The mining firm Marathon Digital Holdings reported that it has tripled its mining of bitcoins (BTC) in the first months of 2021. In addition, the company reported that its hash rate increased to about 1.29 EH / s thanks to the acquisition of new mining equipment.
The statistics are derived from the report published by the company in GlobeNewswire with its production data and facilities updated to April 2021. In this report, Marathon reported that it has mined 162.1 bitcoin in that month.
Thanks to the purchase of equipment, the amount of active miners reached 12,084, which allowed the hash rate to rise to 1.29 EH / s. As of May 1, 2021, the Marathon fleet of miners had mined 354 BTC: 50.4 BTC in January; 43.4 BTC in February; 97.9 BTC in March; and 162.1 BTC in April.
Fred Thiel, CEO of Marathon, detailed that the mining hashrate increased by “approximately 82% in 30 days”. He also added that the amount of BTC mined per day doubled: it went from 3.2 bitcoins per day at the end of March to 7 bitcoins per day at the end of April.
The increase in the company’s mining capacity is explained by the reception of “approximately 13,032 S-19 Pro miners from Bitmain in the last year, in addition to another 3,885 additional ASICs that They are on their way, ”according to the report. In April 2021 alone, 5,288 new mining equipment was installed at its headquarters in the small town of Hardin, Montana.
The new equipment is expected to be operational for the first quarter of 2022. According to the aforementioned statement, at that point Marathon could hit 103,000 miners, so it would generate a hash rate of 10.37 EH / s. If achieved, it would be placed among the first eight pools in the world in relation to this index, according to the data provided by Pool Stats, with approximately 6% of the total hashrate of the main cryptocurrency.
Finally, Marathon reported that its holding of bitcoin (BTC) increased to “approximately 5,292 BTC”, which is equivalent to USD 291,954 million at the time of writing of this note. The cash flow, according to the company, reached USD 204,400 million, while the total liquidity was USD 509,600 million.
Of these more than 5,000 BTC that it owns, the company reported that 4,812.66 BTC were purchased in January 2021 at an average value of USD 31,168. Clearly, this generated profits for the mining pool, considering that the current price of the cryptocurrency stands at $ 55,135.94, according to CoinMarketCap.
At the end of March 2021, Marathon had communicated the acquisition of new equipment and, mainly, highlighted that would refrain from processing US-sanctioned bitcoins, as reported by CriptoNoticias.
Bitcoin mining, in full recovery
After serious complications in mid-April, when the hash rate fell by 40% and the mining difficulty reached its all-time high, the beginning of May brought “good news” to the industry. of mining. In the first place, the difficulty fell to 20.61 T in the first days of the month, in what was the biggest fall of this index in the year.
On the other hand, the increase in the value of bitcoin has generated record profits for miners, which they reach USD 50 million a day. Most of them choose to accumulate bitcoin instead of selling it, something that is reflected for example in Marathon’s strategy for this year, after the purchase of more than 4,000 BTC in January.
