The Marathon Digital company managed to set a new record in Bitcoin mining in the second quarter of 2023. In addition, this United States-based crypto mining company is reported to have installed hardware to achieve a high hash rate.
This is done because Marathon Digital is trying to increase its profitability considering that the results from Bitcoin mining will continue to decrease.
At the upcoming halving the mining yield per block is expected to drop from 6.25 BTC to 3.125 BTC. Bitcoin halving is believed to occur in April 2024.
Marathon Digital Prints Two Thousand BTC In Q2
During April to June, Marathon Digital set a new record by earning 2,926 BTC, a 33% increase from the previous quarter’s 2,195 BTC. The total amount of BTC generated during the second quarter is about 3.3% of the total Bitcoin network rewards available during the same period.
Strategies for Dealing with Bitcoin Halving
CEO of Marathon Digital, Fred Thiel said that his party would focus on cost management to mine Bitcoin as optimally and efficiently as possible.
“We’re very focused on optimizing our operations, so the cost of mining Bitcoin allows us to weather all kinds of tough conditions here, as we approach the halving, where the price of Bitcoin may fluctuate enormously,” said Marathon Digital CEO Fred Thiel.
Fred said his company would look for opportunities to buy power when other competitors were found to be experiencing financial difficulties
“There has to be someone who has an extraordinary [power purchase agreement] or access to very low energy costs. In addition, facilities, where you can basically replace old machines with new machines that are very efficient,” he said.
Install To Increase Hash Rate Ahead of Bitcoin Halving
Marathon Digital is targeting a mid-year hash rate of 23 exahashes per second (EH/s). During the second quarter, Marathon Digital managed to increase their hash rate by 54%, up from 11.5 exahashes per second (EH/s) to 17.7 EH/s.
Marathon CEO Fred Thiel said that the mining installation is progressing quickly. After installing a mining facility in July and early August in Texas, Marathon Digital managed to achieve a hash rate of 23 EH/s, in line with the company’s predictions.
“While we have not announced any significant growth plans beyond 23 exahashes, our intention is to continue to grow and maintain our leading position in this space,” said Thiel.
