Marathon Digital Says it Increases its Mined BTC in October Despite Supply Chain Strain

Despite the continued hassle in the global supply chain, American crypto mining firm Marathon Digital has announced it increased its Bitcoin (BTC) mining capacity by 23% month-on-month in October. As unveiled in its unaudited Bitcoin production updates for October, Marathon Digital produced a total of 417.7 BTC all of which are mined from its own facility. 

As a way to bolster its mining operations, Marathon Digital said it hired planes to aid its ASIC miner shipments as the global supply chain continues to be disrupted. Thus far, the company said it has received approximately 42,381 top-tier ASIC miners from Bitmain year to date with 12,331 delivered to a Compute North facility and an additional 3,285 ASIC miners currently in transit.

The cumulation of the miners onboard accounts for the productive October the company said it has had.

“In October, we increased our bitcoin production by 23% month-over-month to 417.7 BTC and increased our total bitcoin holdings to approximately 7,453 BTC,” said Fred Thiel, Marathon’s CEO. “As in prior months, our bitcoin production was impacted by maintenance related outages at the power plant in Hardin, MT, and increases in the total network hash rate. However, 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 to Stay Ahead of the Competition

With the bulk of mining hashrate coming out of China, following the crackdown on the mining operations of Bitcoin and other Proof-of-Work (PoW) coins like Ethereum by the Chinese government, many mining companies are drawing on the opportunity to position their operations to outcompete the competition.

According to Marathon Digital, it hopes to hit a total mining fleet of 133,000, a point at which it hopes its mining hashrate will be pegged at 13.3 EH/s making it one of the biggest mining outfits in operation today.

The company said it sold its last Bitcoin back in October, and at present, it noted that its total holdings are worth approximately $457.4 million. The company confirms plans to HODL its Bitcoin as it looks to ramp up production in the coming months.