17% Spike In Bitcoin Mining Reported By Marathon Digital Holdings

Marathon Digital holdings is a Bitcoin mining company. Recently, this company has revealed that it has mined a gigantic amount of 265.6 Bitcoins in June itself. The number of Bitcoins it mined in June exceeds what the company had mined in May by 17%. Now, the total amount for quarter 2 is 654.3 Bitcoins. From December 2020 to March 2021, it produced only 191.7 Bitcoins. But, in the second quarter of the year, the production number exceeded by more than 3 times as compared to the first quarter.

A brief study was done on the company for the monthly production of Bitcoins since the year started. It showed that Marathon’s Digital holdings produced 50.4 BTC in January. It then produced 43.4 BTC in February. The number decreased slightly. However, March saw an increase in production and it was 97.9 BTC that concluded the first-quarter figure. April saw a considerable increase from March as the company’s total production was 162.1 BTC that month. In May, Marathon produced 226.6 BTC, and in June 265.6 BTC. This is a huge spike in BTC production. Thereby, the total amount was 654.3 Bitcoins.

A Huge Increase In Bitcoin Holdings

This publicly traded firm says that its BTC holdings have drastically increased. Currently, it holds 5784 Bitcoins and they are worth $201.6 million according to the price of BTC in July – $34,855/BTC. Marathon also stated that its holdings contain 4182 BTC that were purchased in January 2021, almost 6 months ago. This was their effort so that they can become “a pure-play Bitcoin investment option”. They are likely to share the reports of their earnings by next month. Yet another useful and crucial piece of information about this company is that it has also increased the number of miners to 19,395.

The company has the goal to have 100,000 miners installed before quarter 2 of 2022. This is why they added 1720 miners in June. Marathon also has the objective of increasing its hash rate power to 10.37 EH/s (EH/s stands for Exahashes per second). Miners in the company are at present generating 2.09 EHs.

Marathon Digital Planning To Install More Mining Equipment

Apart from that, Marathon Digital disclosed in the report that till now 18,702 S-19 Pro ASIC miners have come from Bitmain while other 1056 miners are still on the way. The company also opened up about the fact that it has already constructed containers for mining rigs at its facilities in Hardin and Montana.

The mining company has claimed that by the end of September, they will add 12,000 miners at the Hardin location. Also, it will be placing 73,000 miners in Texas where Compute North is currently hosting a 300-megawatt facility for them. CEO of the company, Fred Thiel while speaking about this surge in BTC mining disclosed that the company has upgraded and has carried out routine maintenance checks on its systems.

Image from Yahoo Finance

He said that the main aim was to prepare for the global hash rate which might start declining soon. Marathon selected May, June, and July months for the upgrade as there is a slower delivery in them, always. Because of all the upgrades and maintenance operations, the company will now be able to produce more Bitcoins. The CEO also mentioned that it is ready to use the appropriate mining conditions as they will surface. 

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