Marathon Digital Holdings (NASDAQ: MARA), a leader in supporting and securing the Bitcoin ecosystem, has released unaudited Bitcoin (“BTC”) production and miner installation updates for September 2022. According to the announcement, Marathon produced 360 BTC in September 2022, with a total of 616 BTC in Q3 2022. In addition, the company noted that total Bitcoin Holdings reached 10,670 BTC, which represents a fair market value of $207.3 million. Looking forward, the company observed that current operations at its King Mountain wind farm are in line with expectations. The announcement also noted that the King Mountain facility is hosted by Compute North, which recently initiated Chapter 11 bankruptcy proceedings. Marathon stated that the bankruptcy proceedings, which are aimed at stabilizing Compute North, should not impact MARA’s current operations or its ability to achieve its primary target of 23 exahashes per second in 2023. “During the third quarter, we sequentially improved our Bitcoin production as we successfully transitioned out of our facility in Montana and continued scaling operations at new locations, including the King Mountain wind farm in Texas,” said Marathon chair and CEO Fred Thiel in the press release. “This progress has continued into the first week of October with approximately 19,000 additional miners, representing approximately 2.0 exahashes per second, coming online since the quarter’s end. As of today, Marathon’s active fleet currently consists of approximately 57,000 active miners, representing approximately 5.7 exahashes per second. We expect to continue building our hash rate in the fourth quarter as approximately 19,000 additional miners, representing approximately 2.0 exahashes per second, are expected to come online in the next 30 days.”
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About Marathon Digital Holdings
Marathon is a digital asset technology company that focuses on supporting and securing the Bitcoin ecosystem. The company is currently in the process of becoming one of the largest and most sustainably powered Bitcoin mining operations in North America, while remaining asset light. For more information about the company, please visit www.MarathonDH.com.
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