improve sustainability and reduce energy costs. A pilot project in Utah is now mining Bitcoin (BTC) using methane gas from landfills, reflecting Marathon’s commitment to environmental responsibility and renewable energy use.

For October, Marathon’s U.S. operations produced 1,184 bitcoins, marking a significant year-over-year increase. The efficiency of Marathon’s fleet is also set to improve, based on the manufacturer’s specifications, which is a crucial factor in mining performance.

Financially, Marathon displayed robust health, ending the month with $156.1 million in unrestricted cash and cash equivalents. Additionally, the company strategically sold some of its Bitcoin holdings to support operations and maintain financial stability.

Read more: Marathon Digital harnesses landfill methane for Bitcoin mining pilot in Utah
Follow Us on Google News

Comments

Post a Comment

Popular posts from this blog

Optimism Vs Polygon Matic, Can These Altcoins Match The 80% Gains Of Tradecurve?

Although they don’t make headlines as often as some of the market’s bigger projects, altcoins are a great way to profit in the DeFi space. Altcoins like Optimism and Polygon have offered great returns in the past few years, and are more affordable than projects like Bitcoin. But how do they compare to Tradecurve? Optimism Is Up 7% In July Optimism has experienced a sharp price rally going into July, increasing in value by 7.02% in the last five days. Optimism is now trading at $1.33 and its daily trading volume has spiked to over $100 million as investors eagerly await additional price increases. On the 30th of July, Optimism will also unlock more of its token supply. In total, 24.16 million Optimism tokens will be released, which are valued at around $32 million. At the time of writing, 16% of the total Optimism supply has been released, and an additional release is being met with mixed reviews. Some experts believe that this move could help to build the Optimism ecosyst
Read more

Ready Player Me raised $56 million in a Series B funding round led by a16z GAMES FUND ONE and a16z crypto, with participation from Plural, David Baszucki, co-founder of Roblox, Justin Kan, co-founder of Twitch, and Fractal, Robin Chan, co-founder of Fractal, Henry Ault, co-founder of Eco, Sebastian Knutsson & Riccardo Zacconi, King Games co-founders, Collab Currency, Endeavor, Kevin Hart’s Hartbeat Ventures, D’Amelio family, Punk6529, Snowfro, Nordic Ninja, Konvoy, etc.

The metaverse is not a single app. It’s a network of millions of virtual world s people visit to play games, socialize and collaborate. Today, most of those worlds are closed and disconnected walled gardens. Ready Player Me believes in the future of an open and connected metaverse that is built by many developers and creators and is not controlled by one company. For the open metaverse to emerge, cross-world services and standards that enable virtual world s to be connected and interoperable must be built. Avatars and identities play a huge role in that. It’s essential for anyone to be able to create an avatar they love and take it to any virtual world they want. Ready Player Me exists to break down walls to build a more connected virtual world. We are the avatar interoperability layer for the metaverse. For developers The actual builders of the metaverse are the game and virtual world developers working hard to create fun and engaging (perhaps even life-changing?) experiences
Read more

Which Countries Are Willing To Join BRICS Alliance?

Image
A total of 44 countries have expressed interest and are willing to join the BRICS alliance. Out of the 44 nations, 22 countries have formally submitted their applications to be a part of the bloc. The decision to induct new countries will be jointly taken by the group in the upcoming summit in August. Reports are rife that BRICS is eager to expand and could become BRICS+ by the year-end. The move could bolster the bloc by giving it ammunition to challenge the U.S. dollar’s supremacy. In this article, we will highlight which countries are eager and willing to join the BRICS alliance. BRICS is an acronym for Brazil, Russia, India, China, and South Africa. Also Read: BRICS Expansion Could Reshape World Politics & Financial Order Countries That Have Expressed Interest To Join the BRICS Alliance Source: smestreet.in The countries that have expressed interest to join the BRICS alliance are the United Arab Emirates, Saudi Arabia, Argentina, Iran, Egypt, Bahrain, Indonesia
Read more