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Home»BLOCKCHAIN NEWS»Marathon Digital mined 1,187 BTC in November amid record network difficulties.
BLOCKCHAIN NEWS

Marathon Digital mined 1,187 BTC in November amid record network difficulties.

By Crypto FlexsDecember 5, 20232 Mins Read
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Marathon Digital mined 1,187 BTC in November amid record network difficulties.
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Marathon Digital Holdings strengthened its position as North America’s most prominent public Bitcoin miner, producing 1,187 BTC in November and increasing its combined unrestricted cash and Bitcoin holdings to $802.3 million.

Achieving a significant milestone, the company completed a 20% increase in the domestic energy hash rate to 23.1 exahash. vitality This is a view of the facility in Garden City, Texas. The miner’s November production was slightly lower than the October figure due to a sequential 9% increase in network difficulty.

Marathon Digital Holdings’ November #Bitcoin Here’s the production update:

– 23 EH/s goal achieved. Garden City Energized
– 1,187 BTC in November 2023, 10,999 BTC produced to date.
– The combined amount of unrestricted cash and Bitcoin was $802.3 million as of November 30, 2023.

read…

— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) December 5, 2023

This production involves a joint venture between Abu Dhabi and Paraguay. In the US alone, the company mined 1,151 bitcoins, with transaction fees due to increased network activity accounting for approximately 12% of this total.

As of November 30, Marathon holds 14,025 unlimited bitcoins. To cover operating costs, the company sold 700 bitcoins, equivalent to 59% of its monthly production. Additionally, the company’s unrestricted cash and cash equivalents increased significantly, totaling $273.1 million at the end of November. The combined balance of unrestricted cash and Bitcoin jumped from $620.3 million to $802.3 million over the course of the month.

The Company’s financial strategy is consistent with preparing for the upcoming Bitcoin network halving event and seizing strategic opportunities, including potential industry consolidation.​

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