Bitcoin miners have been on a slippery slope over the past few months. To cater to their costs, they had been collectively selling their holdings. In fact, they’ve been so distressed that on Halloween, there were suggestions floating on social media platforms to dress up like a miner.
Also Read – Bitcoin: Top mining company sells 1576 BTC as sell-pressure rises
Marathon records most productive month ever
Yet, digital asset and mining company Marathon Digital Holdings produced 615 Bitcoin in October—its highest-ever monthly total of mined coins. Interestingly, the amount of Bitcoin mined in October was merely 1 BTC short of the 616 BTC mined throughout the third quarter [July: 72 BTC, August: 184 BTC, September: 360 BTC].
As a result, its total Bitcoin HODLings rose to 11,285 BTC. The fair market value of the same stood at approximately $231.3 million as of October 31, 2022. Alongside, a hash rate growth was also noted by the company.
Commenting on how the same was achieved, Marathon’s Chairman and CEO—Fred Thiel—said in a statement,
“October was the most productive month in Marathon’s history both in terms of hash rate growth and bitcoin production.”
He added,
“The energization of approximately 32,000 of our miners during the month allowed us to increase our hash rate approximately 84% from approximately 3.8 exahashes per second at September 30 to approximately 7.0 exahashes per second at November 1.”
Also Read: This Bitcoin Mining firm has added more Miners in 2022, Why?
As of November 1, Marathon’s operating mining fleet consisted of around 69,000 active miners, producing approximately 7.0 EH/s.
With respect to the outlook for 2023, the statement noted,
“Based on current construction and installation schedules provided to Marathon by its hosting providers, the Company continues to expect to have enough miners installed to generate approximately 23 EH/s near the middle of fiscal year 2023.“