Marathon Digital Holds $457M in Bitcoin After Increase in October Mining

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Marathon Digital produced 417.7 bitcoins in October, a 23% increase over the previous month that boosted the value of the company’s total bitcoin holdings to about $457.4 million, the bitcoin miner said on Tuesday.

Marathon Digital now has about 7,453 bitcoins. Its mining fleet consists of 27,280 active miners producing approximately 2.96 exahashes (EH/s). “With shipments of our previously purchased miners accelerating over the coming months, we continue to expect our bitcoin production to become more consistent as we scale,” Marathon Digital CEO Fred Thiel said in a statement.In a press release, Marathon Digital said that it had received 42,381 top-tier ASIC miners from Bitmain this year with another 3,285 ASIC miners currently in transit. The company has been expanding rapidly. After it receives all its outstanding purchase orders for miners by mid-2022 and deploys the machines, Marathon expects to have approximately 133,000 operational miners generating about 13.3 EH/s. In October, Marathon Digital announced that it had secured a $100 million revolving line of credit with Silvergate Bank in bitcoin and U.S. dollars and would use the loan to fund the company’s bitcoin mining operations and to acquire new equipment.

Read more: Crypto Miners Are ‘Stockpiling’ Bitcoin Amid Recent Rally, Kraken Says

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