Blog

Crypto miner Marathon Digital elevated its Bitcoin hashrate by 84% in October, and mined a file 615 BTC through the month.

Marathon Digital Brings 32k Bitcoin Mining Rigs Online, Raising Hashrate By 84%

As per a press launch from the general public mining firm, October 2022 was the best month within the historical past of the agency, when it comes to each the hashrate and the BTC manufacturing.

The “mining hashrate” is a measure of the computing energy capability that can be utilized to mine on the Bitcoin blockchain. It’s measured in hashes per second (although, often the sensible measurements use a lot bigger items).

Marathon had 32,000 mining machines sitting put in since some time now, ready to be energized. In October, the agency lastly introduced these miners on-line, including roughly 3.2 exahashes per second to their whole mining hashrate.

This represented a rise of round 84% from their hashrate of three.8 EH/s on 30 September. Following this rise, their miner fleet now has a complete of 69k machines on-line, mining on the Bitcoin blockchain at a price of seven EH/s.

In the identical month, the mining firm additionally produced a complete of 615 BTC, probably the most the agency has ever achieved in a single month.

Marathon expects their mining capability to rise additional within the coming yr, reaching a complete of 23 EH/s by the center of fiscal yr 2023 based mostly on present development and set up schedules.

According to the press launch, as Marathon’s backlog of beforehand bought machines comes on-line, round 66% of the corporate’s hashrate is anticipated to be generated by the S19 XPs.

The just lately launched S19 XP mining rig is 30% extra environment friendly than its predecessor, which signifies that as soon as Marathon has these on-line, the agency might be among the many best Bitcoin miners within the area.

“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,” stated Marathon chairman and CEO Fred Thiel.

The Bitcoin bear market has been a tricky time for miners as far as their revenues have shrunk down because of the struggling worth of the crypto and the ever-rising community hashrate, which has skyrocketed the mining difficulty.

BTC Price

At the time of writing, Bitcoin’s price floats round $20.2k, down 1% within the final week. Over the previous month, the crypto has gained 6% in worth.

The beneath chart reveals the pattern within the worth of the coin over the past 5 days.

The worth of the crypto appears to have taken successful throughout the previous few days | Source: BTCUSD on TradingView

Featured picture from Dmitry Demidko on unsplash.com, chart from TradingView.com