Bitcoin Miner Marathon Is HODLing All the BTC Generated Over the Past Year

Bitcoin miner Marathon Digital Holdings increased its cryptocurrency production by 23% to 417.7 BTC in October, bringing its total Bitcoin holdings to 7,453 BTC, worth $457.4 million. The company's total Bitcoin Holdings also include the 4,812.66 BTC that it purchased in January this year at an average price of $31,168 per BTC. As of November 1, the company also had $20.9 mln cash on hand. Marathon reported that ever since selling Bitcoin on Oct. 21, 2020, it only has been accumulating all the BTC it generated. In its mining operation update for October, Marathon said it received about 42,381 top-tier ASIC miners from Bitmain so far this year, and an additional 3,285 ASIC miners are currently in transit. The company still anticipates all previously purchased miners to be delivered by mid-2022. 12,331 ASIC miners were delivered to a Compute North facility and 30,050 to its mining facility in Hardin, MT. Last month, Marathon also began chartering planes to mitigate the impact of global logistics issues and to ensure that shipments of new miners occur in a timely manner, said the company. This helped decrease the average time for mining machines to be shipped and delivered by 50% in October from the prior month, it added. The company now has deployed a mining fleet consisting of 27,280 active miners producing approximately 2.96 EH/s. Once all miners are fully installed, the mining fleet is expected to consist of approximately 133,000 miners, generating approximately 13.3 EH/s. Its bitcoin mining pool, MaraPool’s total hash rate meanwhile reached 3.0 ETH/s. “Given the number of miners expected to ship and the steps we have taken to prepare for their deployment, we believe that the fourth quarter will be a transformative time for our business, and we look forward to continuing to scale our mining operations,” said Fred Thiel, Marathon’s CEO