The publicly traded bitcoin (BTC) miner Marathon Digital has its hash rate increased by 84 percent. During the past October, Marathon Digital managed to mine a record amount of 615 bitcoin.
32,000 new bitcoin mining machines
This makes October 2022 the best month in the company’s history for Marathon Digital. The hashrate, which is the total computing power of the company’s machines, also hits an all-time high. A total of 32,000 new Marathon Digital machines went online.
That added about 3.2 exahashes per second of computing power to Marathon Digital’s arsenal. As of September 30, the company’s total hashrate was 3.8 EH/s, increasing it by 84 percent in October.
Marathon Digital also expects an extreme increase in the hashrate in the coming year. It aims to have a hash rate of 23 EH/s before the end of 2023. That would be a bizarre increase, which will undoubtedly put some of the industry under pressure.
The new Antminer S19 XP
Ultimately, about 66 percent of Marathon Digital’s hashrate should be generated by the new Antminer S19 XP. A new machine that is about 30 percent more efficient than its predecessor.
Once Marathon has these machines online, it will undoubtedly be one of the industry’s most efficient mining companies. Something that is certainly necessary at the moment, given that the price is still ailing and the hashrate is breaking record after record.
“With the new S19 XPs on the way and the construction of our new facilities underway, we are well positioned to build on the momentum we already have to reach 23 exahash per second by 2023.”
According to director and CEO Fred Thiel. The bitcoin bear market has been a difficult period for miners so far, as their profits have lagged quite a bit due to the lower price. Combined with the high hashrate, the competition within the mining industry is fierce right now.