Yesterday, November 3, Marathon Digital published a detailed report on its achievements for the month of October 2023. Apparently, bitcoin mining was successful despite a drop in MARA stock. Fred Thiel, general manager of Marathon, remains confident. Development projects are currently being designed and implemented. Details !
Marathon Digital and its 1,200 BTC mined in October
Bitcoin miner Marathon Digital continues to show resilience despite the ordeals he went through. Indeed, the situation has not been very favorable to it: in 2022, for example, the company recorded a loss of around $127 million in the second quarter.
Added to this is an attack by the SEC for violating securities laws. Marathon’s activities in its data center located in Hardin are of particular concern to the American regulator.
“ Mining company Marathon Digital announced that it produced 1,202 bitcoins in October and chose to sell 961 bitcoins to cover associated direct costs. As of October 31, Marathon held a total of 13,396 unrestricted BTC. »
In a Press releaseMarathon Digital highlighted some very attractive figures concerning its achievements for the month of October:
- production of 1,202 BTC just for the aforementioned month;
- 9,812 bitcoins since the start of 2023 ;
- $620 million in unrestricted cash and bitcoin combined as of October 31, 2023;
- 571 BTC given as collateral and extracted from the balance sheet of Marathon Digital;
- etc.
“ By increasing our hash rate and continuing to improve our operations at the McCamey, TX site and elsewhere, we earned 4.0% of the total rewards available to miners on the Bitcoin network and produced 1,202 bitcoins in October. This total includes 18 bitcoins from our 20% share in the Abu Dhabi joint venture. We have now 2.3 exahash online in Abu Dhabi, as our second and largest facility in Masdar City has started receiving power. We still expect all 7.0 UAE exahash to be live by the end of the year “, we can read in the publication.
What future for the miner?
As a reminder, Marathon Digital Holdings is a digital asset technology company focused on securing the Bitcoin network. Currently, this North American company aims to become a juggernaut in sustainable bitcoin mining. However, its managers seem aware of the risks linked to its activities.
“ Our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate future results. “, continued the Marathon spokesperson.
In addition, Marathon will meet its shareholders on November 10 to review and vote on several corporate proposals. In particular, they will have to study the innovative project consisting of supplying its BTC mining installations with methane from landfills.
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