BTC miner Marathon is second largest listed bitcoin holder

Bitcoin (BTC) miner Marathon Digital has mined at least 1,231 BTC since July and has not sold any of this to date. Marathon Digital is now the second largest bitcoin holder among listed companies, according to data from CoinGecko. It will come as no surprise to many that MicroStrategy is in first place, with a big ‘lead’. Microstrategy currently holds 129,699 BTC, while Marathon Digital holds a total of 11,285 BTC. At current rates, that’s worth roughly just under $200 million.

In the third quarter, it had a total of 616 BTC to its holdings and in the month of October, the publicly traded company had added an additional 615 BTC. October was the most productive month ever for the company for a reason.

Hashrate increase

The listed bitcoin miner had its hash rate increased by 84%. With this, the hashrate, or the total computing power of all machines, had reached an all-time high. In the month of October, 32,000 new machines went online for Marathon Digital.

The total hashrate was 3.8 EH/s on September 30 and had increased to 7 EH/s by the end of October. After this impressive increase, the company does not intend to stop there. Before the end of 2023, it wants to have a hash rate of no less than 23 EH/s.

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Marathon Digital Chairman and CEO Fred Thiel said the following about the increase in BTC production:

“The consistent improvement in our bitcoin production is the direct result of increasing our hash rates by bringing more bitcoin servers online and improving them.”

bear market

Most BTC miners are having a really hard time in the current circumstances. The price of bitcoin has fallen sharply, while energy costs have risen sharply. Also the mining difficulty, or difficulty, has increased almost every time since August. As a result, it is becoming increasingly difficult to add a new transaction block to the blockchain and thus receive BTC as a reward.

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