Marathon Digital Hits New Mining Production Highs in January
Marathon Digital January Highlights
- 3.6 EH/s with 32,710 active miners
- 462.1 BTC mined
- 8,595 total BTC on hand as of 1/31
Marathon Digital Holdings just released their bitcoin mining production numbers, noting several large year-over-year increases. The first noted improvement was the production of over 462 BTC in January, an 816% increase compared to the 50.4 bitcoin mined a year before.
The company’s hash rate currently sits at 3.6 EH/s but is expected to more than double by the middle of the year. Marathon placed a large mining machine order and expects delivery throughout 2022 and into 2023. The new machines are estimated to increase the hashrate to 23.3 EH/s once the machines are fully deployed.
During January, the company received approximately 21,000 top-tier ASIC miners from Bitmain, and they expect to receive a similar shipment in February. New machines will be deployed at several different facilities designated “Compute North”. These facilities are predominantly powered by wind and solar farms and are expected to be operational by the end of the first quarter.
“As in prior months, our bitcoin production was impacted by fluctuations at the power generating station in Hardin, MT as well as the total network’s hash rate increasing by approximately 14% in January to over 190 Exahash. While we continue to work with the power operators in Hardin to address these issues, we believe our operations will become more stable in the coming months as we begin to accelerate deployments with Compute North.” says Fred Thiel, Marathon’s CEO.
Marathon has significantly stepped up its investments in bitcoin mining as seen by its massive purchase order of BITMAIN machines. However, the company continues to see a relatively strong balance sheet as it currently holds $189.1 million in cash. The company’s bitcoin holdings account for roughly $330.6 million, bringing total liquidity to approximately $520 million.