Marathon Digital Holdings, the publicly traded miner with the most Bitcoin on its balance sheet, turned a good september month, but must write a loss of $81.3 million. That loss is due to exposure to Compute North, which had been declared bankrupt, the hosting provider that also maintained several facilities for Marathon.
Marathon Digital in trouble?
There is little chance that Marathon will suffer much from this. Over the past five days, the miner’s share has risen by more than 21 percent, despite this news. Marathon reported on the month on October 6. In this monthly report, Marathon Digital always writes about the amount of Bitcoin on the balance sheet and the production for that month.
At the time of writing, Marathon Digital has 10,670 Bitcoin on its balance sheet. At current rates, that represents a value of approximately $207.3 million. The production of Marathon also increased considerably in the third quarter. Where it still had a production of 72 Bitcoin in July. That rose to 184 Bitcoin in August and was even allowed to bring in 360 Bitcoin in September.
Growth, growth and more growth
It seems that Marathon doesn’t care much about the problems at Compute North. Where the hashrate increased by 0.3 exahash per second (EH/s) to 3.8 EH/s in September, they took it even further in October. Since then, another 19,000 Marathon miners have been put to work, giving a total hashrate of 5.7 EH/s.
It is special to see that the listed Bitcoin miners continue to invest quietly during this time. Bitcoin mining has long ceased to be an attic activity, but has now become a real billion-dollar industry. This shows how Bitcoin has evolved over the past few years from a computer project for geeks to a world-class financial asset.