Crypto miner Marathon Digital increased its Bitcoin hashrate by 84% in October, and mined a record 615 BTC during the month.
Marathon Digital Brings 32k Bitcoin Mining Rigs Online, Raising Hashrate By 84%
As per a press release from the public mining company, October 2022 was the most productive month in the history of the firm, in terms of both the hashrate and the BTC production.
The “mining hashrate” is a measure of the computing power capacity that can be used to mine on the Bitcoin blockchain. It’s measured in hashes per second (though, usually the practical measurements use much larger units).
Marathon had 32,000 mining machines sitting installed since a while now, waiting to be energized. In October, the firm finally brought these miners online, adding approximately 3.2 exahashes per second to their total mining hashrate.
This represented an increase of around 84% from their hashrate of 3.8 EH/s on 30 September. Following this rise, their miner fleet now has a total of 69k machines online, mining on the Bitcoin blockchain at a rate of 7 EH/s.
In the same month, the mining company also produced a total of 615 BTC, the most the firm has ever done in a single month.
Marathon expects their mining capacity to rise further in the coming year, reaching a total of 23 EH/s by the middle of fiscal year 2023 based on current construction and installation schedules.
According to the press release, as Marathon’s backlog of previously purchased machines comes online, around 66% of the company’s hashrate is expected to be generated by the S19 XPs.
The recently released S19 XP mining rig is 30% more efficient than its predecessor, which means that once Marathon has these online, the firm will be among the most efficient Bitcoin miners in the space.
“With S19 XPs now being delivered and new facilities under construction, we believe we are well positioned to continue building on our recent momentum to reach 23 exahashes per second in 2023,” said Marathon chairman and CEO Fred Thiel.
The Bitcoin bear market has been a tough time for miners so far as their revenues have shrunk down due to the struggling price of the crypto and the ever-rising network hashrate, which has skyrocketed the mining difficulty.
At the time of writing, Bitcoin’s price floats around $20.2k, down 1% in the last week. Over the past month, the crypto has gained 6% in value.
The below chart shows the trend in the price of the coin over the last five days.
The value of the crypto seems to have taken a hit during the last few days | Source: BTCUSD on TradingView
Featured image from Dmitry Demidko on unsplash.com, chart from TradingView.com