One of the biggest Bitcoin mining firms, Marathon Digital Holdings, announced a 5% rise in September 2024 Bitcoin production.
According to business reports, the company mined 705 Bitcoins, increasing its total holdings to 26,842 BTC.
Additionally, Marathon announced that they won 207 blocks in September, up 6% from the previous year. In keeping with its plan to hold onto Bitcoin that has been mined, the company did not sell any Bitcoin during the month.
In order to validate transactions on the Bitcoin network, strong computers known as miners must solve challenging mathematical puzzles.
Bitcoin is given to miners as payment for their work. With an energetic hash rate of 36.9 exahashes per second (EH/s), or computational power, Marathon Digital enables these mining operations.
By the end of 2024, it hopes to reach 50 EH/s. Marathon declared in the middle of August that it had generated $292.5 million from the oversubscribed private offering of 2.125% senior notes with a 2031 maturity date.
It spent $249 million to buy 4,144 BTC, and the $43 million left over was used for other Bitcoin acquisitions, debt reduction, and business expansion.
September Operations
September saw strong performance from Marathon’s operations, with increased uptime and efficiency across all its locations worldwide.
The company’s progress was emphasized by CEO Fred Thiel, who cited the Granbury data center’s successful conversion to a more energy-efficient cooling system and the hash rate growth. Fred Thiel:
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.”
