Marathon Digital Boosts Production Capacity By 20%, Mines 1,242 BTC in September
Bitcoin miner, Marathon Digital (MARA) increased its monthly production hash rate by 20%, recording an uptick in share prices amid an uncertain crypto market.
In its September Production Update, the miner produced 1,242 Bitcoin (BTC) marking a 16% growth from August and a 245% increase in the last 12 months.
The company’s total BTC holdings now stand at 13,726, a 29% increase from last year’s 10,670 BTC and a 3% in growth from August.
Fred Thiel, the CEO of Marathon Digital praised the recent postings citing an increased capacity both within and outside the United States alongside improved uptimes.
“The increase in bitcoin production from August was due to improved uptime and decreased curtailment activity in Texas. In September, our share of the bitcoin network’s available miner rewards was a record 4.3%, up from 3.7% last month and the previous record of 4.1% in July 2023.”
In the United States, the company produced 1,232 BTC in September with an average of 41 coins per day, a sharp 242% production growth from last year and a 20% rise from August.
With its hashrate at 19.1 EH/s, from 3.8 EH/s last year, the form actualized the objective of significantly improving productivity amid the bear market.
The crypto bear market has taken its toll on the mining industry leaving miners vulnerable amid declining asset prices and increased mining difficulty.
Overall, the miner's hash rate grew by 403% in the year and 19% since August, mining a total of 8,610 BTC year-to-date and raking in 4% of the monthly miner rewards.
Thiel also highlighted global plans to increase its capacity, especially in the company’s Abu Dhabi site.
“Outside the US, our joint venture in Abu Dhabi mined 50 bitcoin in September of which approximately 10 bitcoin
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