Marathon Digital mined 705 Bitcoin in September

Marathon Digital Holdings, one of the largest Bitcoin mining companies, reported a 5% increase in Bitcoin production for September 2024. The firm mined a total of 705 Bitcoin, raising its overall holdings to 26,842 BTC. Additionally, Marathon successfully won 207 blocks during the month, marking a 6% rise compared to August.

The company maintained its strategy of holding onto its mined Bitcoin, opting not to sell any during September.

Bitcoin mining involves using powerful computers, known as miners, to solve complex mathematical problems that verify transactions on the Bitcoin network. Miners are rewarded with Bitcoin for their contributions.

Marathon operates with an energized hash rate of 36.9 exahashes per second (EH/s) and aims to reach 50 EH/s by the end of 2024.

In mid-August, Marathon announced it had raised $292.5 million through an oversubscribed private offering of 2.125% senior notes due in 2031. The company allocated $249 million of these funds to acquire 4,144 BTC, with the remaining $43 million designated for additional Bitcoin purchases, debt repayments, and strategic growth initiatives.

September operations

In September, Marathon’s operations showed strong performance, with improved uptime and efficiency across its global sites. CEO Fred Thiel noted the company’s advancements, particularly its growing hash rate and the successful upgrade of the Granbury data center to a more efficient cooling system.

“We remain on track to reach our target of 50 EH/s by the end of 2024. Our team continues to quickly energize our owned sites and operate them more efficiently than originally planned. The conversion of our Granbury data center from air cooled to MARA’s immersion containers is progressing on time and we expect this work to be completed before year end.”

Fred Thiel