The large American-based bitcoin self-mining company, Marathon Digital Holdings, reported an increase of total BTC holdings on its October update of the company’s bitcoin production and mining operations.
In October, the company increased its total bitcoin holdings to around 7,453 BTC after mining 417.7 bitcoins. This translates to $457.4 million of market value, and their total liquidity now reaches approximately $478.3 million.
The company has been ‘hodling’ the totality of its mined and bought bitcoins since October 2020, taking into account 4,812.66 BTC purchased past January at the price of $31,168 per BTC.
Furthermore, after buying $120,7 million of mining machines from Bitmain, they received a shipment of roughly 42,381 top-tier ASIC miners, “with 12,331 delivered to a Compute North facility” pending deployment “and an additional 3,285 ASIC miners currently in transit”. They currently have 27,280 active miners on their fleet, resulting in a production of 2.96 EH/s.
Their MaraPool, which is fully audited and focuses on lowering BTC mining’s environmental impact, reached 3.0 EH/s with a network hash rate of 170.9 EH/s. Fred Thiel, Marathon’s CEO, stated
Big Horizons For Bitcoin Mining In The U.S.
Last month, the company secured a $100 million yearly renewable loan with Silvergate Bank to fund their mining operations and equipment. They currently expect more growth during the fourth quarter, said Fred Thiel:
Back in May, the company had accounted for its plan to transition into the first mining pool to produce “100% carbon neutral and OFAC compliant bitcoins”, as well as its agreement with Compute North, who offers a large-scale service provider with “environmentally friendly hosting and infrastructure”.
The partnership is meant to help them achieve their goals by allowing them to operate their mining fleet “in regulatory environments that have proven to be friendly to Bitcoin miners and at rates that we believe are among the lowest in the country.”
