Marathon to increase mining volumes by 91% in Q3 2021
Industry News
Marathon Digital Holdings has almost doubled its Bitcoin mining volumes in Q3 2021. The corporation has mined 1254.4 BTC from July to September and expects to augment its power even more.
On October 1 the company received 26 960 ASIC-miners sent by Bitmain, and 8 459 more machines are going to be purchased in 2022. The overall number of Bitcoin miners according to Marathon objectives will allegedly reach 133 000 machines in the next year.
As of today, the mining power of Marathon Digital Holdings is 2.7 EH/s, while the end goal is set at 13.3 EH/s.
The company holds 7035 BTC on its corporate wallets (worth $352 million at the moment of writing). In Q3 2021 Marathon got a profit of $29.3 million (220% growth compared to Q2). Marathon (MARA pool) is the 10th largest mining pool that controls 1.91% of the network’s hashrate. Meanwhile, according to the company’s objectives, the pool is going to enter the top-3.
In 2021 Marathon Digital Holdings welcomed two world-known shareholders: Fidelity Investments and BlackRock had purchased shares of the mining corporation, understanding its fast-growing potential.
According to Marathon Digital Holdings’ official Twitter account, the company “obtained a $100 million revolving line of credit, secured by Bitcoin and USD, with Silvergate Bank to have a publicly-traded Bitcoin miner borrowing against their BTC to purchase mining equipment.”
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