Just yesterday, Live published an article about Clean Spark and all the growth it was experiencing. Apparently, it is not the only major crypto mining firm undergoing massive changes. Today, news has come out about Marathon Digital Holdings, Inc., which is a competing firm that is now experiencing heavy updates of its own.
Marathon Is Headed for the Big Time
July has been one of the biggest months for Marathon in quite a while. The company produced more than 440 newly minted bitcoins during the month’s 31-day span, thereby boosting its own crypto market holdings by more than $260 million.
At the time of writing, the company employs more than 19,000 separate mining machines to extract new BTC units from the blockchain. However, Marathon has announced that it will be buying as many as 30,000 additional machines from the world’s top crypto mining rig maker Bitmain. This will ultimately increase the firm’s hash rate to approximately 13.3 EH/s.
Fred Thiel – the CEO of Marathon – explained in a recent interview:
Due predominantly to favorable changes in the global hash rate, July proved to be an immensely productive month for our mining operations. Despite our miners being offline for five days at the end of the month to facilitate scheduled maintenance and upgrades, as well as to accommodate a required annual inspection of our facilities, we still increased our bitcoin production by 66 percent from the prior month and produced 442.2 bitcoins in July. With the scheduled maintenance now complete, we are turning our attention back to deploying new miners and scaling our operations. Yesterday, we announced that we purchased an additional 30,000 miners from Bitmain. As a result, we now expect our mining fleet to consist of 133,000 miners generating 13.3 EH/s at full deployment. As of August 1, 2021, we were producing an average of 19 bitcoins per day, and with the new upgrades to our systems, we are in a stronger position to effectively deploy the large number of miners we expect to receive from Bitmain over the coming year.
What Will Happen Next?
Marathon also produced monthly figures pertaining to how much bitcoin has been mined since the beginning of the year. In January, for example, Marathon only managed to mine approximately 50.4 BTC for the month. However, by March, this figure had jumped by almost double. In April, the company mined more than 160 BTC, and in July, the figure had almost tripled.
Despite all this good news, it is unclear what will happen in the future given what a controversial subject crypto mining has become in recent months. The space is wrought with accusations that it is not environmentally friendly and is causing irreversible damage to the planet. Figures like Elon Musk and Kevin O’Leary have also condemned the practice for its lack of eco-friendly protocols.