- MARA released its BTC production and mining operation report for September 2022.
- The company produced 360 BTC in September 2022 and 616 BTC in Q3 2022.
- Marathon is currently in the process of relocating approximately 3,000 of its miners from Compute North’s facilities.
BTC mining company Marathon Digital Holdings (MARA) released a report on its Bitcoin production and mining operation updates for September 2022. According to the report, Marathon produced 360 BTC in September 2022 and 616 BTC in Q3 2022.
$MARA's September 22 production update is out: – Produced 360 #BTC – Increased hash rate to 5.7 EH/s– 57,000 total active miners– 19,000 additional miners expected to be brought online over the next 30 days – #BTC holdings = 10,670 #HODLhttps://t.co/quz4hjz60U— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) October 6, 2022
As of October 5, the operating mining fleet consists of approximately 57,000 active miners who are producing at 5.7 EH/s. Marathon also claimed that approximately 19,000 additional miners would be bought online over 30 days.
Furthermore, Marathon has produced 2,582 BTC year-to-date through September 30, 2022, maintaining a 23% increase over the same time period in the prior year. Marathon’s total BTC holdings have increased to 10,670 BTC with a fair market value of approximately $207.3 million as of September 30, 2022.
But, Compute North LLC, one of Marathon’s hosting providers filed for restructuring under Chapter 11 of the U.S. Bankruptcy Code, which did not have any significant negative impacts on Marathon.
Although, Marathon is currently in the process of relocating approximately 3,000 of its miners from Compute North’s facilities in Nebraska and South Dakota to new sites.
Marathon’s financial exposure to Compute North from investments includes $10 million in convertible preferred stock, $21.3 million related to an unsecured senior promissory note, and $50 million in operating deposits to Compute North entities.
The Chairman and CEO at Marathon Digital Holdings, Fred Thiel expressed:
Our operations at the King Mountain wind farm, among others, are hosted by Compute North, who recently initiated Chapter 11 bankruptcy proceedings. Compute North has been a supportive partner, and we respect this voluntary step to stabilize their business.
For the uninitiated, Marathon is a digital asset technology company that focuses on supporting and securing the Bitcoin ecosystem.
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