Marathon Mined 462 Bitcoins in January and Currently Hold 8,595 BTC

As Bitcoin’s hashrate increased by more than a tenth of a percentage point in January, Marathon Digital Holdings, a public bitcoin miner, mined 462.1 new bitcoin, down from 484.5 new bitcoin mined the previous month. The miner now owns 8,595 BTC, which is worth around $330.6 million in today’s market value.

Marathon’s production surged by 816 percent year-over-year as a consequence of the miner’s constant pursuit of increasing hashrate capacity and power hosting agreements. To far, the company has received approximately 93,000 bitcoin mining rigs from Bitmain, of which it has deployed 32,710 at Compute North’s facilities and is working to containerize thousands more.

An agreement inked in May by Marathon to host and operate 73,000 of the miner’s equipment was expanded in December to include an additional 30,000 rigs.

Construction of Compute North’s new facilities is moving along smoothly, according to Marathon CEO Fred Thiel, who released a statement. “At the moment, these containers are not powered up. We expect miner deployments to pick up speed in the first quarter, and we expect that trend to continue into the second quarter and into the remainder of the year, based on current schedules.”

Despite the ongoing development of Compute North, Marathon has announced it plans to deploy all of its miners early next year, increasing the company’s mining fleet to approximately 200,000 machines that generate 23.3 exahashes per second (EH/s).

The arrival of the tens of thousands of computers Marathon recently ordered would enable a significant increase in the miner’s hashrate capacity from the existing 3.6 EH/s. At the end of last year, the business spent $879 million on a record acquisition of 78,000 Bitmain mining rigs.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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